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Deacon Apartments

1114 - 1130 Howie Avenue, Coquitlam

SOLD $4,325,000

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Price$4,695,000

Units54

Year built1971

Lot size47,532 sq. ft.

ZoningRM-2

Price/unit$86,944

Cap rate5%

GIM10.9

PID014-301-181

Legal descriptionParcel of lots 203-208, DL 356, Grp 1 NWD, PL 1714

Sale price$4,325,000

Sale date01/01/2006

Overview

Deacon Apartments consists of two low-rise, frame, apartment buildings totaling 54 suites located in Coquitlam. Built in 1971 and situated on a 1.1 acre lot, the properties feature beautiful landscaping, balconies, secure underground parking, in-suite storage, lockers, elevators and an ongoing program of upgrades. Electric heat paid by tenants.

Location

Centred in the heart of the Lower Mainland on the West Coast of BC, Canada, Coquitlam is just a 30-minute drive from downtown Vancouver, BC’s largest city, and about 20 minutes from the US border. The subject property is located on the south side of Howie Avenue, between Marmont and Gatensbury Streets. Walking distance to neighbourhood shopping, including four major banks, retailers such as London Drugs and Safeway and numerous supporting services and shops. There is a large park and school in the immediate area.

Improvements

– Subject property consists of two 3-storey multi-family apartment buildings with 27 units in each for a total of 54 units
– Suites have convenient in-suite storage, wall to wall carpeting and full four-piece bathrooms
– Suites feature overhead fans above stoves while bathrooms have a fan and heat lamp
– Tenants can regulate their own heat by thermostat, which is electric and paid by the tenant
– Each building has an elevator
– Each building features a laundry room with 2 washers and 2 dryers leased from Coinamatic
– The buildings feature wheelchair access, an intercom, hot water storage, balconies or patios for all suites, storage lockers and meter room
– A beautifully landscaped courtyard seperates the two buildings
– Secure underground parking connecting the two buildings with approx. 100 stalls

Recent Upgrades

– Ongoing program of upgrades with respect to countertops, flooring, and bathroom tiles including painting of suites and repairing balcony membranes as needed.
– Approximately $200,000 spent on structural issues and dual technology security access
– Roof repairs carried out summer of 2006
– Main floor areas – replaced risers
– Two hot water tanks 2003
– 25 fridges replaced since 2000
– 26 carpets replaced since 2000
– Building exteriors – some repainting 2006
– Extensive repainting of suites 2006
– Ongoing piping repairs

Show less

	No. units
One Bedroom	No. units39
Two Bedroom	No. units15

Financials

Financing	A first mortgage of $2,232,000 at 5.5% with Bank of Montreal. P.I. monthly payments of $14,485.05 amortized over 25 years and due Sept. 1, 2013.
Assessment 2006	Land Building Total	Land$1,188,000 Building$2,012,000 Total$3,200,000
Taxes 2006	$20,418.28
Income and expenses	Gross income Vacancy Effective gross Estimated Expenses Net operating income	Gross income$430,380 Vacancy(12,911) Effective gross$417,469 Operating expenses(180,960) Net operating income$236,509
Notes	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 Goodman Commercial.