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Forest Creek Manor

901 Forestbrook, Pentiction
Multi-family

$2,150,000


Summary

Price
$2,550,000
GIM
10.5
Units
31
Cap Rate
3%
Zoning
RM-3
Price/Unit
$82,258
PID
003-811-557
Stories
4
Sale Price
$2,150,000
Sale Date
7/17/2013

Property Description

Forest Creek Manor is a four storey 31-suite apartment building located in sunny Penticton, BC. The property features balconies, parking, storage and a great suite mix (10-1Br and 21-2Br units). Rents significantly below market.

Location

Forest Creek Manor is located in sunny Penticton, BC. Penticton is situated between Okanagan Lake and Skaha Lake, in the Southern Okanagan region of BC and offers an exceptional lifestyle. Beautiful lake beaches, award winning wineries, golf courses and the Apex Ski Resort characterize this Okanagan community.

Specifically, the subject is situated on the north side of Forestbrook Drive between Ontario and Kensington Streets, with Penticton Creek forming the north property line. There are two schools within 1km and Okanagan Lake is just minutes away by car.

Legal Description

That part of Lot 4 shown on Plan B4597; District Lot 249 Similkameen Division Yale District Plan 827

Highlights

  • Four storey wood-frame building featuring 31 suites
  • Electric baseboard heat, hot water & cable TV supplied by building
  • Hot water provided by 2 electric 405 litre tanks
  • Parking: 27 stalls at rear (2 covered)
  • Elevator service provided by Thyssen
  • Workshop/storage area
  • Suites feature balconies & exterior AC wall-mounted units
  • Laundry rooms contain 1 washer/1 dryer (owned) on 2nd, 3rd, & 4th floors
  • Long term caretakers who provide “handyman” services
  • Building requires some TLC

 

Financial Summary

Financing: Clear title

Proforma

Gross Income: $243,016
Vacancy: (3,645)
Effective Gross: $239,371
Operating Expenses: (161,009)
Net Operating Income: $78,362

 

 

Suite Mix

No. Units Avg. Rent
One Bedroom 10 $568
Two Bedroom 21 $675

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