sold vacant, vision required — developer-level analysis closed this deal
- 36-unit former motel
- 100% vacant at sale
- complex pro forma, multiple use paths
listing
description
This was no ordinary listing. 1051 Chamberlin Ave — formerly the Neptune Motel — was a 36-unit property, 100% vacant at the time of sale, and partially renovated with multiple future use scenarios. It had already received key upgrades: a new standing-seam metal roof, new windows, painted exterior, and concrete accessibility ramps. The interiors had been prepped for refurbishing, with drywall repairs complete and old flooring and fixtures removed.
The challenge? Turning all of that into a viable, financeable pro forma.
This was a rare asset in a small, northern market — and there was no clear path forward. The property could be converted to seniors housing, used as a motel or short-term rental, or finished as long-term apartments. Each path required different assumptions, timelines, capital costs, and operating models. To bring this to market, I had to think like a developer — analyzing the build-out potential, reconciling partially completed work, and modelling future income scenarios under multiple use cases. It was a puzzle few were equipped to solve.
In the end, I sourced and qualified an unrepresented buyer and guided them through the entire process — helping them assess the opportunity from every angle and negotiate a deal that worked. I didn’t just sell a vacant building. I sold a future project, backed by clarity, credible planning, and a deep understanding of how developers make decisions.
investment
thesis
A blank-slate, partially renovated building with key systems already upgraded — ready for repositioning as seniors housing, short-term accommodation, or long-term rental in a low-supply northern market.
policy
context
Zoned for commercial use with flexibility for multifamily or lodging, the property is located in Prince Rupert’s central residential corridor, a short distance from the downtown core. With land use policies encouraging housing renewal and accommodation options for transient workers and an aging population, the site aligned well with multiple viable redevelopment strategies.
buyer
appeal
The buyer saw potential in the bones of the building — but it was the structured pro forma and scenario analysis that made the deal work. I helped translate a partially renovated, vacant asset into a coherent investment opportunity. I outlined cost-to-complete scenarios, projected multiple yield paths, and delivered a complete package that allowed the buyer to move forward with clarity and confidence — even without a buyer’s agent involved.
Developer-modeled repositioning strategy
100% vacant with key upgrades complete
Buyer guided through process, end-to-end
specifications
Sold Price: $920,000
Total Units: 36
Suite Mix: 34 x Bachelor, 2 x One-Bedroom
Year Built: 1972
Cap Rate: 10.69% (pro forma)
Lot Size: 51,227 SF (1.176 Acres)
Zoning: Commercial (former hotel/motel)
Renovation Status: Roof, windows, exterior complete; interiors prepped for build-out
Parking: 50+ Surface Stalls
Special Features:
Commercial kitchen and restaurant/lounge
Skylight, exposed beams, common areas
Architect renderings included with sale
Legal Description: Lot 2 Plan PRP11628 District Lot 251 Range 5 Land District 14
PID: 004-190-815
Assessed Value (2020): $1,243,000