565 Mouse Mountain Drive, Fraser Lake is a 25-unit apartment building for sale. The property is known in town as “The Black Building”. It was constructed in 1980. Suite mix includes 4 studio, 12 one-bedroom and 9 two-bedroom apartments.
The Black Building provides a value-add opportunity. Part of the building roof is in need of replacement. Suites could benefit from updates to their interiors. A stockpile of new fridges and stoves are onsite, ready for installation when needed. Mechanically, 565 Mouse Mountain Drive, Fraser Lake is in good shape. Individual electric hot water tanks are in each unit. Tenants pay their own hydro.
Currently, 3 units are occupied and 22 are vacant. As a result, no tenants need to be displaced during renovation of suites.
As a result of a 1,100 person work camp built on the edge of town, the population of Fraser Lake will double in the next 8 months. Take advantage of this unique opportunity for upside and huge cash flow. Cap rate projection is 7.78% – 11.41% including renovation costs.
The Black Building at 565 Mouse Mountain Drive is available by itself or combined with “The Brown Building” at 610 Laird St, Fraser Lake.