Sold

Victoria Court

5769 201A Street, Langley

Mixed-Use Apartment / Commercial
15 Residential & 7 Commercial Units

SOLD $2,200,000

Overview

Built in 1993, Victoria Court is an excellent quality mixed-use, multifamily/commercial complex centrally located in Langley. Features 13 large 2 Br (2 level), 2 guest suites and 9,212 sq. ft. of commercial (7 offices). Immaculate condition, high profile site.

Improvements

– Separate secure enterance for residential
– Balconies for each suite
– Insuite W/D, dishwasher, H/W tank in res. units
– Gas F/P for all res. and 1 commercial tenant
– Res. tenants pay heat (electric), H/W & F/P (gas)
– Air conditioning for each commercial

Summary

Price$2,395,000
Cap Rate5.5%
Year Built1993
Lot Size32,831 sq. ft.
ZoningC-1 Downtown Commercial
PID017-906-831
Sale Price$2,200,000
Sale Date12/01/2004

Suite Mix

 No. UnitsAvg. Sq. Ft.
Two Bedroom (2 levels)No. Units13Avg. Sq. Ft.1,200
Guest SuitesNo. Units2 
CommercialNo. Units7 offices 

Financials

FinancingClear Title.
Assessment 2004
Land
Building
Total
Land$722,000
Building$1,505,000
Total$2,227,000
Taxes 2004
$39,128.91
Income and Expenses
Effective Gross
Operating Expenses
Net Operating Income
Effective Gross$263,607
Operating Expenses(132,060)
Net Operating Income$131,547
NotesIncome annualized as of October 1, 2004.   The income & expenses shown above are the actual statement of operations. However, there is currently one vacant commercial space (suite #169) of 2062 sq. ft. which represents approx. 22% of the commercial income. Assuming the commercial is fully occupied, the CAP rate increases to 7.4% on asking price.   For rent roll, income & expense statement and further tenant information, click here.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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