10204 98th St, Fort St John Northern BC

$588 000
MLS No: Exclusive
Property type: Apartment Building
Area (Sq Ft)
5,794
Units
8
Price Per Unit
73,500
Cap Rate
7.41
GRM
6.9

Specifications

  • Land Size: 9,394 Sq Ft
  • Year Built: 1960
  • Land Size: 0.22 Acres

Description

Take advantage of this rare value-add investment opportunity in a fast-growing community.

Chickadee Apartments is located at 10204 98th St, Fort St John.  They don’t build ’em like this in Vancouver. This solidly built 8plex has concrete block construction and a poured concrete foundation.  Both are in excellent condition.

The roof is a 15-year-old torch-on membrane, just halfway through its life.  Windows are double glazed aluminum frame.  Plumbing is mostly PVC.  Separate electric hot water tanks are located in each unit.  Suite mix is six 2-bedroom and two 1-bedroom units.  All suites have separate hydro meters.

As the saying goes, “The bones are good!”

Unit interiors are bright and functional…and need some love.  All suites would benefit from a mild renovation.  New flooring, paint and a few fixtures would go a long way.  With some basic upgrades, cash flow could be increased dramatically.

As a market to invest in, Fort St John is on the verge of its biggest growth cycle ever.  The $6.6 billion Coastal Gaslink pipeline taps into natural gas deposits surrounding Fort St John.  It’s the dawn of an LNG gold rush.  Those to get in first will profit the most.

Located in an established neighbourhood at 10204 98th St, Fort St John, Chickadee Apartments is close to downtown and all local amenities.

As a result of solid “bones”, value add through renovations, good location, and a booming market, Chickadee Apartments provides exceptional upside and a unique cash-flow opportunity.

Strata Unit Sales

Strata titles allow units to be re-sold individually. Median condo prices in Fort St John are $244,000 over the past 12 months.  The residential market is heating up as hundreds of LNG workers move to town.

An estimate of renovated unit sales puts return on equity at 27.5% and 3-year annual yield at a stunning 54.1%!!  Inquire for more details.

Investment Highlights

    • Individual units appraised at $105,000 per unit in current condition
    • Building has solid construction, bright rooms and functional layouts
    • Renovations to suite interiors will increase monthly cash-flow
    • Located in central Fort St John with all amenities nearby
    • LNG will bring 40+ years of oil, gas and natural gas extraction work
    • Fort St John market is undergoing massive growth

Property Identification

Address: #1 – 8, 10204 98th St, Fort St John, BC, V1J 3V4

Legal Description: STRATA LOTS 1, 2, 3, 4, 5, 6, 7 & 8 SECTION 6 TOWNSHIP 84 RANGE 18 WEST OF THE 6TH MERIDIAN PEACE RIVER DISTRICT STRATA PLAN EPS466 TOGETHER WITH AN INTEREST IN THE COMMON PROPERTY IN PROPORTION TO THE UNIT ENTITLEMENT OF THE STRATA LOT AS SHOWN ON FORM V

PIDs: 028-682-084, 028-682-106, 028-682-114, 028-682-122, 028-682-131, 028-682-149, 028-682-157 & 028-682-165

Contact the Agent

Seth Baker

Managing Broker & Owner
Phone
(778) 235-9293
Fax
(778) 650-0350
Address
801 - 938 Howe Street
Vancouver, BC, V6Z 1N9
In the rarified realm of rental development and multifamily property investing in British Columbia, Seth Baker is a true standout. As the owner and founder of Multifamily Real Estate Services, Seth has become a formidable force in this fiercely competitive industry. Read on to find out how his unique background, traits, education, work experience and zest for continual improvement have converged to make him one of the most respected professionals in the Vancouver apartment building brokerage world. Seth’s company, Multifamily Real Estate Services, is a widely respected real estate brokerage firm that specializes in connecting professional real estate investors with lucrative opportunities in Metro Vancouver and throughout the province. Located directly in the city, the company assists in the sale of some of the most valuable apartment buildings in the world. Seth’s commitment to forging powerful relationships with multifamily investors and developers provides a unique ability to help all parties…




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