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Firview Apartments

1558 Fir Street, White Rock

SOLD $8,550,000

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Price $8,950,000

Property type Apartment building

Units 31

Storeys 4

Year built 1976

Lot size 19,395 SF (150’ × 129.3’)

Zoning RM-2

Price per unit $288,710

Rental rate $1.46 PSF

Cap rate 3.0%

Gross rent multiplier 21.2

Parking 31 underground stalls

Development potential Up to 2.80 FAR/6-storeys (Town Centre Transition OCP)

PID 018-239-846

Legal description Parcel 1, Section 11, Township 1, New Westminster District, Explanatory Plan LMP10317

Sale price $8,550,000

Sale date 10/17/2022

Overview

Firview Apartments is an exceptionally well-maintained 31-suite four-storey apartment building centrally located on a quiet street in the heart of White Rock.

The property offers a well-balanced unit mix of 16 one-bedrooms, 14 two-bedrooms and 1 three-bedroom. Other features include electric baseboard heating, three sets of leased washer/dryers, 31 underground parking stalls and 12 full-height storage lockers. Property is held in a company – potential for share sale.

The building is improved on a large 19,395 SF site with RM-2 zoning and development potential for up to 2.80 FAR and 6-storeys under the Town Centre Transition OCP designation.

Building upgrades

Notable building updates over the years include:

Double glazed windows throughout
Balcony railings re-done
Sprinkler heads all changed (2022)
New hot water boiler (2022)
New security gate & motor (2018)
New LED lighting in underground parking (2018)
New roof (2017)
New hot water tanks (2017)
Elevator mechanical (2010)

Location

Firview Apartments is located on the east side of Fir Street on a quiet dead-end street in the core of White Rock, within walking distance to shopping and amenities including the new Abby Lane Health Centre (100 m), Peace Arch hospital (500 m) and Semiahmoo Shopping Centre (300 m). Johnston Road, a main arterial two blocks west of the property, offers extensive restaurants, shopping and bus transportation.

The community of White Rock continues to be one of the most beloved and affluent municipalities in the Metro Vancouver region, offering a scenic waterfront, sandy beaches and charming seaside town centre.

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	No. units	Average size	Average rent
1 bedroom	No. units16	Average size 700 SF	Average rent $1,061
2 bedroom	No. units14	Average size 850 SF	Average rent $1,193
3 bedroom	No. units1	Average size 960 SF	Average rent $1,522

Financials

Financing	Treat as clear title.
Assessment 2022	Land Building Total	Land$4,751,000 Building$3,950,000 Total$8,701,000
Taxes 2022	$41,112
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$425,229 Vacancy(2,126) Effective gross$423,103 Operating expenses(154,443) Net operating income$268,660
Notes	For a rent roll and expense statement, please contact listing agent.

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