Ridge Mill Condominiums
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Ridge Mill Condominiums 20 Condo-Titled Residential Rental Units | 3007 – 35 Street NW, Edmonton, AB RIDGE MILL CONDOMINIUMS | Edmonton, Alberta Edmonton, Alberta | RIDGE MILL CONDOMINIUMS Property Overview Address 3007 – 35 Street NW, Edmonton, AB Property Type 4 storey walk-up, wood frame construction Neighbourhood Bisset – Mill Woods Legal Description Condominium Plan 8321617; Units 1-20 Zoning Low Rise Apartment Zone (RA7) Site Size +/- 16,781 SF Year Built 1983 One bedroom suites………………………...4 Two bedroom suites……………………….16 Suite Mix TOTAL………………………………………..20 PROPERTY HIGHLIGHTS Parking 9 covered & 16 surface stalls, energized Clean and Well-Maintained Unique Floor Plans Access to Public Transit The Property has been maintained Suites are large, have unique Walking distance to a number THE OPPORTUNITY exceptionally since construction. floor plans and have big balconies of bus stops and will be just a Recent upgrades include new flooring and windows. Two end units are 7-minute drive from the future LRT. JLL Capital Markets, Multifamily, Alberta has been retained by the Vendor on in common areas, unit renovations, three levels, have two balconies and an exclusive basis to arrange for the sale of Ridge Mill Condominiums, 3007 painting and appliance and fixture their own private entrances. Four of Strong Operating History –35 Street, Edmonton, Alberta (the “Property”). The Property is located in a replacement. The roof was replaced the two-bedroom units have 1.5 baths. The Property has low tenant quiet neighbourhood, has great curb appeal, has been well-maintained since in 2017 and the water heater was turnover and also receives construction and has a strong operating history. replaced in 2018. Close to Arterial Roadways significant income from a TELUS Ridge Mill Condominiums is being sold with an Asking Price of $2,600,000 Easy access to 23rd Avenue, antenna lease that earns $1,974 ($130,000 per suite). Family-Friendly Neighourhood 50th Street, Whitemud Drive and per month. Located in the Bisset neighbourhood Anthony Henday Drive. No offer, regardless of form or content, will create any binding legal obligation of southeast Edmonton, the Property upon the Vendor or the Advisor until fully executed by the Vendor and Purchaser. is in a quiet area within proximity to Please contact JLL for more information. Expressions of interest will be dealt with schools, parks and playgrounds. as received. JLL | 2 ©2019 Jones Lang LaSalle IP, Inc. All rights reserved. ©2019 Jones Lang LaSalle IP, Inc. All rights reserved. JLL | 3 RIDGE MILL CONDOMINIUMS | Edmonton, Alberta Edmonton, Alberta | RIDGE MILL CONDOMINIUMS WHITEMUD DRIVE Location Overview 7 Minute drive to The Meadows Community 3 Recreation Centre 8 9 QUIET, FAMILY-FRIENDLY AREA MILLBOURNE 7 Ridge Mill Condominiums is located in the mature Bisset neighbourhood in the Mill Woods 7 Minute drive to FUTURE VALLEY LRT LINE Best Buy Canadian Tire Home Depot area of Southeast Edmonton. Bisset contains two elementary schools, parks, playgrounds and Millwoods Town Centre Cineplex PetSmart is overall a quiet, family-friendly neighbourhood. The Mill Woods area offers an abundance of Earls Scotiabank Famoso Superstore services and amenities including easy access to grocery stores, restaurants, shopping centers H&M TD Canada Trust and recreation facilities. The Valley LRT Line Southeast is currently under construction and will The Home Depot 34 AVENUE Winners IKEA run 13km from Mill Woods to Downtown Edmonton. 8 Minute drive to Indigo GREY NUNS Grey Nuns Community Hospital Joey Restaurants 4 London Drugs Michaels 2 TRANSIT ACCESSIBILITY Nike MILL WOODS 12 Superstore 6 • Nearest LRT Transit: Starbucks 5 10 11 Will be a 7-minute drive from the future Grey Nuns and Mill Woods stops 9 Minute drive to Structube REC ROOM RioCan Meadows 23 AVENUE • Proximity (ETS): Canadian TIre Shopping Centre Co-op 4 minute walk to nearest nearby bus stops (as shown below) Dollarama GoodLife Fitness Scotiabank 1 Shoppers Drug Mart MILL CREEK 15 Minute drive to 34 AVENUE RAVINE South Edmonton Common 91 STREET 66 STREET 17 STREET 50 STREET 50 34 STREET CALGARY TRAIL CALGARY SILVER MARY BERRY RD HANLEY SCHOOL ANTHONY HENDAY DRIVE 22 Minute drive to the University of Alberta RIDGE MILL CONDOMINIUMS LOCATION HIGHLIGHTS BISSET SCHOOL South Edmonton Common Grey Nuns Community Hospital Sobeys Meadowbrook Save-On-Foods 1 4 7 10 22 Minute drive to WOODS RD 2 Costco Wholesale 5 Mill Woods Town Centre 8 Riocan Meadows Shopping Centre 11 Shoppers Drug Mart Edmonton International Airport MILL 3 Mill Woods Golf Course 6 Edmonton Public Library 9 Walmart Supercentre 12 The Meadows Community Recreation Centre 34 STREET 37 STREET 37 JLL | 4 ©2019 Jones Lang LaSalle IP, Inc. All rights reserved. ©2019 Jones Lang LaSalle IP, Inc. All rights reserved. JLL | 5 RIDGE MILL CONDOMINIUMS | Edmonton, Alberta Edmonton, Alberta | RIDGE MILL CONDOMINIUMS Current Proforma REVENUE # OF UNITS AVG. RENT APPROX. UNIT SIZE (SF) APPROX. RENT PSF MONTHLY RENT ANNUAL One Bedroom 4 $919 733 $1.25 $3,675 $44,100 Two Bedroom 16 $1,078 944 $1.14 $17,249 $206,993 Potential Suite Revenue 20 $1,046 $1.16 $20,924 $251,093 ADD: Laundry Revenue - September 2019 $16.25 per unit per month $325 $3,900 Gross Potential Revenue $254,993 Less: Vacancy & Bad Debt Allowance 5.00% of Potential Suite Revenue ($12,750) Effective Gross Residential Revenue $242,243 ADD: TELUS Antenna Revenue $1,974 $23,682 Effective Gross Revenue $265,925 Operating Expenses Per Unit % of Income Annual Property Taxes Actual, 2019 $767 5.77% $15,346 Insurance Actual, 2018 $428 3.22% $8,569 Utilities Actual, 2018 $1,970 14.82% $39,405 Repairs & Maintenance Stabilized $850 6.39% $17,000 Caretaker/Salaries $40 Stabilized $480 3.61% $9,600 Management Fees 3.50% of EGR, Stabilized $424 3.19% $8,479 Advertising Stabilized $25 0.19% $500 Misc. Expenses Stabilized $25 0.19% $500 Total Operating Expense 37.38% $4,970 37.38% $99,398 ($99,398) Net Operating Income $166,527 Asking Price Capitalization Rate Value per Suite $2,600,000 6.40% $130,000 JLL | 6 ©2019 Jones Lang LaSalle IP, Inc. All rights reserved. ©2019 Jones Lang LaSalle IP, Inc. All rights reserved. JLL | 7 PLEASE CONTACT FOR MORE INFORMATION: Samuel Dean Tyler Herder Hayley Buskas Amelia Terlecki Senior Vice President Sales Associate Unlicensed Associate Marketing Coordinator + 1 780 328 2560 + 1 780 328 2576 + 1 587 881 0163 + 1 780 328 2578 [email protected] [email protected] [email protected] [email protected] Copyright @ Jones Lang LaSalle IP, Inc. 2019. This presentation has been prepared solely for informational purposes. The presentation is confidential and may not be reproduced. The contents of this presentation are not to be construed as legal, accounting, business or tax advice. The information contained herein is proprietary and confidential and may contain commercial or financial information, trade secrets and/or intellectual property of JLL and/or its affiliates. Although the information used in this presentation was taken from sources believed to be reliable, there is no representation, warranty or endorsement (expressed or implied) made as to the accuracy, reliability, adequacy or completeness of any information or analysis contained herein. JLL expressly disclaims any and all liability that may be based on such information, errors therein or omissions there from. Certain information in this presentation constitutes forward-looking statements. Due to various risks, uncertainties and assumptions made in our analysis, actual events or results or the actual performance of the types of financing and values covered by this presentation may differ materially from those described. The information herein reflects our current views only, are subject to change, and are not intended to be promissory or relied upon..