Haighton Manor

1580 Everall Street, White Rock

SOLD $7,300,000

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Price$7,350,000

Units57

Year built1969

Lot size263' x 142' (Approx.)

ZoningRM-2

Price/unit$128,947

Cap rate4.9%

GIM13

PID007-170-106

Legal descriptionLot 39, Section 10, LD 36, PL 35141, TWNSHIP 1

Sale price$7,300,000

Sale date01/01/2008

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.

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

Show less

	No. units
Bachelor	No. units10
1 Bedroom	No. units36
2 Bedroom	No. units11

Financials

Financing	A 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
Notes	Income 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 Goodman Commercial.