200 Sherbrooke Ave, Prince Rupert Northern BC

$2,598,000
Property type: Apartment Building
Area (Sq Ft)
34,000
Units
60
Price Per Unit
43,317
Cap Rate
9.96
GRM
7.29

Specifications

  • Land Size: 33,620 Sq Ft
  • Year Built: 1966
  • Lot Size (Acres): 0.77
  • Building Storeys: 11
  • Elevators: Two (2)
  • Occupancy: 100% Vacant
  • Parking: Surface Parking
  • Zoning: Highrise
  • Property Taxes (2018): $8,830.76

Description

Once in a lifetime opportunity to purchase a fully vacant concrete high-rise building in Prince Rupert, British Columbia. Refurbish and profit from this unique offering, the tallest building in Prince Rupert.

Digby Tower is a concrete high-rise built in 1966. It proudly sits overlooking all of Prince Rupert with beautiful views in every direction. The building features 60 suites (20 bachelor, 40 one-bedroom) with laundry and storage lockers on the ground floor.

Create Prince Rupert’s best high-end rental building or, stratify and sell individual units in Prince Rupert’s rising housing market.

Recent upgrades include a new torch-on membrane roof in 2013. The two elevators are regularly serviced. Concrete structure and poured concrete foundation have many decades of usable life. Surface parking is available.

Upgrades or refurbishment are required for the following:

  • Exterior Concrete Paint
  • Windows
  • Electrical System
  • HVAC
  • Domestic Hot Water
  • Hallways and Lobby
  • Unit Interiors

Conservative cap rate projections between 7.75% – 9.96% after renovation.  Further details are also available regarding stratification and the Prince Rupert condo market.

Please inquire for more details.

Reports Available

Electric Engineering Report

Hazardous Materials Report

Engineering Report (Water, Fire, Sanitary, Storm, Natural Gas, Heating Hot Water)

Land Surveys

Property Identification

Address: 200 Sherbrooke Ave, Prince Rupert, BC, V8J 2V8

PID(s): 011-690-372, 013-737-961, 013-737-970, 013-738-186

Legal Description: Lot A Block 1 Plan PRP4069 District Lot 251 Range 5 Land District 1, Lot 1 Block 1 Plan PRP923A District Lot 251 Section 9 Range 5 Land District 1, Lot 2 Block 1 Plan PRP923A District Lot 251 Section 9 Range 5 Land District 1, Lot 34 Block 1 Plan PRP923A District Lot 251 Section 9 Range 5 Land District 1

Also for sale is a 36-unit building at 1051 Chamberlin Ave, Prince Rupert.

Suite Mix

  • Bachelor
  • One Bedroom

Building Features and Finishes

Construction

  • Poured Concrete Foundation
  • Concrete Framing
  • Concrete Exterior (minor cosmetic repairs and re-painting needed)
  • Torch-On Membrane Roof (2013)
  • Single Pane Windows (need replacement)
  • Asphalt Parking Surface

Mechanical

  • Two SuperHot 720 MBH Boilers
  • Circulated Hot Water Heating System (refurbish or switch to electric baseboard)
  • Bathroom and Kitchen Exhaust Fans & Ducting
  • Two 48,000 BTUH Heat Exchangers for Domestic Hot Water (refurbish pipes)
  • 100% Copper Piping Throughout
  • Sprinkler Fire Suppression System

Utilities

  • Municipal Water
  • BCHydro
  • FortisBC
  • Bell, Telus, Norwestel Phone and Internet

Amenities

  • Common Area Lobby
  • Surface Parking Available
  • Storage Lockers
  • Shared Laundry

Kitchen

  • Laminate Flooring (needs replacement)
  • Appliances (needs replacement)
  • Wood Cabinets (needs replacement)
  • Laminate Counter-Tops (needs replacement)

Bathrooms

  • Tile and Laminate Flooring (needs replacement)
  • Laminate Counter-Tops (needs replacement)
  • Wood Cabinets (needs replacement)
  • Bathtub and Toilet Fixtures (refurbish or replace)

Bedrooms

  • Carpet and Laminate Flooring (needs replacement)
  • Closets Doors (refurbish or replace)

Prince Rupert Economy

Prince Rupert is one of the the quickest and cheapest routes to transport goods from Asian factories into the American heartland. And leaving Prince Rupert, container ships are filled with Canadian lumber and grain destined for the world’s fastest-growing markets.

Prince Rupert’s proximity to Asia is a substantial advantage. It’s up to 58 hours closer by sea than any other North American entry point. As a result, shippers can make an additional round-trip voyage every year.

In 2017, Port of Prince Rupert’s shipping volumes jumped 28 per cent to 24 million tons, a record year!

DP World recently invested $200 million in expanding their facilities. The terminal can now accept the largest vessels at sea. Himalayas, the largest ship ever to dock at a Canadian port, docked in Prince Rupert.

Investors in Prince Rupert real estate will gain from the next Phase II of the DP World Expansion Project.

Discover the benefits of investing in coastal region in Northern Development Initiative’s “State of the North” Report

And finally, discover the benefits of investing in a coastal shipping community in the “Port of Prince Rupert Economic Impact Study” 

Prince Rupert Rental Market

Prince Rupert vacancy rate is 5% in 2018.

Prince Rupert Rental Market Snapshot

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…