Aurora Manor, 5220 49 St, Fort Nelson Northern BC

$799 000
MLS No: Exclusive
Property type: Apartment Building
Area (Sq Ft)
17,875
Units
26
Price Per Unit
30,731
Cap Rate
9.04
GRM
5.45

Specifications

  • Land Size: 33,600 Sq Ft
  • Year Built: 1980
  • Year Built / Renovated: 1980 / 2014
  • Renovated Suites: 23 of 26
  • Zoning: MF
  • Property Taxes (2015): $11,093
  • PID: 008-351-538
  • Legal Description: LOT 5 DISTRICT LOT 1575 PEACE RIVER DISTRICT PLAN 24109

Description

SOLD! Aurora Manor, 5220 49 St, Fort Nelson

Aurora Manor, 5220 49 St, Fort Nelson is a 26-unit apartment building for sale.  It offers a unique opportunity to purchase a long-term asset in a market poised for rebound. Owner is retiring and wants to sell today, meaning you can buy this building for a fraction of it’s appraised value.

Building is a solid 1980 3-storey walk-up construction with concrete foundation and wood frame. Exterior is wood siding typical of the northern region. Windows are original double pane aluminum frame. Roof is sloped asphalt shingle replaced approximately 10 years ago.

Units feature a mix of carpet, vinyl tile and sheet vinyl flooring. Interior walls are painted drywall. Each unit has a 4-piece bathroom, kitchen stove, dishwasher and refrigerator.

Virtually all suites have been substantially renovated over the past four years. Interior upgrades include flooring, appliances, paint, doors, cabinets and bathroom fixtures (as needed). All renovated suites are fitted with new window coverings.

Highlights

  • Significant Interior Renovations 2012 – 2015
  • Fort Nelson Market Poised for Rebound
  • Strong Oil & Gas Sector in Fort Nelson
  • Low Price Per Unit of $30,731
  • Priced Below Appraised Value of $1,300,000
  • Priced Below Assessed Value of $1,258,800
  • Excellent Community for Long-Term Growth
  • One Bedroom
  • Two Bedroom

Rent Roll September 2016

 

Unit #

Bedrooms

Bathrooms

Type

Unit SF

Current Rent ($)

Per SF ($)

Market Rent ($)

Per SF ($)

101

1

1

Apt

625

 Vacant

500

0.80

102

1

1

Apt

625

500

0.80

500

0.80

103

1

1

Apt

625

500

0.80

500

0.80

104

2

1

Apt

750

600

0.80

650

0.87

105

1

1

Apt

625

500

0.80

500

0.80

106

2

1

Apt

750

Vacant

650

0.87

107

1

1

Apt

625

600

0.96

500

0.80

108

1

1

Apt

750

Vacant

500

0.67

201

1

1

Apt

625

Vacant

500

0.80

202

2

1

Apt

750

500

0.67

650

0.87

203

1

1

Apt

625

Vacant

500

0.80

204

2

1

Apt

750

650

0.87

650

0.87

205

1

1

Apt

625

500

0.80

500

0.80

206

2

1

Apt

750

600

0.80

650

0.87

207

1

1

Apt

625

Vacant

500

0.80

208

2

1

Apt

750

Vacant

650

0.87

209

2

1

Apt

750

 Vacant

650

0.87

301

1

1

Apt

625

500

0.80

500

0.80

302

2

1

Apt

750

700

0.93

650

0.87

303

1

1

Apt

625

500

0.80

500

0.80

304

2

1

Apt

750

750

1.00

750

1.00

305

1

1

Apt

625

500

0.80

500

0.80

306

2

1

Apt

750

750

1.00

750

1.00

307

1

1

Apt

625

500

0.80

500

0.80

308

2

1

Apt

750

Vacant

750

1.00

309

2

1

Apt

750

700

0.93

750

1.00

26

Total Units

17,875

$9,850

$0.84

$15,200

$0.85

Aurora Manor, 5220 49 St, Fort Nelson

Income Statement

 

INCOME

2015 Actual ($)

Per Unit ($)

10-Year Avg ($)

Per Unit ($)

Gross Rental Income

146,531

5,636

175,805

6,762

Gross Income

146,531

5,636

175,805

6,762

Vacancy Allowance

Incl

Incl

Effective Gross Income (EGI)

146,531

5,636

175,805

6,762

 –  –
EXPENSES
Property Tax

11,093

427

10,150

390

Insurance

10,753

414

6,700

258

Repairs and Maintenance

48,061

1,849

33,825

1,301

Property Management

9,500

365

17,450

671

Utilities – Sewer/Water/Garbage/Hydro

35,379

1,361

35,126

1,351

Miscellaneous

63

2

344

13

Total Expenses

114,849

4,417

103,595

3,984

% of Effective Gross Income

78%

59%

Net Operating Income (NOI)

31,682

1,219

72,210

2,777

Current

Pro Forma

List Price

$799,000

$799,000

 –  –
Value Indicators
Cap Rate

3.97%

9.04%

Gross Rent Multiplier

5.45

4.54

Price Per SF

$45

$45

Price Per Unit

$30,731

$30,731

 –  –
Financing Assumptions
Downpayment*

50%

$399,500

$399,500

First Mortgage*

$399,500

$399,500

Interest Rate/Amortization*

4.25% / 25 Years

4.25% / 25 Years

 –  –
Cash Flow Analysis
Net Operating Income

$31,682

$72,210

Annual Debt Service

(25,871)

(25,871)

Debt Coverage Ratio

1.22

2.79

Net Cash Flow After Debt Service

$5,811

$46,339

Return After Debt Service (%)

1.45%

11.60%

Principle Reduction Year One

$9,218

$9,218

Total Return ($)

$15,029

$55,557

Total Return (%)

3.76%

13.91%

Disclaimer

This document/email has been prepared by Multifamily Real Estate Services Corporation for advertising and general information only. Multifamily Real Estate Services Corporation makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Multifamily Real Estate Services Corporation excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Multifamily Real Estate Services Corporation and/or its licensor(s). © 2017. All rights reserved.  This communication is not intended to cause or induce breach of an existing agency agreement.

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, incisive analysis and elite salesmanship, and you have Seth Baker. As Owner of Multifamily Real Estate Services, Seth founded his own real estate brokerage company dedicated to selling some of the world’s most valuable apartment buildings. He is a master communicator and skillful analyst. He has a diverse background with a unique combination of street smarts, business, and data technology. This background allows Seth 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 $125,000,000 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.…




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