La Masia

19209 Fraser Highway, Surrey

$11,795,000

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Price$11,795,000

Units57

Net rentable area42,831 sq. ft.

Year builtNew Construction

Lot size81,219 sq. ft.

ZoningExisting C4 (Proposed CD)

Price/unit$206,930

Cap rate5.1%

GIM14.0

PID027-233-413; 011-391-464

Legal descriptionLot 1 Plan BCP 32553 and Lot 2 Plan 9440: Part Dedicated Road on Plan 678752 All of Section 10 Township 8 N.W.D

Overview

The developer RDG Management Ltd. proposes to construct a mixed-use complex consisting of 57 residential strata units (42,831 net leasable sq. ft.) and 14 strata commercial units. The commercial component is not included in this offering. The developer’s intention is to build on behalf of an investor according to the plans and specifications agreed to by all parties. We are seeking a buyer who will commit to acquiring the project (as a rental) with closing approximately 18 months after a building permit is obtained.

Location

The subject property is located on the strategic corner of Fraser Highway, 64th Avenue and 192nd Street. Aside from the mega growth in housing being experienced in East Clayton and North Cloverdale, ambitious plans for future and additional commercial development immediately across from La Masia is proposed. There will be excellent sweeping views from the suites facing south of Mt. Baker and Langley City. A recent joint Translink/Provincial rapid transit study for Surrey has identified a rapid transit line (likely to be median running) on Fraser Highway from King George Blvd. to the City of Langley and Willowbrook Mall.

Features

The suites will be furnished to a high quality condo standard including granite countertops, 5 appliances, double paned windows, laminate flooring, etc. (schedule available for review). The property will feature 82 underground parking stalls (plus 11 for visitors). There will be an additional 51 surface parking (plus 10 underground) for the commercial component.

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	No. units	Average size
One Bedroom (JR)	No. units3	Average size541
One Bedroom	No. units28	Average size607 - 720
Two Bedroom (JR)	No. units2	Average size706
Two Bedroom	No. units13	Average size849 - 896
Two Bedroom	No. units11	Average size905 - 995

Financials

Financing	None.
Proforma	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$868,498 Vacancy(26,055) Effective gross$842,443 Operating expenses(239,886) Net operating income$602,558
Notes	For more details, including a rent roll and proforma, 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.