View Point Apartments at 1530 Albatross Ave, Kitimat is for sale. This is your opportunity to get involved in the booming LNG industry in Northern BC.
View Point consists of 8 buildings with 10 units each. Suite mix includes 1, 2 and 3 bedroom units. Recent updates include roofs, exterior paint, hot water system, and 40 unit interiors (flooring, paint, window coverings, appliances, etc). Ten more units were recently renovated and furnished, earning excellent rents. And, there is an additional opportunity to convert another entire building to high-earning furnished suites.
Rental housing is scarce as thousands of people re-locate to Kitimat 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. Conservative cap rate projections of 9.6% – 10.3%!!!
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 an additional 10-unit apartment building at 1280 Kingfisher Ave, Kitimat.
(Note: 1530 Albatross Ave, Kitimat is co-listed with Bruce Long of Macdonald Commercial Realty Ltd.)