565 Mouse Mountain Drive, Fraser Lake Northern BC

$749 900
Property type: Apartment Building
Area (Sq Ft)
17,675
Units
25
Price Per Unit
29,996
Cap Rate
7.78
GRM
6.67

Specifications

  • Land Size: 64,033 Sq Ft
  • Year Built: 1980
  • Land Area (Acres): 1.47
  • Buildings: 1
  • Storeys: 3

Description

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.

Inquire for more details via email [email protected] or call (778) 235-9293.

Suite Mix

  • Studio
  • One Bedroom
  • Two Bedroom

Building Features and Finishes

Construction

  • Poured Concrete Foundation
  • Wood Framing
  • Wood Exterior
  • Asphalt Membrane Roof and Torch-On Membrane (1/3 Replaced 2017)
  • Double Pane Windows
  • Parking Surface

Mechanical

  • Electric Baseboard Hear
  • Electrical Hot Water with Individual Hot Water Tanks
  • Common Area Natural Gas Hot Water Tank for Laundry Room
  • Electric Forced Air Heating/Cooling System for Common Areas
  • Fire Panel, Smoke Detectors and Fire Extinguishers

Utilities

  • Municipal Water and Sewer
  • BC Hydro
  • PNG Natural Gas
  • Telus, Bell, Norwestel

Amenities

  • Parking Spaces with Plugs for All Units
  • In-suite Storage in All Units
  • One Shared Laundry Room on Each Floor (3 Washers, 3 Dryers)

Kitchen

  • Linoleum Floors
  • Two Appliances
  • Plywood Cabinets
  • Laminate Counter-Tops

Bathroom(s)

  • Linoleum Floors
  • Laminate Counter-Tops
  • Wooden Cabinets
  • Bathtub and Toilet Fixtures

Living/Dining/Bedrooms

  • Laminate and Carpet Living Room Flooring
  • Carpet and Laminate Bedroom Flooring
  • Balconies for Upper Units

Coastal Gaslink LNG Pipeline

Fraser Lake LNG Pipeline

Fraser Lake is strategically located near the halfway point of the recently announced Coastal Gaslink LNG pipeline. The $10 billion pipeline crosses the Trans-Canada Highway in only one place – Fraser Lake!

The community is poised for influx of construction jobs.  A 1,100-person work camp is planned just 3 km from Fraser Lake Apartments.  A proposed LNG compression facilities is just a few kilometres west. Long term pipeline service and maintenance will also be based in Fraser Lake.

In other communities, work camps create an influx of high-paying tenants. Engineers, foreman, and managers often choose to stay in other accommodations, not the camp.  There will also be a surge of service jobs to take care of the camp population.

See a February 19, 2019 news release about the camp HERE.  More details about the pipeline and construction timeline can be found at http://www.coastalgaslink.com/

 

Endako Molybdenum Mine

Fraser Lake is also home to the Endako molybdenum mine. Mining operations were put on hold in 2015. The mine has remaining life of at least 27 years. Recent investment into the mine exceeded $500 million.

The mine is operated as a joint venture with Thompson Creek holding a 75% interest and Sojitz Corporation, a Japanese company, holding a 25% interest.

The Endako Mine is a fully integrated facility that began operations in 1965. It includes a concentrator that processes ore through crushing, grinding, and flotation circuits into molybdenum disulfide concentrate, and a multiple-hearth roasting facility that converts the concentrate into technical grade molybdenum oxide.

Further reading on the Endako and molybdenum mining is available HERE.

Property Identification

Address: 565 Mouse Mountain Drive, Fraser Lake, BC, V0J 1S0

PID(s): 007-704-313

Legal Description: Lot 28 Plan PRP8461 District Lot 2012 Range 5 Land District 14

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 $87,000,000 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…




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