Creekside Apartments
7340 Highland Drive, Port Hardy, BC
$1,750,000
Overview
Creekside Apartments is a wood frame, 47-suite four storey apartment building located in Port Hardy on Vancouver Island. The property is improved on a large 2 acre site and situated in a central area of the city with a wide range of amenities and directly across from a secondary school. The subject property has been totally renovated and features 31-1Br & 16-2Br suites.
Location
The subject property is located in the central area of Port Hardy, directly across from the secondary school and backs onto a green belt area at the rear. The hospital is only a few blocks away is within walking distance to many stores, recreation centre and other amenities.
Highlights
- Improved with a four storey wood frame building comprised of 47 suites
- Features an elevator and is wheelchair accessible
- Laundry facilities – one set on each of floors 2, 3, 4
- Outside parking stalls: 58 – 60
- Electric baseboard heating
- Each unit electric metered with tenants paying for their own hydro
- Hot water supplied by owner (hydro)
- Designed with separate roof mounted air flow units that put fresh air into all the hallways on a continual basis
- Significant upgrades since 2009 — see “Upgrades” tab
Upgrades
The property has undergone an extensive renovation program in 2009 with approximately $500,000 spent on upgrades:
- Complete exterior landscaping, followed by establishment and implementation of a monthly grounds maintenance program
- Exterior siding and soffit repair (replacement of cedar siding as required)
- Replacement of many of the existing windows with new Double Pane “Low E” Jeld-Wen windows
- Waterproofing of all balcony decks with 60 mil vinyl decking, with new metal edge flashings
- Painting of all balcony railings with white exterior metal railing paint
- Painting of the entire exterior building envelope area, as well as the roof fascia, with 2 coats of premium exterior waterproof paint
- Most suites have been renovated and received new paint on walls and ceilings, doors, bi-folds and trims, installation of new laminate hardwood flooring and base boards, upgraded bathrooms and kitchens as required and efficient electrical fixtures, replacement of doors and bi-folds as required and new Frigidaire appliances (range and fridge). Range hoods were replace as required.
- Replacement of common area flooring in hallways, with new carpet and new flooring in elevator
- Revamping of main entryway with new paint and lighting fixtures
- Replacement of wood exist stairs on north west side of building
- Replacement of exterior lighting with new flood lights
- Installation of building and company signage on the building and property grounds
- Installation of new motor for the elevator, by Thyssen Krupp
- Inspection and certification of all building life safety equipment, along with the property being placed on an annual fire inspection program
- 3 new hot water tanks (2013)
- New laundry machines (2013)
Suite mix
No. units | Average size | Average rent | |
---|---|---|---|
One Bedroom | No. units31 | Average size577 | Average rent$510 |
Two Bedroom | No. units16 | Average size869 | Average rent$608 |
Financials
Financing | Treat as clear title. | |
---|---|---|
Assessment 2014 | Land Building Total | Land$106,000 Building$955,000 Total$1,061,000 |
Taxes 2013 | $11,500 | |
Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income$330,660 Vacancy(19,840) Effective gross$310,820 Operating expenses(130,669) Net operating income$180,151 |
Notes | For an income & expense statement, 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.
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
Mortgage calculator
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3