The Ridge Hotel and Suites
1051 Chamberlin Ave, Prince Rupert
Sold for $920,000
$920,000
Sale Price
36
Total Units
1972
Year Built
10.69%
Cap Rate
DESCRIPTION
Value-add investment property sold at 1051 Chamberlin Ave Prince Rupert. Property was sold with 100% vacancy
At the time of sale, many improvements had already been completed. A state-of-the-art metal roof was installed in 2016, windows had been replaced, exterior aluminum was re-painted and concrete accessibility ramps was installed at all entrances. The interior was ready for renovation. Drywall repairs and repainting of rooms had been completed. All flooring and fixtures that required replacement were removed. The interior floors, kitchens and bathrooms were ready for refurbishing.
The restaurant and lounge featured beautiful exposed wood beams and skylight. A lobby, reception area and office welcomed future residents at the entrance. A large common area on the second floor was ready for design ideas.
The building was home to 34 bachelor units and 2 one-bedroom suites. Architect designs and renderings were available with the purchase.
SPECIFICATIONS
Property Type · Hotel/Motel
Price Per Unit · $25,555
Lot Size · 51, 227 Sq Ft (1.176 Acres)
Parking · 50+ Surface Spaces
HIGHLIGHTS
Partially Renovated Interior
New Roof and Envelope
Previously Operated as Neptune Motel
Commercial Kitchen and Restaurant Space
LOCATION
1051 Chamberlin Avenue
Prince Rupert BC V8J 4J5
Legal Description
Lot 2 Plan PRP11628 District Lot 251 Range 5 Land District 14
PID
004-190-815
Assessed Value (2020)
$1,243,000
ABOUT THE DEAL
HOW WE DID IT
Given the price point, this deal was on the Multiple Listing Service (MLS). An MLS deal gets exposure to other brokers and their clients. In addition, we marketed the property internally to our multifamily database.
Dozens of inquiries were received. There were many different ideas about how to complete the renovations. In the end, careful choice was required. We selected the buyer who appeared most likely to complete on the purchase. We chose the right buyer and the sale closed.
WHAT WE LEARNED
Vacancy isn’t the end of the world. Everything has value. You maximize the value of building by creating the right vision for its future. It kind of like story-telling, but less fantastical.
The next step is to connect the buyer’s vision with what’s possible on the building. The buyer must be able to take the vision and make it their own. In this case the buyer had a great plan for the building. We were able to facilitate the sale and bring everything together.