Centennial Manor
10417 13 St, Dawson Creek
Sold for $4,003,500
$4,003,500
Sale Price
51
Apartment Units
1970
Year Built
$78,500
Price Per Unit
DESCRIPTION
Sold Centennial Manor, 10417 13 St, Dawson Creek for $4,003,500.
Centennial Manor is a 51-unit apartment building located at 1417 13 St, Dawson Creek. Centennial Manor, 10413 13 St, Dawson Creek.
At the time of sale, Centennial Manor was in excellent condition. Recent upgrades included a new elevator, roof, hot water boiler system and domestic hot water system. Hydro meters are individual. Tenants pay their own hydro, cable, internet. Heat and hot water are included in rent. Shared laundry is provided.
As a result of a vibrant economy, years of population increase, and a rapid rise in housing prices, Dawson Creek is a secure rental market with solid prospects for the future.
A sale price of $4,003,500 ($78,500 per unit) makes this a benchmark multifamily transaction for all of the Peace River Region.
SPECIFICATIONS
Property Type · Apartment Building
Price Per Unit · $78,500
Lot Size · 1.22 Acres
Year Built · 1970
Suite Mix · 1 x Studio, 28 x 1-Bedroom, 22 x 2-Bedroom
Elevators · One, Hydraulic
Parking · 50 Surface Spaces w/ Plugins
HIGHLIGHTS
Seniors-Oriented Building
Central Location, Quiet Neighbourhood
Strong Cash Flow Property
LOCATION
10417 13 Street
Dawson Creek BC
Legal Description
Lot 1 Plan BCP18940 Section 15 Township 78 Range 15 Meridian Land District 44
PID
026-360-942
Assessed Value (2020)
$1,719,000
ABOUT THE DEAL
HOW WE DID IT
Property was marketed exclusively by Multifamily Real Estate Services. The property also spent some time being marketed on MLS.
Despite the fact that northern apartment buildings are notoriously difficult to sell, we had 32 qualified parties review the deal. A total of 6 offers were received. Buyer and seller were able to come together in a positive transaction for all parties.
WHAT WE LEARNED
Larger multifamily deals in the north are notoriously difficult. Investors at the $2m or more mark usually come from outside the local market.
On Centennial Manor we had buyers from Vancouver, Victoria, Kelowna, Calgary and Toronto. The ability to share local knowledge and understand sophisticated investor tactics is essential. Our ability to understand local trends and speak with sophisticated investors helped this deal be successful.