Victoria Court

5769 201A Street, Langley

$5,395,000

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Price$5,395,000

Units14 residential & 7 CRUs

Storeys3

Year built1993

Lot size32,831 sq. ft.

ZoningC-1 Downtown Commercial

Cap rate4%

GIM20.1

PID017-906-831

Legal descriptionParcel A, DL 309, LD 36, PL LMP 06124

Overview

Built in 1993, Victoria Court is a high quality mixed-use rental apartment/office complex centrally located in Langley. Features 13 large split-level two bedroom units, 1 office, 1 guest suite and 9,251 sq. ft. of commercial space comprised of 7 offices.

Location

Centrally located in Downtown Langley, a block north of Fraser Highway on 201A Street. A minute drive to the Langley Bypass, a main arterial route.

Downtown is home to 600 unique shops, services and restaurants. This pedestrian-oriented shopping area features historic Innes Corners, trendy McBurney Lane as well as the Cascades Casino, Coast Hotel & Convention Centre. Valley Centre is a located few minutes walking distance from Victoria court. Major retailers include Save On Foods, Shoppers Drug Mart, Liquor Store and Starbucks.

Highlights

Newer well-maintained building constructed in 1993
Separate secure entrance for residential
All residential units are two bedrooms and feature balconies
Residential suites feature gas fireplace, washer/dryer, dishwasher and hot water tank
Residential tenants pay electric heat, hot water and gas
Commercial units feature air conditioning and one tenant has gas fireplace
Commercial area totals 9,251 sq. ft.
Roof replaced – $80,000 (2011)
Soffits & fascia board replaced (2010)
Sprinkler system pipes replaced – $38,000 (2010)
Hot water tanks have all been replaced at least once

Show less

	No. units	Average size	Average rent
Two Bedroom (2 levels)	No. units13	Average size1,200	Average rent$1,006
Commercial Office	No. units7
Manager's Office	No. units1
Visitors Suite	No. units1

Financials

Financing	Clear title.
Assessment 2015	Land Building Total	Land$1,477,000 Building$2,352,000 Total$3,829,000
Taxes 2015	$45,216.26
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$274,682 Vacancy(5,886) Effective gross$268,796 Operating expenses(51,941) Net operating income$216,855
Notes	Residential Gross Income $156,960 Less Vacancy 1.5% (2,354) Effective Gross Income $154,606 Expenses: (51,941) Residential NOI: $102,664 Commercial Triple Net Income $117,722 Less Vacancy 3% (3,532) Commercial NOI: $114,190 For detailed financials, please 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.