702 – 730 Kuldo Blvd, Kitimat Northern BC

$10 998 000
Property type: Apartment Building
Area (Sq Ft)
64,000
Units
80
Price Per Unit
137,475
Cap Rate
13.00
GRM
5.91

Specifications

  • Land Size: 207,694 Sq Ft
  • Year Built: 1957
  • Land Size (Acres): 4.77
  • Buildings: 8
  • Storeys: 3
  • Zoning: R-3A

Description

Unique opportunity to acquire 8 buildings with 80 apartment units on 4.77 acres of land in the fastest growing city in Canada.

Kitimat is home to LNG Canada.  LNG Canada is the largest infrastructure project in Canadian history. As a result, more than 7,500 workers are streaming to the community, not to mention countless other to provide ancillary services.  Thousands will be need of rental accommodations. Kitimat’s population will double in a matter of months.

Kuldo Suites is located at 702 – 730 Kuldo Blvd, Kitimat in a well-established residential neighbourhood.  Built in 1957, each strata-titled building contains 10 units. All units have 2-bedrooms and 1-bathroom.

Four buildings have been fully renovated:

  • New Roof, Siding, Windows and Doors
  • New Boiler, Fire System, Plumbing and Updated Electrical
  • 100% Brand New Unit Interiors – Kitchens, Bathrooms, Flooring, Paint, Lighting
  • 100% Brand New Furniture – TV, Couches, Dining Tables/Chairs, Dishes, Cutlery and More
  • One full building has been leased at $2,000 per unit per month for three years.

Two buildings have been refurbished and rented unfurnished to long-term tenants.  Two buildings are vacant and ready for renovation. One may be fully pre-leased for 3 years at rent exceeding $2,000 per unit per month.

Kuldo Suites provides a value-add opportunity. Rent prices are quickly rising. Two-bedroom suites now rent for $2,300 per month or more. In the current environment, having units available for renovation and for rent provides the highest value and biggest potential returns.

Cap rate projections between 10.51% and 13.00% after future renovations.

Building Materials and Specs

Renovated Buildings

708, 712, 718 & 720 Kuldo Blvd

Fully renovated and fully furnished.

Envelope – Torch-on membrane roofs, double-glazed vinyl-frame windows, vinyl siding, and doors are all new

Mechanical – Boilers, piping, in-suite plumbing, electrical panels, wiring, and fire panels are all new

Common Areas – Flooring, doors, paint, mailboxes and laundry rooms are all new

Unit Interiors – Flooring, cabinets, doors, radiator covers, sinks, hood fans, appliances, toilets, bathtubs, all fixtures, all lighting, all window coverings, brand new furniture and TVs are all new.

Refurbished Buildings

702 & 730 Kuldo Blvd

Refurbished and unfurnished rental suites.

Envelope – Torch-on membrane roofs are new.  Aluminum-frame storm windows, aluminum siding, and doors are original.

Mechanical – Boilers are new.  Fire panels are updated.

Common Areas – Paint, carpet floors, and laundry room are updated.

Unit Interiors – Paint and flooring has been updated in some units.  Cabinets, appliances and fixtures have been replaced or updated as needed.

Vacant Buildings

724 & 728 Kuldo Blvd

Vacant and ready for renovation.

Envelope – Torch-on membrane roofs are new! Aluminum-frame storm window, aluminum siding and all doors are original.  Envelope remains effective with no water ingress.

Mechanical – Boiler, piping, in-suite plumbing, electrical panels, wiring, and fire panels renovations are required.

Common Areas – Carpet and wood-panel walls are original. Needs flooring and paint. Laundry room is disassembled.

Unit Interiors – Flooring, cabinets, doors, radiator covers, sinks, hood fans, appliances, toilets, bathtubs, fixtures, lighting, and window coverings are all original.

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…