closed after 3 collapsed deals — proof that persistence pays
- 36-unit cash flow asset
- 80% large 2-bed suites
- sold after 2 years effort
listing
description
Ambassador Apartments was a 36-unit multifamily listing in Fort St. John with strong income, solid bones, and stable tenant demand — but the sale didn’t come easy. It took two and a half years and three collapsed deals before the right buyer moved forward. Each failed attempt brought new learning, sharper positioning, and better clarity for the next. While many would have walked away, I stayed with the file through every twist — remaining focused, responsive, and committed to the seller’s outcome.
The building itself is a proven performer: 80% two-bedroom units (the most desirable layout in town), steady cash flow, and ongoing upgrades to both common areas and individual suites. The list price accounted for a needed roof replacement, with a professional roof report and Phase I ESA already completed. The deal ultimately closed at a 7.4% cap rate — a strong result in a high-growth, income-focused market.
investment
thesis
A cash-flowing, professionally managed apartment building in a demand-stable market. Low per-unit pricing, large suites, and rental resilience positioned this asset for long-term returns.
policy
context
Zoned RM-2, the site supports mid-rise multifamily development and aligns with the city’s core residential intensification goals. While the property was acquired as a stable income asset, its underlying zoning and proximity to services position it well for future growth or repositioning.
buyer
appeal
The buyer saw value in stable cash flow, desirable unit mix, and long-term rental fundamentals. A clean ESA, updated boilers, and a realistic capital plan added operational certainty. Equally important was the seller’s ability — through me — to provide a consistent, professional response after multiple failed transactions. That trust, combined with a clear understanding of the asset, made this final deal possible. It was a long road, but the result speaks for itself.
2-year sale journey
cash flow & large suites
persistence delivered outcome
specifications
Sold Price: $2,955,000
Lot Size: 38,250 SF (0.88 Acres)
Zoning: RM-2
Address: 10023 97 Ave, Fort St. John, BC
Year Built: 1984
Total Units: 36
Suite Mix: 8 x One-Bedroom, 26 x Two-Bedroom, 2 x Two-Bedroom + Den
Rentable Area: ~28,900 SF
Construction: Wood Frame on Concrete Slab, Aluminum Siding, Aluminum-Frame Windows
Mechanical: Natural Gas Boilers (2015), Baseboard Hot Water Heat, Natural Gas Hot Water Tanks, 200 Amp Main Panel, 100% Copper Wiring
Common Area Upgrades: Renovated Lobby and Hallways (2016), New Washer/Dryer (2020/21), Hot Water Glycol Feeder (2017)
Insuite Upgrades: 14 renovated units — flooring, paint, doors, fixtures, appliances
Roof: Replacement needed — cost accounted for in list price, roof report available
ESA: Phase 1 ESA completed and clean
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