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White Stone Manor

1497 Martin Street, White Rock

SOLD $2,115,000

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Price$2,150,000

Units20

Year built1967

Lot size134' x 137' (18,209 sq. ft.)

ZoningRM-1

Price/unit$107,500

Cap rate5.1%

GIM12.6

PID010-228-101; 010-228-110

Legal descriptionLot 7 & 8, BLK 6, Part NE1/4, LD 36, SEC 10, TNP 1, PL 17083

Sale price$2,115,000

Sale date01/01/2006

Overview

White Stone Manor is a clean, 20 unit, three storey frame apartment building located in White Rock. Features workshop, excellent suite mix, lockers, social room for tenants, 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
– social room for tenants
– 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)

Show less

	No. units
One Bedroom	No. units14
Two Bedroom	No. units5
Three Bedroom	No. units1

Financials

Financing	Treat as clear title.
Assessment 2005	Land Building Total	Land$1,300,000 Building$228,000 Total$1,528,000
Taxes 2005	$16,715.76
Income and expenses	Effective gross Operating expenses Net operating income	Effective gross$170,760 Operating expenses(60,645) Net operating income$110,115
Notes	Income annualized as of November 2005. 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.