7208 89 St, Osoyoos Okanagan

$589,000
Property type: Duplex/Triplex/Fourplex
Area (Sq Ft)
2,488
Units
4
Price Per Unit
147,250
Cap Rate
5.35
GRM
13.94

Specifications

  • Land Size: 7,405 Sq Ft
  • Year Built: 1949
  • Land Area (Acres): 0.17
  • Storeys: 2
  • Zoning: R7

Description

Legal 4plex for sale in downtown Osoyoos.  Located just 600m from the shores of Osoyoos Lake, this rental property is in high demand!

All amenities are nearby.  The property has a Walkscore of 74.  Most errands can be accomplished on foot.  The ideal location and proximity to the beach mean this rental will always be full.

The property has been substantially updated.  Recent renovations include roof, exterior paint, windows, hot water tanks, flooring, kitchens, bathroom, interior paint and appliances.  All units have insuite laundry.  All units have individual hydro meters. As a result of recent updates, 7208 89th St Osoyoos will continue to generate strong rental income.

Income of $3,520 per month leads to an net operating income of $31,510 and cap rate of 5.35%.  This is a secure cash-flow 4plex for investors with growing portfolios.

Property Identification

Address: 7208 89th St, Osoyoos, BC, V0H 1V1

PID(s): 002-080-184

Legal Description: LOT 4 PLAN KAP3685 BLK 729 DL 2450S LD 54

  • Two Bedroom

Unit #

Beds

Baths

Type

Unit SF

Current Rent ($)

Per SF

Proforma Rent ($)

Per SF

CMHC Rent ($)

Per SF

A

2

1

Apt

654

784

1.20

784

1.20

943

1.44

B

2

1

Apt

590

950

1.61

950

1.61

943

1.60

C

2

1

Apt

654

950

1.45

943

1.44

D

2

1

Apt

590

800

1.36

836

1.42

943

1.60

4

Total Units

2,488

$2,534

$1.39

$3,520

$1.42

$3,772

$1.52

INCOME

Current ($)

Per Unit ($)

Proforma Rent ($)

Per Unit ($)

CMHC Rent ($)

Per Unit ($)

Gross Rental Income

30,405

7,601

42,240

10,560

45,264

11,316

Gross Income

30,405

7,601

42,240

10,560

45,264

11,316

Vacancy Allowance

0.9%

(274)

(68)

(380)

(95)

(407)

(102)

Effective Gross Income

30,131

7,533

41,860

10,465

44,857

11,214

EXPENSES
Insurance

1,832

458

1,850

463

1,850

463

Property Tax

5,500

1,375

5,500

1,375

5,500

1,375

Repairs and Maintenance

3,000

750

3,000

750

3,000

750

Total Expenses

10,332

2,583

10,350

2,588

10,350

2,588

% of Effective Gross Income

34%

25%

23%

NET OPERATING INCOME

19,799

4,950

31,510

7,877

34,507

8,627

VALUE INDICATORS

Current

Proforma Rents

CMHC Rents

Total Purchase Price

$589,000

$589,000

$589,000

Price Per Unit

$147,250

$147,250

$147,250

Price Per SF

$237

$237

$237

Cap Rate

3.36%

5.35%

5.86%

Gross Rent Multiplier

19.37

13.94

13.01

   
FINANCING
Downpayment (Estimate) 20%

$117,800

$117,800

$117,800

First Mortgage (Estimate)

$471,200

$471,200

$471,200

Interest Rate/Amortization (Estimate)

3.59% / 25 Years

3.59% / 25 Years

3.59% / 25 Years

   
CASH FLOW ANALYSIS
Net Operating Income

$19,799

$31,510

$34,507

Annual Debt Service

($28,415)

($28,415)

($28,415)

Debt Coverage Ratio

0.70

1.11

1.21

Net Cash Flow After Debt Service

($8,616)

$3,095

$6,092

Return After Debt Service

-7.31%

2.63%

5.17%

Principle Reduction Year One

$11,816

$11,816

$11,816

Total Return ($)

$3,200

$14,911

$17,908

Total Return (%)

2.72%

12.66%

15.20%

Building Features and Finishes

Construction

  • Poured Concrete Foundation
  • Wood Frame
  • Stucco Exterior
  • Asphalt Shingle Roof (2017)
  • Double-Glazed Vinyl-Frame Windows
  • Gravel Parking Surface

Mechanical

  • Electric Forced Air Heating Units
  • Electric Air Conditioning
  • Separate Hydro Meters
  • Smoke Detectors and Fire Extiguishers

Amenities

  • Large Rear and Side Yard Space
  • RV Parking
  • Insuite Laundry

Living Area & Kitchen

  • Laminate Flooring
  • Laminate Countertops
  • Laminate Cabinets

Bathroom(s)

  • Updated Shower Tiles
  • Newer Toilets (2)
  • Laminate Countertop

Other

  • New Paint Throughout
  • New Window Coverings

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 $75,000,000 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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