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White Stone Manor

1497 Martin Street, White Rock

Apartment Building
21 Suites

SOLD $2,650,000

Overview

White Stone Manor is a clean, 21 unit, three storey frame apartment building located in White Rock. Features workshop, excellent suite mix, lockers, elevator, balconies, parking and many upgrades.

Location

Located in White Rock, the subject property is situated on the west side of Martin Street, one half block south of North Bluff Rd. and one half block north of Thrift Avenue. North Bluff Rd. is the main east-west connector through the Semiahmoo Peninsula. Johnston Rd./152nd Street, which is the main north-south connector through Surrey and White Rock, is 2 blocks to the east (town centre). One block south of the Semiahmoo Centre – Save-On, Zellers, etc.

Improvements

– partial Alcan siding, low maintenance
– elevator
– separate workshop area
– 400 amp wiring
– hardwood floors
– 20 lockers
– 2 washers/2 dryers (owned by building)
– 20 parking stalls (4 covered)

Recent Upgrades

– new 168 gallon hot water tank (2005)
– replaced stairwell carpets (2001)
– washers/dryers replaced (2005)
– all appliances replaced last 10 years
– aluminum banisters
– building exterior/interior painted (2001)
– new curtains (2000)
– new intercom (2005)

Summary

Price$2,650,000
Units21
Price/Unit$126,190
Cap Rate4.4%
GIM14.28
Year Built1967
Lot Size134' x 137' (18,209 sq. ft.)
ZoningRM-1
PID010-228-101; 010-228-110
Sale Price$2,650,000
Sale Date01/01/2008

Suite Mix

 No. Units
Bachelor (unauthorized)No. Units1
One BedroomNo. Units14
Two BedroomNo. Units5
Three BedroomNo. Units1

Financials

FinancingA first mortgage held by Belmont Properties with an outstanding balance of approximately $1,535,000 at an interest rate of 5.75% per annum due February, 2016 with blended monthly P.I. payments of approx. $8,948.
Assessment 2007
Land
Building
Total
Land$1,700,000
Building$348,000
Total$2,048,000
Taxes 2007
$17,373.45
Income and Expenses
Gross Income
Less Vacancy 1%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$185,532
Vacancy(1,855)
Effective Gross$183,677
Operating Expenses(68,326)
Net Operating Income$115,351
NotesIncome annualized as of February 2008.

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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