Sold Chilliwack apartment building! Located just one block from the famous “Five Corners” intersection downtown Chilliwack, this substantially renovated 7plex apartment building offer huge upside at low cost. Upside comes as downtown evolves into a revitalized business and community hub.
The property contains 5 one-bedroom apartments and 2 two-bedroom apartment units. Rents are below market with current income cap rate of 4.93% and projections at over 6% cap rate with market rents.
Over the past few years, downtown has been Chilliwack’s poorest postal code and toughest neighbourhood. The house at 46101 Princess Ave, Chilliwack earned a notorious reputation when a man was shot and killed in the property on April 19, 2016. Police said the shooting was targeted. The incidents was related to a personal dispute between the two men. The perpetrator was charged and convicted. As a result of its history, the property is best suited for a brave landlord.
Tenant risk comes with substantial reward. Today, the downtown community is poised for dramatic change. The City of Chilliwack is proposing to develop the entire block to the west. Just across the street to the east, a brand new condo building is being built.
The former Safeway site is two blocks away and promises to bring hundred of millions of development dollars to the downtown core. As a result of investing in downtown Chilliwack, you’ll be in the heart of one of the most exciting market transitions in the entire Fraser Valley.
In addition to the exciting transition in the neighbourhood, 46101 Princess Ave was substantially renovated in 2014-2015. The interior was entirely renovated with new kitchen, bathrooms, cabinets, fixtures and fresh paint. Exterior was also painted and a new roof installed. As a result of renovations, the current tenants are stable and clean with units kept in good condition.
Take advantage of this under-valued neighbourhood before it becomes the hottest growth market in Fraser Valley.
Address: 46101 Princess Ave, Chilliwack
Legal Description: PL NWP1737 LT 18 BLK 19 LD 36 DIVISION E