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.