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Forest Creek Manor

901 Forestbrook Drive, Pentiction

SOLD $2,150,000

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Price$2,550,000

Units31

Storeys4

Year builtTBA

Lot size86.65' x 283.93' (24,829 sq. ft.)

ZoningRM-3

Price/unit$82,258

Cap rate3%

GIM10.5

PID003-811-557

Legal descriptionThat part of Lot 4 shown on Plan B4597; District Lot 249 Similkameen Division Yale District Plan 827

Sale price$2,150,000

Sale date07/17/2013

Overview

Forest Creek Manor is a four storey 31-suite apartment building located in sunny Penticton, BC. The property features balconies, parking, storage and a great suite mix (10-1Br and 21-2Br units). Rents significantly below market.

Location

Forest Creek Manor is located in sunny Penticton, BC. Penticton is situated between Okanagan Lake and Skaha Lake, in the Southern Okanagan region of BC and offers an exceptional lifestyle. Beautiful lake beaches, award winning wineries, golf courses and the Apex Ski Resort characterize this Okanagan community.

Specifically, the subject is situated on the north side of Forestbrook Drive between Ontario and Kensington Streets, with Penticton Creek forming the north property line. There are two schools within 1km and Okanagan Lake is just minutes away by car.

Highlights

Four storey wood-frame building featuring 31 suites
Electric baseboard heat, hot water & cable TV supplied by building
Hot water provided by 2 electric 405 litre tanks
Parking: 27 stalls at rear (2 covered)
Elevator service provided by Thyssen
Workshop/storage area
Suites feature balconies & exterior AC wall-mounted units
Laundry rooms contain 1 washer/1 dryer (owned) on 2nd, 3rd, & 4th floors
Long term caretakers who provide “handyman” services
Building requires some TLC

Show less

	No. units	Average rent
One Bedroom	No. units10	Average rent$568
Two Bedroom	No. units21	Average rent$675

Financials

Financing	Treat as clear title.
Assessment 2013	Land Building Total	Land$596,000 Building$1,603,000 Total$2,199,000
Taxes 2012	$18,362.42
Income and expenses	Gross income Vacancy (1.5%) Effective gross Operating expenses Net operating income	Gross income$243,016 Vacancy(3,645) Effective gross$239,371 Operating expenses(161,009) Net operating income$78,362
Notes	For a current rent roll and expense statement, 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.