Western Lodge, Kimberley Kootenay

$2 650 000
Property type: Apartment Building
Area (Sq Ft)
35,150
Units
65
Price Per Unit
40,769
Cap Rate
11.5
GRM
4.31

Specifications

  • Land Size: 113,256 Sq Ft
  • Year Built: 2005
  • Land Size (Acres): 2.60

Description

SOLD OVER ASKING PRICE!!!!!  Inquire for more details.

Western Lodge Seniors Residence for sale 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, licenced 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 licenced 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.

Property Investment Income

Exceptional cash-flow from Western Lodge, Kimberley shows how successful this operation can be.  Western Lodge has a strong reputation with locals and potential residents.

Cap rate of 11.51% is based on current income.  Four years worth of financial statements are available to give you certainty that this is an income producing property with a strong future.

Please inquire to receive a current rent roll and financial statements.

Vendor Financing Options

Vendor financing options may be available to qualified purchasers.  Financing options allow for year one cash-on-cash returns of 35%!

Please inquire for more details.

Property Description

Address: 2665 Warren Ave, Kimberley, BC, V1A 1T6

PID(s):  010-901-914

Legal Description: Parcel A District Lot 5586 Land District 26 Except Plan 6549 (REF PLAN 99168I)

  • Bachelor
  • One Bedroom
  • Two Bedroom

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, unique data analysis and elite salesmanship, and you have Seth Baker. As Owner of Multifamily Real Estate Services, Seth takes on challenging responsibilities, such as founding his own real estate brokerage company and selling some of the world’s most valuable apartment buildings. He is a master communicator and skillful analyst. His impressive technology background allows him 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 $87,000,000 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. He received his Managing Broker’s Licence through UBC’s…





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