15989 Marine Drive, White Rock Fraser Valley

$3,198,000
MLS No: Exclusive
Property type: Apartment Building
Area (Sq Ft)
9,289
Units
9
Price Per Unit
355,555
Cap Rate
4.02
GRM
18.60

Specifications

  • Land Size: 8,730 Sq Ft
  • Year Built: 1983
  • Zoning: RM-2
  • Gross Taxes (2015): $15,729.29

Description

SOLD STRATA APARTMENT BUILDING!!  Waterfront strata building for sale at 15989 Marine Drive, White Rock. One-of-a-kind location at the corner of Marine Drive and 160 St. Every one of the 9 strata units has stunning vistas over Campbell River and open ocean beyond. This building is the definition of “forever views” with untouchable seaside boardwalk views.

Building is close to 9,300 sq ft of livable space in 9 strata-titled units. The building contains eight large 2-bedroom suites and one 1-bedroom suite with massive ground floor patio. Every unit features a separate entrance, condo-quality finishings, a variety of interior styles and loads of private outdoor space. Multiple balconies, loft-style ceilings, skylights and massive patios make this a dream building for tenants or condo-buyers alike.

Recent building upgrades include:

  • East side exterior door and windows replaced (2016)
  • East side partial rainscreen (2016)
  • North side staircase and landing replaced (2016)
  • Common area deck rebuilt and new membrane (2015)
  • Units 2, 5 and 9 decks rebuilt and membrane replaced (2015)
  • Fascias and gutters replaced (2014)
  • Garden patios and tiles replaced (2013)
  • Torch on membrane roof (2009)

Upgrades to the building required:

  • Building envelope remediation (partial)
  • Sloped tile roof and skylight replacement
  • Balcony membrane, guard wall, railing and cap flashing remediation
  • Parkade suspended slab membrane replacement (in the next 5-7 years)

Investors and developers with knowledge of construction contracting and building remediation will benefit from this irreplaceable location with renovation upside.

Primary options for the property include:

(a) full remediation, interior renovations and re-sell as high-end waterfront condos.

(b) partial envelope/balcony remediation and create a high-end rental building on the water.

For details on the White Rock multifamily market, please see White Rock Apartment Building Market Report.

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 $75,000,000 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…