800 Prince Rupert Blvd, Prince Rupert Northern BC

$13 498 000
MLS No: Exclusive
Property type: Apartment Building
Area (Sq Ft)
71,700
Units
95
Price Per Unit
142,084
Cap Rate
7.98
GRM
7.88

Specifications

  • Land Size: 147,494 Sq Ft
  • Year Built: 1982
  • Land Size (Acres): 3.39

Description

Oasis Apartments at 800 Prince Rupert Blvd is a substantially-improved apartment building portfolio for sale.

The portfolio includes 95 strata units in a 109 unit strata-titled complex. There are 4 buildings plus a fully renovated amenity building. Apartments include 42 furnished and 53 unfurnished suites. There is a mix of 1, 2 and 3-bedrooms units.

All apartments have electric baseboard heat and individual electric hot water tanks. Each suite is separately metered, keeping landlord expenses low.

A comprehensive renovation project has been completed throughout. Exterior roofs, ventilation, siding and windows have been replaced. Common areas have been fully renovated. Exterior drainage, parking areas, retaining walls, walkways and concrete patios have been replaced. As a result of capital improvements, the future owner can focus on maximizing cash flow.

Virtually all unfurnished units, have been renovated. Updates include appliances, flooring, countertops, doors, fixtures, paint, window coverings, and more, as needed. Forty-two units feature in-suite laundry. Others access shared laundry located on each floor. As a result of quality suites, you stay full.

A brand new amenity building boasts better facilities than the best hotel in town. Amenities include a brand new executive club room, billiard table, updated hot tub, sauna, gym, exercise studio, shower, and change room. A covered BBQ pit and outdoor patio area is currently under construction. A newly-built property management office and reception desk is located adjacent to the club room.

All renovations and upgrades were systematically completed to the highest quality, built to last for many decades.

Oasis Apartments occupancy rate is a staggering 94%!! Average rents are up 28% since 2015. Net income has risen between 12-24% every year for the past 5 years.

Invest in Oasis Apartments to acquire a stratified, fully improved, cash-flow portfolio of high-quality rental apartments in a strategically located city.

Building Features and Finishes

Construction

  • Permanent Wood Foundation on Concrete Footings
  • Wood Frame
  • Asphalt Shingle Roof (Replaced in 2013)
  • Vinyl Siding Envelope (Replaced in 2000)
  • Exterior Windows are Double-Pane Vinyl Frame (100% Brand New)
  • Recessed Windows are Double-Pane Aluminum Frame (30% Brand New)
  • Concrete and Asphalt Parking Surface

Mechanical

  • Electric Baseboard Heating
  • Electric Forced-Air Furnaces in Hallways (Used 1-2 months per year)
  • Electric Heaters in Lobbies (Used 4-6 months per year)
  • Attic Ventilation Includes Five Humidity and Temperature Controlled Fans Per Building (Replaced in 2013)
  • Individual Electric Hot Water Tanks (Replaced Every 10-Years or Less)
  • 600 Amp Electric Main Panels
  • 70 Amp In-suite Panels (1 Bedroom)
  • 100 Amp In-suite Panels (2 & 3 Bedrooms)
  • Separate Electric Meters
  • Camera Security System Throughout
  • Central Fire Panels, Smoke Detectors, and Fire Alarms

Utilities

  • City of Prince Rupert Water & Sewer
  • BC Hydro Electricity
  • Pacific Northern Gas Natural Gas (Amenity Building Only)
  • Citywest Landline Phones
  • Rogers, Telus, Shaw, Norwestel Internet

Kitchens

  • Ceramic Tile, Vinyl Tile, and Linoleum Flooring
  • Fridge, Stove, Microwave, Kettle, Toaster, Washer & Dryer (Furnished Units)
  • Fridge and Stove (Unfurnished Units)
  • Plywood Cabinets with Solid Wood Doors
  • Laminate Countertops
  • LED Lighting

Bathrooms

  • Ceramic Tile, Vinyl Tile, and Linoleum Flooring
  • Plywood Cabinets and/or Vanity with Solid Wood Doors
  • Laminate Countertops
  • LED Lighting
  • 4-Piece Bathroom Fixtures

Living & Bedrooms

  • Laminate and Carpet Flooring
  • Wooden Closet Doors
  • Painted Drywall Walls
  • 8ft Textured Drywall Ceilings

Common Areas

  • Tile Flooring in Lobbies (Replaced 2016)
  • Carpet Flooring in Hallways (Replaced in 2013)
  • All Hallways Re-Painted in 2013
  • Updated Light Fixtures (Installed 2013)
  • Enterphone System in Each Building

Amenity Building

  • Executive Club Room (Built 2019)
  • Gym and Workout Studio (Built 2019)
  • Hot Tub, Sauna and Change Room (Built 2019)
  • BBQ and Heated Dining Patio (Built 2020)

Oasis Apartments Revenue Growth

Occupancy Rates

Year-Over-Year Income Growth (%)

 

 

 

 

 

 

 

 

 

 

 

Port of Prince Rupert is set to quadruple capacity.

Prince Rupert, Asian Gateway to North America

Port of Prince Rupert connects Chinese manufacturing to North American distribution. Prince Rupert connects North American cities such as Vancouver, Edmonton, Calgary, Toronto, and Chicago to Chinese industrial centres Shanghai, Beijing, Guangzhou and Shenzhen.

The Prince Rupert container terminal is the fastest way to ship goods from Asian manufacturing centres to the highly-populated American heartland. The CN Rail route from Prince Rupert to Chicago delivers containers in less that 100 hours from being off-loaded.

Canadian resources bound for Asia travel through Prince Rupert. Oil & gas, coal, lumber, potash, and grains are exported via Port of Prince Rupert.

As a result of its pivotal location, Prince Rupert has seen massive expansion and billions of dollars in recent investment. The economic impact of the Port of Prince Rupert is estimated at $280 million in GDP, $500 million in economic output, more than 2,700 jobs and $150 million in wages.

Here are a sample of recent news stories and reports about Port of Prince Rupert:

Prince Rupert is home to Ridley Island Propane Export Terminal, Canada’s first propane export facility. The $500-million terminal will export up to 1.2 million tonnes of propane annually. Click below to read more…

Other major projects in Prince Rupert include a multi-billion dollar LNG export facility, coal shipping terminal expansion, petrochemical export facilities, and Canada’s largest wind farm.

Prince Rupert’s strategic importance means that population, employment, and financial growth are virtually assured.

Property Identification

Address: 820 – 880 Prince Rupert Blvd, Prince Rupert, BC, V8J 4H5

PIDs: Please inquire for the full list of PIDs and Strata Lot numbers.

Legal Description: Please inquire for the full list of PIDs and Strata Lot numbers.

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, incisive analysis and elite salesmanship, and you have Seth Baker. As Owner of Multifamily Real Estate Services, Seth founded his own real estate brokerage company dedicated to selling some of the world’s most valuable apartment buildings. He is a master communicator and skillful analyst. He has a diverse background with a unique combination of street smarts, business, and data technology. This background allows Seth 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 $125,000,000 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.…




Click the small box beside "I'm not a robot" so a green check mark appears. Then click the Contact
Seth button.