1280 Kingfisher Ave, Kitimat Northern BC

$1 375 000
MLS No: Exclusive
Property type: Apartment Building
Area (Sq Ft)
8,000
Units
10
Price Per Unit
137,500
Cap Rate
11.63
GRM
6.37

Specifications

  • Land Size: 18,295 Sq Ft
  • Year Built: 1957
  • Land Size: 0.42 Acres
  • Gross Building Area (Sq Ft): 9,456
  • Zoning: R-3A

Description

Apartment building for sale at 1280 Kingfisher Ave, Kitimat. This is your opportunity to get involved in the LNG boom at an accessible price point.

1280 Kingfisher Ave, Kitimat is a 10-suite, 3-storey apartment building. All units have 2 bedrooms and 1 bathroom. The main floor contains storage lockers, boiler room, large workshop/storage room, maintenance/supply room, and laundry room. New coin operated washer & dryer installed in 2018. The building is centrally located in a preferred area in Kitimat with easy access to shopping, schools and local amenities.

Rental housing in Kitimat is scarce as thousands of people re-locate there for construction of the $40 billion LNG plant.  The local population is expected to double in the next 18 months.  Construction contractors are scrambling to find accommodations.

Today, monthly rents of $3.00 per sq ft are easily achievable.  A recent article in Western Investor Magazine suggested that rents could reach $4.00 per sq ft by the end of this year. You have the opportunity to renovate and add value to this property. Or, keep it original and ride the wave. Cap rate potential of up to 11.63%!!!

Capitalize on the rapid growth and stunning economic projections for this booming energy town.

For more details, please call Seth Baker at (778) 235-9293.

Also for sale in Kitimat is an 80-unit portfolio at 1530 Albatross Ave.

Suite Mix

  • Two Bedroom

Building Features and Finishes

Construction

  • Reinforced Concrete Slab Foundations
  • Wood Framing
  • Aluminum Siding Exteriors
  • Torch-On Membrane Roof
  • Aluminum-Frame Storm Windows
  • Asphalt Parking Surface

Mechanical

  • Natural Gas Hot Water Boilers
  • Natural Gas Hot Water Tanks
  • Circulated Hot Water Radiant Heat
  • 400 Amp Main Electrical Panel
  • 60 Amp Apartment Electrical Panel
  • Smoke Detectors and Fire Extinguishers

Utilities

  • City of Kitimat Water & Sewer
  • BC Hydro Electricity
  • FortisBC Natural Gas
  • Shaw, Telus, Norwestel Phone/Internet

Amenities

  • Two Parking Spaces Per Unit
  • In-Suite Storage and Storage Lockers
  • Shared Laundry on Main Floor

Kitchen

  • Mix of Tile and Vinyl Flooring
  • Fridge and Stove Included
  • Solid Wood Cabinets
  • Laminate Counter-Tops

Bathroom(s)

  • Mix of Tile and Vinyl Flooring
  • Laminate Counter-Tops
  • Solid Wood Cabinets

Bedrooms

  • Mix of Carpet and Laminate Flooring
  • Siding Closets Doors

Kitimat Demographics (2018)

Kitimat population is expected to double with nearly 8,000 workers coming to the community.  As a result, rental housing is at a premium and there are not enough homes to meet current demand.

1530 Albatross Ave, Kitimat - Kitimat Demographics

Property Identification

Civic Address: 1280 Kingfisher Ave, Kitimat, BC, V8C 1G5

Legal Description: BLOCK 61 DISTRICT LOTS 6042 AND 6043 RANGE 5 COAST DISTRICT PLAN 3595

PID(s): 011-938-323

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…




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