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.