Grandview Townhomes
10620 111 Avenue, Fort St John
Offered at $3,798,000
Lot Size
1.87
Total Units
24
Buildable Units
6
Year Built
1965
Years Renovated
2016-2021
Price Per Unit
$158k
Description
Investment/development opportunity in booming Fort St John: 24-unit townhomes with potential for 6 more units without rezoning. Desirable location is near top-rated school and public arena. Large 1.87 acre site with RM-1 zoning allows for up to 30 units.
Existing units are built like a bunker and have been updated inside and out. Units feature new kitchens and bathrooms, updated flooring, updated HVAC in many suites, and new appliances throughout.
Benefit from existing income while developing new suites. Re-finance after construction to achieve equity payback period in 3 years or less and 5-year IRR of 30% or more. Full investment information package available. Inquire today.
Suite Mix
Specifications
Units · 24 Existing Units Plus 6 Units Buildable
Year Built · 1965 (Renovated 2016-2021)
Rentable Area · ~29,600 sq ft
Lot Size · 81,457 sq ft (1.87 Acres) with RM-1 Zoning
Parking · 50 Surface Parking Spaces
Construction · Wood Frame Poured Concrete Foundation
Basement · Full Unfinished Basement with 9’ Ceilings
Exterior · Stucco with Wood and Aluminum Trim
Roof · Torch On Membrane (Replaced xxxx)
Windows · Aluminum Frame Twin Seal Units (Cerca 2001)
Heating · Gas Forced-Air Furnaces (Several Brand New)
Hot Water · Natural Gas Hot Water Tanks (Tanks Updated as Needed)
Electrical · 60 Amp Subpanels, 100% Copper Wiring
Laundry · Individual In-suite Laundry Machines
Flooring · Vinyl Plank, Laminate, Linoleum and Carpet
Appliances · Fridge and Stove (Recently Replaced in All Units)
Location
About Fort St John
The LNGCanada pipeline construction will be completed this year. Natural gas is essentially a brand new energy export for British Columbia. For the first time ever, the gas fields around Fort St John will connect with high-volume global market consumers. This is a watershed moment for all British Columbians and is fuelling rapid expansion.
Local population is growing fast with up to 15% growth projected in the next 5 years. Employment is surprisingly diverse. There are strong manufacturing and services sectors Fort St John. Household incomes are 60% higher than the national average. Average income was $145,000 in 2020 and is projected to rise to $175,000 by 2025.
Nearly 40% of households rent instead of own. This, combined with a transient working population, creates a very strong market for landlords.
Vacancy rate is down 10% year-over-year. As a result, average rents are rapidly moving upwards.
Inquire for More Details
SETH BAKER, CCIM
Managing Broker
Email: seth@multifamily.ca
Phone: (778) 686-3330
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