Lakeside Court Apartment

45810 1st Avenue, Chilliwack

SOLD $3,065,000

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Price$3,085,000

Units57

Year built1984

Lot size58,927 sq.ft.

ZoningRM4 - Multifamily

Price/unit$54,123

Cap rate8.1%

GIM7.79

Legal descriptionSL 1 -57, Division A NWD Strata Plan NW2110

Sale price$3,065,000

Sale date04/30/2003

Overview

Lakeside Court Apartment is a 57-suite multi-family strata, 4-storey frame rental in a top Chilliwack location featuring secured underground parking, elevator and balconies. Very conveniently located next to Chilliwack Public Library with a city park to the southeast. Near all amenities.

Building Description

– Windows thermo-pane
– Secured underground parking
– Tenants pay heat (electric) and cablevision
– In suite storage
– 56 suites have dishwashers
– Approximately 1/2 suites recarpeted
– 17 suites have wood burning fireplaces
– Newly installed security system ($6,250)in 2002
– All 2 Br suites feature 2 piece ensuite
– Concrete skim coat on 2nd – 4th floors
– 55 underground parking
– 24 suites have new carpets in past five years
– 29 surface parking
– 24 suites have new carpets in past five years
– Bike room 30 x 15
– 30 suites have new linoleum in past five years
– New hall carpets 1998

Show less

	No. units
One Bedroom	No. units19
Two Bedroom	No. units38

Financials

Assessment 2002	Land Building Total	Land$123,000 Building$2,773,000 Total$2,896,000
Taxes 2002	$33,682.50
Income and expenses	Gross income Operating expenses Net operating income	Gross income$396,032 Operating expenses(145,166) Net operating income$250,916

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