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Haighton Manor

1580 Everall Street, White Rock

Apartment Building
57 Suites

SOLD $7,300,000

Overview

Constructed in 1969, Haighton Manor is a 57-suite frame apartment building located in White Rock. Superbly maintained with no deferred maintenance, the subject property features an excellent suite mix (10 Bach; 36-1Br; 11-2Br), elevator, secure underground parking, balconies and an extensive program of upgrades. Significant upside potential on rents.

Summary

Price$7,350,000
Units57
Price/Unit$128,947
Cap Rate4.9%
GIM13
Year Built1969
Lot Size263' x 142' (Approx.)
ZoningRM-2
PID007-170-106
Sale Price$7,300,000
Sale Date01/01/2008

Suite Mix

 No. Units
BachelorNo. Units10
1 BedroomNo. Units36
2 BedroomNo. Units11

Location

Haighton Manor is located on the east side of Everall and North Bluff Road in the City of White Rock, only 4 blocks to the main shopping area on Johnston. On bus line.

Improvements

– 3 storey frame building with brick and stucco exterior
– Suite feature over size balconies or patios
– Single passenger elevator (2000 lbs.)
– Secure underground parking for 57 cars
– Complete laundry and locker facilities, workshop and office in basement

Recent Upgrades

– Gas fired hot water heating system (2001)
– Hot water tank (2001)
– Fridges & stoves replaced past 7-8 years
– Suites feature mostly newer floors in kitchens & bathrooms
– Most arborite redone
– Balconies all resurfaced
– Torch on roof replaced (approx. 1993)
– Extensive program of re-carpeting in suites
– Newer hallway carpets

Financials

FinancingA CMHC insured first mortgage held by Great West Life with an outstanding balance of approximately $2,684,239 at an interest rate of 6.23%. per annum due April 1st, 2012 with monthly blended P.I. payments of $19,853.
Assessment 2007
Land
Building
Total
Land$5,130,000
Building$422,000
Total$5,552,000
Taxes 2007
$44,625.27
Income and Expenses
Gross Income
Less Vacancy 1%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$563,628
Vacancy-5,636
Effective Gross$557,992
Operating Expenses-198,721
Net Operating Income$359,271
NotesIncome annualized as of May 2008.

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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