James BlairPersonal Real Estate Corp.
+1 604 790 7089 [email protected]
Jones Lang LaSalle Real Estate Services Inc. • 355 Burrard Street • 14th Floor • Vancouver, BC V6C 2G6 • jll.ca@2016 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.
E. & O. E. Jones Lang LaSalle Real Estate Services, Inc. Real Estate Brokerage
Centrally located White Rock apartment building presenting a well maintainedand consistent investment opportunity in a thriving community
David VenancePersonal Real Estate Corp.
+1 604 910 3842 [email protected]
Foster Manor1461 Foster Street, White Rock, BC
Property Overview
Civic Address 1461 Foster StreetWhite Rock, BC, V4B 3X6
Property Identifier 011-385-456011-385-472
Lot Size 12,200 sq.ft.
Zoning CR-1
Year Built 1973
Parking Secured Underground
Type of Construction Wood-frame
Suite Mix 20 – One Bedroom20 Residential Units
Property Taxes (2015) $21,812
Assessment (July 2015)$1,403,000$1,734,000$3,137,000
Price $3,750,000
Cap Rate 3.49%
OpportunityA prime opportunity to acquire a 100% freehold interest in a well maintained rental apartment building, located in White Rock, BC. The offering includes a total of 20 authorized rental units in a central location situated within walking distance to the main shopping and business districts in White Rock. This investment will appeal to investors looking to capitalize on the decreasing vacancy rate in the city and growing tenant base.
Location1461 Foster Street is located within a 5 minute walk to downtown White Rock, a vibrant community by the ocean known for its west coast sunsets, lively promenade, boutique shops, and waterfront restaurants. White Rock, with its 8 km of sandy beaches and famous pier that stretches 457m into the waters of Semiahmoo Bay, is a destination for both tourists and locals of Metro Vancouver alike. The Property boasts a Walk Score of 93, which is considered to be a ‘Walker’s Paradise’ in that daily errands do not require a car. Johnston Road is a mere 2 blocks away and provides a plethora of shops and services, including Semiahmoo Shopping Centre, Save On Foods, Shopper’s Drug Mart, Cineplex, as well as a variety of cafes and restaurants. Nearby parks include Centennial Park, Ruth Johnson Park, Hodgson Park, and Bryant Park. King George Highway and Highway 99 are located within a 10 minute drive. Traveling to Downtown Vancouver takes less than an hour, and the City of Surrey is only a 5 minute drive. Public transportation is readily available within 5 blocks along Thrift Ave, Johnston Street, 16th Ave, and North Bluff Road. The Property is located 45 kilometres from Vancouver, and only 6 kilometres from the Canada/USA border.
Building DescriptionConstructed in approximately 1973, the three-storey walk-up apartment building is comprised of 20 rental units. The one-bedroom suites are spacious and many have been renovated with new flooring and bathrooms. The building is heated by a gas-fired Superhot boiler installed in 2002 and tenants have their own individual heat controls. Tenants have access to one set of modern coin laundry machines in the ground level laundry room, which enhances the monthly revenue of the property. There is a full underground concrete parkade and storage lockers available to tenants.
Investment Highlights PCentral White Rock location in the heart of the quaint shopping district within walking distance to Semiahmoo Shopping Centre PSecured underground parking and patios for all units PNew flooring in 12 suites and 11 suites feature a renovated, modern bathroom PNew torch-on roof installed in 2010 and boiler in 2002 PHistory of full occupancy with a mature tenant base offering a very stable cash flow PImmediate access to frequent public transportation PTenant access to one shared laundry room with one washer and one dryer PA building inspection report by Prospec Inspections (February 2016) and a Stage 1 environmental report by NEXT Environmental (February 2016) are available upon request
Typical Living Room
Revenue Annually
Rental Revenue [1]
Laundry Revenue [2]
Gross IncomeLess: Vacancy Allowance (0.80%) [3]
EFFECTIVE GROSS REVENUE (EGR)
$197,640$3,600$201,240($1,610)$199,630
Operating Expenses
Property TaxesInsurance Gas Electricity Garbage [4]
Water/Sewer LicenceManagement Repair & Maintenance [5] TOTAL EXPENSES
$21,812$9,321$7,889$1,922$1,000$1,914$72$10,000$15,000$67,930
Net Operating Income $130,700
Income Statement
Bedroom Living Room
Dining Area Bathroom
Net Operating Income (NOI) Rent Roll
[1] February 2016 rent roll annualized[2] Estimated at $15 per unit per month[3] CMHC averagevacancy rate for White Rock[4] Stabilized at $50 per unit per year[5] Stabilized at $750 per unit per year
Unit Number Type Monthly Rent
101102103104105106201202203204205206207301302303304305306307
1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom1 Bedroom
$815$825$800$800$870$835$835$835$810$715$835$780$850$825$795$845$875$850$800$875
Total 20 Units $16,470
Bill Goold | David Venance | James Blair | Margaret Zheng | Patrick McEvay | Ray Townsend
Jones Lang LaSalle Real Estate Services Inc. • 355 Burrard Street • 14th Floor • Vancouver, BC V6C 2G6 • jll.ca©2016 Jones Lang LaSalle IP, Inc. All rights reserved.
All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.E. & O. E. Jones Lang LaSalle Real Estate Services, Inc. Real Estate Brokerage
James BlairPersonal Real Estate Corporation
+1 604 790 [email protected]
North Bluff Road
David VenancePersonal Real Estate Corporation
+1 604 910 3482 [email protected]
1461 Foster StreetNorth Bluff Road
Foster Street
Johnston Road
Oxford Street
Thrift Avenue
Buena Vista AvenueMarine Drive
SEMIAHMOOSHOPPING CENTRE
CENTENNIALPARK
WHITE ROCKELEMENTARY