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Creekside Apartments

32846 14th Avenue, Mission

$2,698,000

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Price$2,698,000

Units30

Year built1977

Lot size465.17' x 171.5' (1.81 acres)

ZoningCD (Comprehensive Development)

Price/unit$89,933

Cap rate4.9%

GIM10.5

PID005-070-279

Legal descriptionLot 513, Sec 21, Township 17, NWD, PL 52726

Overview

The subject property is a 30-suite wood frame apartment building located in Mission, BC. Built in 1977, and improved on a large 1.81 acre lot, the property features underground secured parking, elevator, balconies, new roof, and electric heat. Building can be strata titled.

Location

The subject property is located on the S.E. corner of Cedar Street and 14th Avenue in the City of Mission. Close proximity to schools, Downtown Mission, parks and university.

Features

-Three level wood frame construction with elevator service
-Large extracurricular common area room with 2 bathrooms
-30 secure underground parking & 15 surface stalls
-2 washers/2 dryers Coinamatic leased
-2 large storage lockers inside each suite
-10 additional secure storage units in parkade
-Tenants pay individually metered electric baseboard heat
-Each suite features its own hotwater tank
-30 private balconies
-Secure enterphone access
-Large caretaker suite and deck
-Landscaped with various trees and shrubbery
-Newer 60 weight roof with 40 year life & 25 year warranty
-Lobby renovated including ceramic tile throughout
-Freshly painted throughout common areas
-100% of building exterior painted
-Numerous renovations completed
-HVAC system fully serviced

Show less

	No. units	Size range
One Bedroom	No. units7	Size range600 - 650
Two Bedroom	No. units23	Size range936 - 996

Financials

Financing	A first CMHC insured mortgage with Peoples Trust with an outstanding balance of approximately $1,910,000 at an interest rate of 4.38% due August 2013.
Assessment 2011	Land Building Total	Land$570,000 Building$1,381,000 Total$1,951,000
Taxes 2011	$36,856
Income and expenses	Gross income Vacancy 3% Effective gross Operating expenses Net operating income	Gross income$255,769 Vacancy(7,673) Effective gross$248,096 Operating expenses(114,432) Net operating income$133,664
Notes	Income annualized as of December 2011. Expenses actual 2011. For a rent roll and expense statement, please click here. Buyer has option for a "share purchase" and save PTT.

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