1530 Albatross Ave, Kitimat Northern BC

$10 998 000
MLS No: Exclusive
Property type: Apartment Building
Area (Sq Ft)
64,300
Units
80
Price Per Unit
137,475
Cap Rate
10.30
GRM
6.68

Specifications

  • Land Size: 191,185 Sq Ft
  • Year Built: 1957
  • Land Size: 4.389 Acres
  • Gross Building Area (Sq Ft): 75,648
  • Zoning: R-3A

Description

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.)

Suite Mix

  • One Bedroom
  • Two Bedroom
  • Three Bedroom

Building Features and Finishes

Construction

  • Reinforced Concrete Slab Foundations
  • Wood Framing
  • Aluminum Siding Exteriors
  • All Exteriors Re-Painted (2013 – 2016)
  • Torch-On Membrane Roofs (2015)
  • Aluminum-Frame Storm Windows
  • Asphalt Parking Surface

Mechanical

  • Natural Gas Hot Water Boilers
  • Hot Water Tanks Replaced (2014)
  • Circulated Hot Water Radiant Heat
  • 400 Amp Main Electrical Panels
  • 60 Amp Apartment Electrical Panels
  • Fire Protection

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
  • Shared Laundry on each Main Floor
  • Long Life LED Lighting in Common Areas
  • Updated Hallways, Lobbies and Stairwells

Kitchen

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

Bathroom(s)

  • Mix of Tile and Vinyl Flooring
  • Laminate Counter-Tops
  • Solid Wood Cabinets
  • 40 New Bathtub and Toilet Fixtures

Bedrooms

  • Mix of Carpet and Laminate Flooring
  • Siding Closets Doors
  • 40 Units Have Fresh Paint and Flooring

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: 1530 – 1600 Albatross Avenue, Kitimat, BC, V8C 1R1

Legal Description: Block 57, Plan PRP3831, District Lot 6038, Range 5, Land District 14 & DL 6043

PID(s): 005-065-887

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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