Fraser Lake Apartments
610 Laird St, Fraser Lake
Sold for $1,150,000
$1,150,000
Sale Price
31
Apartment Units
1980
Year Built
10.82%
Cap Rate
DESCRIPTION
The Fraser Lake Apartments at 610 Laird St, Fraser Lake sold for $1,150,000.
Virtually all units have been improved. Renovations include flooring, paint, window coverings, doors, appliances and fixtures. Any maintenance requests are looked after immediately. Consequently, the building is in a good state of repair.
Fraser Lake is a quaint lakeside community located 90 minutes west of Prince George. Local industry includes forestry, mining, natural gas, transportation, and health services.
A strategic location, Fraser Lake is located at the halfway point of the Coastal Gaslink LNG Pipeline. As a testament to its importance, a work camp to house 1,100 workers was built right on the edge of town.
The nearby Endako mine is one of the largest molybdenum mines in the world. While it was shuttered a few years ago, the mine’s size and production capacity are a virtual guarantee that it will re-open sometime in the future.
Because of the careful ownership, good maintenance and a strategic location, Fraser Lake Apartments is a high-yield investment which pays big dividends.
SPECIFICATIONS
Property Type · Apartment Building
Sale Price Per Unit · $37,097
Cap Rate · 10.82%
GRM · 5.2
Zoning · Multifamily
Parking · 50 Surface Spaces
Suite Mix · 16 x 1 Beds, 14 x 2 Beds, 1 x 3 Beds
Lot Size · 53,579 Sq Ft (1.23 Acres)
HIGHLIGHTS
Excellent cash flow with projected 10.8% Cap Rate
Nearby large gold and molybdenum mines
Camp of 1,100 workers provides economy boost
Location on major highway with lots of traffic
Significant upgrades, low maintenance costs
Tenants pay utilities keeping owner expenses low
LOCATION
610 Laird Street
Fraser Lake BC V0J 1S0
Legal Description
Lot A Plan PRP9733 District Lot 2012 Range 5 Land District 14
PID
005-854-491
Assessed Value (2020)
$671,000
Taxes (2019)
$8,401