1501 baker street, cranbrook, bc - amazon s3 · building description 1501 baker street, cranbrook...

RE/MAX Bill Goold Realty

www.BillGooldRealty.com 410 – North Tower , 650 West 41st Avenue Vancouver, BC V5Z 2M9

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LISTED PRICE

$1,850,000

RARE 23 UNIT MULTIFAMILY INVESTMENT OPPORTUNITYIN THE HEART OF CRANBROOK

604-267-2455 | [email protected] JAMES BLAIR FOR FURTHER DETAILS

James Blair | Bill Goold | Ray Townsend | Patrick McEvay | David Venance | Margaret Zheng

NORBURRY PLACE1501 Baker Street, Cranbrook, BC

FOR SALE

1501 Baker Street, CranbrookPROPERTY SUMMARY

CIVIC ADDRESS1501 Baker streetCranbrook, BC V1C 1B4

NEIGHBORHOOD300 Block Original Townsite

LEGAL DESCRIPTIONLot 1 Plan NEP5947 District Lot 4 Land District 26

PROPERTY IDENTIFIER007-348-991; 007-348-975

SUITE MIX 8 One Bedroom15 Two Bedrooms 23 Residential units

ZONING R3-2 Multiple Dwelling Unit

LOT SIZE16,335 sq.ft.

YEAR BUILT1975

PROPERTY TAXES 2013$ 14,403

ASSESSMENT 2013Land $ 49,500Improvements $ 1,426,000Total $ 1,452,500

LOCATION

The Subject Property, Norburry Place, is situated on the corner of Baker Street and 15th Avenue South in the heart of Cranbrook. Mt. Baker Secondary School is across the street to the north, and Laurie Middle School is located minutes to the south. The East Kootenay Regional Hospital is a short 2 minute drive east of the Subject Property.

Norburry Place is exceptionally located. Safeway is a 2 minute walk and Western Financial Place, home of the Kootenay Ice WHL hockey team, is a short 5 minute walk to the west.

BUILDING HIGHLIGHTS

Central Cranbrook location within walking distance to schools, shopping, and entertainment.

Individual electric baseboard heat paid for by tenants.

Storage rooms in all suites.

21 covered parking stalls.

Air conditioning and balconies.

Extra storage and workshop space for the owner.


1501 Baker Street, CranbrookBUILDING DESCRIPTION

BUILDING DESCRIPTION

Norburry Place features a desirable suite mix of 8 1-bedroom and 15 2-bedroom suites, all of which have balconies and in-suite storage. Each suite has a breaker panel, smoke and heat detectors, individual electric heat controls, and an air conditioning unit.

The building features an intercom system and extra storage for the owner, including a good-sized workshop. There is one bright laundry room with 3 washers and 3 dryers, all of which are owned by the building. Outside, there are 21 covered parking stalls available to tenants.

Kitchens feature double sinks, ample wood cabinetry, 24” frost free fridge and stoves with exhaust fans, and lino floors . Two bedrooms units feature a dining room that extends off of the kitchen with a ceiling fan.

Living rooms have laminate flooring or carpet, as do the bedrooms and hallways. Off of the living rooms are balconies with sliding glass doors and drapes for window coverings. Bathrooms have lino floors, mirrored vanities, and fans.


1501 Baker Street, CranbrookFINANCIAL SUMMARY

YEARLY YEARLY/UNITPERCENTAGE

OF EGI

REVENUE

Rental Income [1] $181,080 $7,873

Laundry [2] $4,140 $180

Gross Income $185,220 $8,053

Less: Vacancy (1.80%) [3] ($3,334) ($145)

EFFECTIVE GROSS INCOME $181,886 $7,908

EXPENSES [4]

Property Taxes $15,225 $662 8.37%

Insurance $5,565 $242 3.1%

Utilities $19,765 $859 10.9%

Caretaker [5] $11,500 $500 6.32%

Repair & Maintenance [6] $14,950 $650 8.22%

TOTAL EXPENSES $67,005 $2,913 69.45%

TOTAL NET INCOME $114,881

Asking Price $1,850,000 $80,434/Unit CAP: 6.21%


1 February 2015 rent roll x 122 Laundry estimated at $15 per unit per year3 CMHC Fall 2014 vacancy rate4 Expenses based on year ended August 31, 20145 No caretaker on site- estimated at $500 per unit per year6 Stabilized at $650 per unit per year. Actual R and M for the year was $8,970

Actual Gross Income for year ended August 31, 2014 was $171,849

1501 Baker Street, CranbrookMARKET OVERVIEW

Cranbrook, located in the southeast of British Columba, is the largest urban area in theregion of East Kootenay with a population of 19,364. Located in a valley in which thePurcell Range lies to the west and the spectacular Rocky Mountains to the east,Cranbrook is an transportation hub. Because of its proximity to Alberta and the UnitedStates, the Canadian Pacific Railway yard serves as an important gateway for trainsarriving and departing to the United States. The Canadian Rockies International Airportis the only airport in the area making it a gateway to the Canadian Rockies. The airportserves over a 106,277 travellers a year and recently received major upgrades toaccommodate larger aircraft, including the lengthening of the runway and terminalbuilding expansion.

The city of Cranbrook is a commercial centre for surrounding communities and providesaccess to many services such as an abundance of golf courses, the East KootenayRegional Hospital, and well established retail chains. Baker Street is the main street ofdowntown Cranbrook and is home to many businesses, stores, banks, restaurants, andhistoric structures.


1501 Baker Street, CranbrookAREA OVERVIEW

Restaurants| Bars| Coffee ShopsBoston Pizza

Subway

Sakura

Allegra Restaurant

Starbucks

Tim Hortons

GroceriesSave On Foods

Real Canadian Superstore

Bulk Barn Foods Ltd.

ShoppingTamarack Centre

High Country Sportswear

ParksBaker Park

Balment Park

Rotary Park

Pop Price Park

Kinsmen’s Water Park

Errands | EntertainmentPharmasave

Canada Post

Landmark Cinemas

01, 02, 05, 07, 14

Walk Score Methodology: Walk Score measures the walkability of any address. For each address, Walk Score analyzeshundreds of walking routes to nearby amenities. Points are awarded based on the distance to amenities in each category.Walk scores are based out of 100. (All information courtesy of www.walkscore.com)


1501 baker street, cranbrook, bc - amazon s3 · building description 1501 baker street, cranbrook...

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