1051 Chamberlin Ave, Prince Rupert Northern BC

$920 000
Property type: Apartment Building
Area (Sq Ft)
16,120
Units
36
Price Per Unit
25,556
Cap Rate
10.69
GRM
5.89

Specifications

  • Land Size: 51,227 Sq Ft
  • Year Built: 1972
  • Lot Size (Acres): 1.176
  • Storeys: 2
  • Occupancy: 100% Vacant
  • Parking: 60+ Surface Spaces
  • Property Taxes (2018): $8,216.43

Description

Value-add investment property for sale at 1051 Chamberlin Ave Prince Rupert. Re-zoning is approved for a rental building for residents aged 55+.

Many improvements have already been completed. A state-of-the-art metal roof was installed in 2016, windows have been replaced, exterior aluminum was re-painted and concrete accessibility ramps were installed at all entrances.

The interior is ready for renovation. Drywall repairs and repainting of rooms has been completed. All flooring and fixtures that require replacement have been removed. The interior floors, kitchens and bathrooms are ready for refurbishing.

Restaurant and lounge features beautiful exposed wood beams and skylight. A lobby, reception area and office welcome future residents at the entrance. A large common area on the second floor is ready for your design ideas.

The building is home to 34 bachelor units and 2 one-bedroom suites. Architect designs and renderings are available.

Rent furnished rooms for 55+ residents and offer meal services. Cap rate projections from 10.69% to 14.48% after renovation.

Financials projections are available for the qualified purchaser. Inquire for more details.

Reports Available

  • Development Permit Application
  • Architectural Drawings and Renderings
  • Environmental Phase I

Property Identification

Address: 1051 Chamberlin Avenue, Prince Rupert, B.C.

PID(s): 004-190-815

Legal Description: Lot 2 District Lot 251 Range 5 Coast District Plan PRP11628

Also for sale is Digby Tower, 200 Sherbrooke Ave, Prince Rupert, a flagship high-rise building.

Suite Mix

  • Bachelor
  • One Bedroom

Building Features and Finishes

Construction

  • Concrete Perimeter Foundation
  • Wood Framing
  • Aluminum Siding Exterior
  • Unfinished Basement
  • Metal Roof (New 2016)
  • Double Pane Windows (New!!)
  • Asphalt Parking Surface

Mechanical

  • Electric Baseboard Heat
  • 2 Electric Domestic Hot Water Tanks

Utilities

  • City of Prince Rupert Water, Sewer, Storm Sewer
  • BC Hydro and Power Authority Electricity

Amenities

  • Restaurant and Dining Lounge Area
  • Large Upstairs Common Area
  • 50+ Parking Spaces
  • Shared Laundry
  • Public Bathrooms on Main Floor and Upstairs

Kitchens

  • Renderings Available (see photos)
  • Laminate Flooring
  • Appliances
  • Wood Cabinets
  • Laminate Counter-Tops
  • Lighting

Bathroom(s)

  • Renderings Available (see photos)
  • Handicap Accessible Bathrooms
  • Laminate Counter-Tops
  • Wood Cabinets
  • Bathtub and Toilet Fixtures

Prince Rupert Economy

Prince Rupert is one of the the quickest and cheapest routes to transport goods from Asian factories into the American heartland. And leaving Prince Rupert, container ships are filled with Canadian lumber and grain destined for the world’s fastest-growing markets.

Prince Rupert’s proximity to Asia is a substantial advantage. It’s up to 58 hours closer by sea than any other North American entry point. As a result, shippers can make an additional round-trip voyage every year.

In 2017, Port of Prince Rupert’s shipping volumes jumped 28 per cent to 24 million tons, a record year!

DP World recently invested $200 million in expanding their facilities. The terminal can now accept the largest vessels at sea. Himalayas, the largest ship ever to dock at a Canadian port, docked in Prince Rupert.

Investors in Prince Rupert real estate will gain from the next Phase II of the DP World Expansion Project.

Discover the benefits of investing in coastal region in Northern Development Initiative’s “State of the North” Report

And finally, discover the benefits of investing in a coastal shipping community in the “Port of Prince Rupert Economic Impact Study” 

Prince Rupert Rental Market

Prince Rupert vacancy rate is 5% in 2018.

Prince Rupert Rental Market Snapshot

Contact the Agent

Seth Baker

Managing Broker & Owner
Phone
(778) 235-9293
Fax
(778) 650-0350
Address
119 W Pender St, Suite 104
Vancouver, BC, V6B 1S5
Combine bold entrepreneurship, unique data analysis and elite salesmanship, and you have Seth Baker. As Owner of Multifamily Real Estate Services, Seth takes on challenging responsibilities, such as founding his own real estate brokerage company and selling some of the world’s most valuable apartment buildings. He is a master communicator and skillful analyst. His impressive technology background allows him to maintain priceless market data while building powerful relationships with multifamily investors and developers. Ask him about how to get people to agree. It’s his secret talent. Seth Baker has led an impressive career in real estate brokerage. He is personally responsible for more than $87,000,000 in real estate sales, a number that’s growing daily.  He has contributed to a number of industry organizations including LandlordBC, Vancouver Board of Trade, BC Non-Profit Housing Association, Greater Vancouver Home Builders Association and Urban Development Institute. He received his Managing Broker’s Licence through UBC’s…