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15088 Thrift Avenue

15088 Thrift Avenue, White Rock
Multi-family

$2,100,000


Summary

Price
$2,295,000
GIM
18.2
Lot Size
8,054 SF
Units
9
Year Built
1993
Cap Rate
3.4%
Zoning
RM-2
Net Rentable Area
7,699 sq. ft.
Price/Unit
$255,000
Stories
3
Sale Price
$2,100,000
Sale Date
7/30/2012

Property Description

9 Suites

Exceptionally well-maintained, the subject property is a 9-suite strata-titled apartment building located in White Rock, only a couple blocks west of Johnston Road.

Location

The subject property is located on the south-west corner of Thrift Avenue and Foster Street in White Rock, BC. Exceptionally situated a few minutes’ walk to the beach and only a couple blocks west of Johnston Road, a main artery offering various amenities, restaurants, shopping and bus transportation. The Semiahoo Shopping Centre is only one block to the north, while Peace Arch Hospital is also in close proximty. This community is one of the most desirable and affluent areas in the Lower Mainland with miles of beaches, spectacular views, beautiful parks and now one of the most innovative open air shopping/lifestyle centres in Western Canada.

Features

  • Exceptionally well-maintained with pride of ownership
  • 19 year-old strata-titled building with great suite mix
  • Suites feature gas fireplaces, patios or balconies
  • Suites have in-suite washer/dryer & dishwashers
  • Elevator service
  • Secured underground parking for 9 cars (sprinklered) plus two extra stalls
  • Lush landscaping
  • All tenants have lockers
  • In-floor radiant heating in suites with thermostat
  • Top notch Viessmann boiler (approx. 10 years old)
  • Roof is EPDM with parapet and cedar shake overhang
  • Low maintenance alum soffits
  • All closets have “organizers”
  • Extensive capital improvement program–for a suite by suite breakdown of the work carried out in each suite, please click here.
  • Views from top floor (and 270 degree unobstructed ocean views from roof)
  • Common walls have “sound bars” that seperate dry wall from studs, thereby eliminating noise transfer between suites

Legal Description

Strata Lots 1 to 9 Sec 10 Township NWD Strata PL LMS862

Financial Summary

Financing: Treat as clear title

Assessment 2011

Land: $808,200
Building: $1,296,800
Total: $2,105,000

Income and Expenses

Gross Income: $125,916
Vacancy: (630)
Effective Gross: $125,286
Operating Expenses: (46,707)
Net Operating Income: $78,579

 

Note: Income is annualized as of January 2012. For a current rent roll and a detailed expense statement, click here.

Suite Mix

No. Units Avg. sq. ft. Avg. Rent
One Bedroom 3 549 $920
Two Bedroom 6 1,009 $1,289

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