Western Lodge
2665 Warren Ave, Kimberley
Sold for $2,650,000
$2,650,000
Sale Price
65
Total Units
2005
Year Built
11.50%
Cap Rate
DESCRIPTION
SOLD OVER ASKING PRICE!!!!! Western Lodge Seniors Residence in beautiful Kimberley, BC. Western Lodge, Kimberley is a 65 unit seniors residence and rental apartment building situated on a level 2.60 acres of land.
The property contains 24 bachelor suites, 34 one-bedroom suites, 7 two-bedroom suites, large dining area, TV lounge, sunny rear patio, billiard room, licensed bar, commercial kitchen, modern elevator and updated mechanical systems.
Building HVAC includes a modern gas forced air system installed in 2006. Air conditioning units on the roof provide cooling throughout. Sprinkler system is connected to main fire panel with sub-panels located in mechanical rooms for extra security.
Heat, hydro, internet and cable are included for all residents. Nearly 70% of residents choose to get a meal plan with their unit. Meals are prepared in the commercial kitchen and served at set times in the massive dining area.
The new North Wing of the building was purpose-built for seniors residence in 2005. Hallways are wide and brightly lit. Doorways are large and easy for elderly residents to operate. Upper units feature covered balconies.
All units are bright and of an open concept design. Many of the bathrooms contain handicap bathtub inserts with low step-over height. Toilets are similarly designed with high seat height and grab bars for safe access.
The South Wing also contains a 5,000 Sq Ft common dining area and activity room. Residents with meal service enjoy three meals a day. Events are hosted by residents and local helpers. Regularly games of Bingo, social events, tea parties, and card games are hosted in the dining area.
Behind the Dining Area is a TV lounge exiting onto a sunny rear patio. TV Lounge is where residents stop for coffee and a comfortable seat. A designated smoking area is located on the rear patio.
South wing of the building is a converted motel built in 1961. It has been well-maintained and updated over the years. The south wing contains 18 monthly rental bachelor units, 4 seniors units (2 former motel rooms were combined for each suite), and 4 units reserved for nightly rentals. Nightly rental “motel” style units are typically reserved for families of the seniors residence. They’re offered a reasonable nightly rate to encourage frequent family visits.
A large and fully equipped commercial kitchen is located in the South Wing. Meals for up to 120 people can be effortlessly prepared.
Outside the commercial kitchen is a liquor-licensed bar, pool room, social lounge and front patio area. In addition to being used by residents, you’ll find locals stop here regularly to have a drink and enjoy the warm covered patio area. A 2,500 Sq Ft area with pool tables provides further entertainment to seniors residents and bar customers alike.
A modern hydraulic elevator installed in 2004 serves all floors in both the north and south wing.
SPECIFICATIONS
Property Type · Apartment Building
Price Per Unit · $40,769
Lot Size · 2.60 Acres
Gross Building Area · 35,150 Sq Ft
Suite Mix · 24 x Bach, 34 x 1-Bedroom, 7 x 2-Bedroom
Parking · 70+ Surface Parking Spaces
HIGHLIGHTS
Seniors Rental Suites
Purpose Built Seniors’ Home in 2005
Commercial Kitchen and Meal Service
Restaurant and Bar with Liquor Licence
Motel-style Units
Common Area Dining and Activity Spaces
LOCATION
2665 Warren Avenue
Kimberley, BC V1A 1T6
Legal Description
Parcel A District Lot 5586 Land District 26 Except Plan 6549 (REF PL 99168I)
PID
010-901-914
Assessed Value (2019)
$2,262,800
ABOUT THE DEAL
HOW WE DID IT
Our targeted marketing program began with seniors home owners from the Okanagan to the Alberta border. We expanded to private real estate investors throughout the Kootenays and all the way to Vancouver. We focused on investors with health care and medical knowledge.
WHAT WE LEARNED
Effectively marketing a seniors home for sale required a customized approach. General information and posts to MLS did not generate the types of investor interest we needed. When we got very specific and very “niche” we started connecting with the right buyers.