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White Stone Manor

1497 Martin Street, White Rock

SOLD $2,650,000

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Price$2,650,000

Units21

Year built1967

Lot size134' x 137' (18,209 sq. ft.)

ZoningRM-1

Price/unit$126,190

Cap rate4.4%

GIM14.28

PID010-228-101; 010-228-110

Legal descriptionLot 7 & 8, BLK 6, Part NE1/4, LD 36, SEC 10, TNP 1, PL 17083

Sale price$2,650,000

Sale date01/01/2008

Overview

White Stone Manor is a clean, 21 unit, three storey frame apartment building located in White Rock. Features workshop, excellent suite mix, lockers, elevator, balconies, parking and many upgrades.

Location

Located in White Rock, the subject property is situated on the west side of Martin Street, one half block south of North Bluff Rd. and one half block north of Thrift Avenue. North Bluff Rd. is the main east-west connector through the Semiahmoo Peninsula. Johnston Rd./152nd Street, which is the main north-south connector through Surrey and White Rock, is 2 blocks to the east (town centre). One block south of the Semiahmoo Centre – Save-On, Zellers, etc.

Improvements

– partial Alcan siding, low maintenance
– elevator
– separate workshop area
– 400 amp wiring
– hardwood floors
– 20 lockers
– 2 washers/2 dryers (owned by building)
– 20 parking stalls (4 covered)

Recent Upgrades

– new 168 gallon hot water tank (2005)
– replaced stairwell carpets (2001)
– washers/dryers replaced (2005)
– all appliances replaced last 10 years
– aluminum banisters
– building exterior/interior painted (2001)
– new curtains (2000)
– new intercom (2005)

Show less

	No. units
Bachelor (unauthorized)	No. units1
One Bedroom	No. units14
Two Bedroom	No. units5
Three Bedroom	No. units1

Financials

Financing	A first mortgage held by Belmont Properties with an outstanding balance of approximately $1,535,000 at an interest rate of 5.75% per annum due February, 2016 with blended monthly P.I. payments of approx. $8,948.
Assessment 2007	Land Building Total	Land$1,700,000 Building$348,000 Total$2,048,000
Taxes 2007	$17,373.45
Income and expenses	Gross income Less Vacancy 1% Effective gross Operating expenses Net operating income	Gross income$185,532 Vacancy(1,855) Effective gross$183,677 Operating expenses(68,326) Net operating income$115,351
Notes	Income annualized as of February 2008. For rent roll and income & 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.