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
Suite mix
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.
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Sam Emam
sam@hqcommercial.ca
604 420 4205
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
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Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Sam Emam
sam@hqcommercial.ca
604 420 4205
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
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