174 W 2nd Ave, Fort St James
Sold for $2,500,000
$2,500,000
Sale Price
16
Apartment Units
2017
Year Built
5.68%
Cap Rate
DESCRIPTION
Sold brand new purpose-built rental development at 174 W 2nd Ave, Fort St James.
Sold for full asking price to BC Housing. Completed in July 2017, this 16-suite beauty is one of the newest rental properties in Northern BC. Built with hands-on quality by a local builder means decades of low maintenance costs.
There are five buildings on the property - four rental buildings and one common area facility. The common area building contains 2 full bathrooms, a kitchen, and a substantial meeting area. Gross building square footage is 12,620 with rentable area of 11,734 sq ft.
Apartments feature high-end conveniences such as in-suite laundry, central vacuum and water softener systems in each suite. All kitchens have brand new appliances: dishwasher, fridge, stove and microwave.
Unit flooring is ceramic tile throughout for easy accessibility, low maintenance and easy cleaning. Bathrooms are quality linoleum for low replacement cost. Never worry about damaged flooring again!
Eight of the 16 units are fully handicap accessible. Others can easily be converted, making this an excellent seniors housing building. Central parking area is large enough for two spaces per unit with plenty of room for guests.
SPECIFICATIONS
Property Type · Apartment Building
Price Per Unit · $156,250
Lot Size · 12,620 Sq Ft
Rentable Area · 11,734 Sq Ft
Storeys · Single Storey
Amenities · Meeting Room and Kitchen
Parking · 32 Surface Parking Spaces
HIGHLIGHTS
Purpose-Built Rental Development
Handicap Accessible Units
Durable High-Quality Building Materials
Common Area Building with Full Kitchen and Bathrooms
LOCATION
174 West 2nd Avenue
Fort St James, BC V0J 1P0
Legal Description
Lot A Block 1 Plan PRP1691 District Lot 110 Range 5 Land District 14 BEING A CONSOLIDATION OF LOTS 20 & 21 SEE CA5803468
PID
030-068-380
Assessed Value (2019)
$1,327,000
ABOUT THE DEAL
HOW WE DID IT
At the time of sale, Seth Baker, Managing Broker, was a member of the British Columbia Non-Profit Housing Association (BCNPHA) and Director on two non-profit housing societies with assets over $150 million. He leveraged relationships with BC Housing to gain direct access to the decision makers. Knowledge of internal processes at BC Housing were essential to the successful sale.
WHAT WE LEARNED
BC Housing is a unique organization. They make decisions unlike any other buyer. The BC Housing internal processes are extensive. Navigating the web of departments can be daunting at first. Experience in the non-profit housing world was helpful in creating a profitable deal for the client. Especially useful were personal relationships with BC Housing staff who we met with at conferences and events.