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Worthington Apartments & Oceanview Estates

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Worthington Apartments & Oceanview Estates WORTHINGTON APARTMENTS & OCEANVIEW ESTATES POWELL RIVER, SUNSHINE COAST, BC TWO MULTIFAMILY APARTMENT BUILDINGS FOR SALE BRETT AURA ASSOCIATE, INVESTMENT SALES CAPITAL MARKETS GROUP 604.608.5934 [email protected] CUSHMAN & WAKEFIELD LTD. Suite 700 - 700 W Georgia St PO Box 10023, Pacific Centre Vancouver, BC V7Y 1A1 604.683.3111 1.877.788.3111 www.cushmanwakefield.com FOR WORTHINGTON APARTMENTS & OCEANVIEW ESTATES SALE Two Multifamily Apartment Buildings, Powell River, Sunshine Coast, BC OPPORTUNITY LOCATION Cushman & Wakefield is pleased to present for sale 100% interest in Powell River is situated on the mainland of British Columbia two apartment buildings located in Powell River, BC. The buildings approximately 100 km north of Vancouver and 30 km east of can be purchased together as a portfolio or separately and are located Courtenay/Comox on Vancouver Island. Vehicular access to Powell across a lane from each other. River is via one ferry from Comox (every 4 hours 7:00 a.m to 7:00 p.m.) or two ferries from Vancouver via the Sunshine Coast (a 5 to Oceanview Estates, located at 7050 Glacier Street, is a, 3-storey, 6 hour trip). There is also a ferry to nearby Texada Island every 1½ 64-suite, rental apartment complex comprised of eight connected hours, 8:30 a.m. to midnight. Pacific Coast airlines also makes 6 flights blocks with a central courtyard. The building was constructed in 1966 a day from the Vancouver South Terminal in Richmond. and has had significant recent renovations, including new balconies and railings, new exterior aluminum frame windows, new sliding patio The Powell River Regional District (PRRD) is situated at the north doors, new suite carpets and vinyl flooring, new kitchen countertops end of the Sunshine Coast with a population of 25,000. The PRRD and appliances, and new hot water tanks. boundaries stretch from Jervis Inlet in the south to Toba Inlet in the north. The area encompasses several mainland rural communities, The Worthington, located at 4240 Westview Avenue, is a the Sliammon First Nation, a small section of the Sechelt Indian 3-storey, 43-suite rental apartment building consisting to two blocks. Government District lands, the municipality of Powell River and The building was constructed in 1977 and has had significant recent Lasqueti, Texada, Savary and Hernando Islands. Powell River is a renovations, including new balconies and railings, new exterior tourist destination with access to many popular activities, including aluminum frame windows, new sliding patio doors, new suite carpets boating, fishing, hiking, diving, and golf. and vinyl flooring, new kitchen countertops and updated bathrooms. Each unit has its own hot water tank and is heated by baseboard heating. WORTHINGTON APARTMENTS & OCEANVIEW ESTATES FOR Two Multifamily Apartment Buildings, Powell River, Sunshine Coast, BC SALE ABOUT THE AREA The properties are within walking distance to the Town Centre Mall and Powell River Plaza, and are centrally located within Powell River. Westview Avenue is the main traffic corridor of Powell River, and the majority of the commercial growth and development has occurred along Joyce Avenue. In the past few years, a new Irly Bird store, Canadian Tire, Sears, Royal Bank and ancillary retail areas have been constructed along Joyce Avenue bordering the Town Centre Mall. Additionally in 2001, a new Safeway store was constructed at the corner of Joyce Avenue and Burnaby Street (approx. 6 blocks north). The Powell River Senior Secondary school, and an elementary school are located nearby. North Island College, the municipal airport, and the BC Ferry terminal are all within 1 km of the properties. With the sloping topography, some units also enjoy views to the west over Malaspina Strait towards Texada Island. PROPERTY SUMMARY OCEANVIEW ESTATES THE WORTHINGTON APARTMENTS ADDRESS 7050 Glacier Street, Powell River, BC ADDRESS 4240 Westview Avenue, Powell River, BC Lot 1, Block B, DL 5108, Lot 3, Block B, DL 5108, LEGAL DESCRIPTION New Westminster District, Plan 12055 LEGAL DESCRIPTION New Westminster District, Plan 14453 PID: 008-115-583 PID: 007-821-891 LOT SIZE 1.75 acres (68,389 sf) LOT SIZE 1.75 acres (68,389 sf) NET RENTABLE AREA 62,524 sf NET RENTABLE AREA 27,194 sf ZONING RM-3 Medium Density Multi Family ZONING RM-3 Medium Density Multi Family 16 One Bedroom 7 Studio 32 Two Bedroom 29 One Bedroom SUITES SUITES 16 Three Bedroom 6 Two Bedroom 64 Total Suites 42 Total Suites 2013 GROSS TAXES $60,454.52 2013 GROSS TAXES $38,587.61 NET INCOME $370,000 NET INCOME $190,000 ASKING PRICE $4,800,000 ASKING PRICE $3,250,000 CAP RATE 7.7% CAP RATE 5.8% PRICE PER SUITE $75,000 PRICE PER SUITE $77,380 WORTHINGTON APARTMENTS & OCEANVIEW ESTATES FOR Two Multifamily Apartment Buildings, Powell River, Sunshine Coast, BC SALE BRETT AURA ASSOCIATE, INVESTMENT SALES CAPITAL MARKETS GROUP 604.608.5934 [email protected] E.&O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Cushman & Wakefield Ltd. 08/14 bg.
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