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Tsawwassen Villa

5558 15B Avenue, Tsawwassen

Apartment Building
20 Suites

SOLD $2,680,000

Overview

A rare offering! Tsawwassen Villa is an attractive and exceptionally well maintained three-storey, frame, 20 unit rental apartment building located in Tsawwassen. Built in 1970, the property features a great suite mix, beautiful landscaping, balconies/patios, surface parking, lockers and an extensive program of upgrades throughout the building.

Location

Tsawwassen Villa is located 15B Avenue, one block west of 56th Street and just south of HWY-17. Minutes to shopping, major transportation routes, parks, Tsawwassen Golf Club & Beach Grove Golf Club & US border.

Improvements

– Separate laundry room – 2 washers / 2 dryers
– Balconies/patios
– Workshop area
– Radiant hot water heat – gas fired (outside temperature control)
– Excellent suite mix (13-1’s, 7-2’s)
– Stucco exterior and wood siding
– 27 parking stalls (24 open; 3 garage)
– Lockers
– Separate bike storage
– 8 suites have fireplaces
– 8 suites have dishwashers
– 5 suites have 2 bathrooms

Recent Upgrades

– Tar & gravel roof 1997
– Painting – stucco 1992
– Painting trim & siding 2001 & 2006
– Painting trim 2006
– Vinyl decks & walkways 1992
– Intercom system 1988
– Emergency light system 1982
– Power Smart 1992
– Domestic Dettson water boiler 1996
– Washing machine – Maytag 1996
– Dryers – Maytag 1995
– All bathrooms – new tub surrounds, lino, light fixtures, some new plumbing fixtures
– New shower stalls and plumbing in the two bedroom units
– All kitchens have refaced cabinets, new stoves, fans, fridges, counter tops & sinks in most, lino, light fixtures
– New cabinets in #101 and #301
– All units have door and window screens, new drapes
– All carpets in suites replaced as required
– Storm windows on five end suites for noise control (1988)
– Drainage inside building connects to perimeter drainage

Summary

Price$2,750,000
Units20
Price/Unit$137,500
Cap Rate4.7%
GIM14.5
Year Built1970
Lot Size100' X 200', Rear 125' (approx. 21,000 sq ft)
ZoningRM-5
PID007-085-729
Sale Price$2,680,000
Sale Date01/01/2007

Suite Mix

 No. UnitsSq. Ft. Range
One BedroomNo. Units13Sq. Ft. Range635 - 690
Two BedroomNo. Units7Sq. Ft. Range860 - 1100

Financials

FinancingNone.
Assessment 2007
Land
Building
Total
Land$719,000
Building$906,000
Total$1,625,000
Taxes 2006
$9,905.83
Income and Expenses
Gross Income
Less Vacancy 1%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$189,300
Vacancy(1,893)
Effective Gross$187,407
Operating Expenses(57,566)
Net Operating Income$129,841
NotesIncome annualized as of August 2007.

For rent roll and income & expense  statement, 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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