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Bole Aparments

46155 Bole Avenue, Chilliwack
Multi-family

$4,250,000


Summary

Price
$4,250,000
Units
48
Stories
3
Net Rentable Area
31,863 SF
Price/Unit
$88,542
Cap Rate
3.8%
GIM
12.6
Year Built
1977
Lot Size
28,274 SF
PID
004-280-482
Sale Date
09/12/2016

Legal Description

Bole Apartments is a well maintained large scale rental apartment building featuring 48 well-appointed suites. Situated on the southeast corner of Bole Avenue and Victor Street in Chilliwack, this property has an excellent suite mix comprising 12 two-bedrooms, 33 one-bedrooms and 3 bachelor suites. Rents are significantly below market.

  • Keyless entry / fob system / intercom system
  • Washer and dryer are leased through Coinamatic
  • Laundry on 2nd and 3rd floor (2 sets W/D each floor)
  • No pets
  • Property has attained a Crime Free Multihousing Designation which is a multi-step program ensuring safety and awareness for residents and owners.
  • Secure and gated ground-level parking featuring 52 stalls (includes scooter designated parking)
  • Garden shed in parking area
  • Exterior lighting for parking and walkway areas
  • New fuel efficient boiler (2013)
  • New roof / flashing (2015)
  • Hallways painted (2015)
  • Hardy board upgrades to exterior (2015)
  • Vinyl exterior upgrade (2015)
  • New baseboard heaters in 3 suites (2014)
  • Original piping (replaced pipes as needed)
  • Carpets replaced in approx. 25 suites between 2009 – 2016
  • Deck repairs / replacement (2010)
  • All of the previous upgrades have been made to ensure the building operates as a low maintenance facility with excellent appeal
  • Clean Stage 1 Environmental Report (2016)

The subject is located on the north side of Bole Avenue, just east of Victor Street and within walking distance to the historic Five Corners area of Chilliwack. The property is one block north of Yale Road, a major east-west connector and 4 kms north of Highway 1, with access west to Vancouver.

Chilliwack continues to see significant change and improvement in business climate with ongoing redevelopment and investment from the business community. Attractive natural features, convenient retail and shopping options as well as commercial amenities and low cost of living has continued to attract residents to the area. Further, there are significant improvements and amenities in proximity to the subject building, including being walking distance to elementary, middle and high schools, medical clinics, and nearby to the Salish Shopping Plaza, Park, and Chilliwack Library.

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