Victoria Landing

619 Victoria Street, Kamloops

SOLD $2,500,000

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Price$2,650,000

Property typeOffice Strata

Units11

Gross leasable area17,361 sq. ft

Cap rate7.4%

Legal descriptionStrata Lots 1-11, DL 232, LD 25, PL KAS2177

Sale price$2,500,000

Sale date01/01/2008

Overview

Victoria Landing is a new Class B, multi-storey commercial/residential building comprising of 54 strata titled residential units & a total of 11 strata titled office units + 2 levels of underground parking & 1 above ground [enclosed] parking [Level 2]. Only the office strata lots are listed for sale.

Location

The subject property is located in the central downtown district of the City of Kamloops. Immediate area developments include an older movie theatre & motel/motor lodge across Victoria Street to the north, 1 & 2 storey commercial buildings east & west, multifamily dwellings behind & vacant undeveloped [parking lot] adjacent to an older, refurbished hotel development to the NW of the intersection of 6th & Victoria.

Tenancy

This building is fully leased to provincial and federal government tenants with approximately 82% leased to the Province of BC (B.C.B.C.). The ground floor is occupied by Community Living BC & the federally funded Work Search Centre. The 3rd floor is occupied by a Regional Office for the Ministry of Social Services.

Comments

The shares of Victoria Landing Ltd. are being offered at $2,650,000 plus the assumption of a lease hold improvement loan of approx. $340,000 at Prime plus 0.50%. This loan is being amortized over 60 months and the monthly payments are being paid as additional rent by BCBC on behalf of Community Living BC. Therefore, there is no cost to the landlord. Victoria Landing Ltd. is a Bare Trustee on behalf of the two owners and thus, there is no negative income tax implications associated with this purchase (no recapture of capital cost allowance). The purchase of the shares will include the assumption of the 1st mortgage held by the Royal Bank of approx. $849,000 @ 4.55% with monthly payments of $8,296.86 maturing in 2009.

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Taxes 2007	$45,337.64
Income and expenses	Net operating income	Net Operating Income$195,696

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