FOR SALE - SPRUCE VALE PLACE 18 UNIT APARTMENT BUILDINGimages2.loopnet.com/.../document.pdf · •...
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• Well maintained 18 unit apartment building in Red Deer. Large units, all two bedroom units, many with balconies. • Effective management in place make this a strong investment for out of town investors. Another 18 unit building is also available nearby. • Ideally positioned for substantial rental upside in a recovering Alberta economy. Pre-recession rents were well above $1,000/month. • Condo-titled to allow potential future sale as individual units • Newer roof (2014) and domestic hot water tank (2015) • Superior location close to downtown, schools, shopping, walking trails and the Red Deer River. • Existing financing in place which may be assumed. Seller financing may be available. • Recent appraisal and due diligence materials available with a signed confidentiality agreement. FOR SALE - SPRUCE VALE PLACE 18 UNIT APARTMENT BUILDING 5516 - 47A Avenue Red Deer, Alberta The information contained herein was obtained from sources deemed to be reliable and is believed to be true; it has not been verified and as such, cannot be warranted nor form a part of any future contract. All measurements need to be independently verified by the Purchaser/Tenant. $2,070,000 ($115,000 per door) Chris Davies Associate 780 905 7562 [email protected]
Transcript of FOR SALE - SPRUCE VALE PLACE 18 UNIT APARTMENT BUILDINGimages2.loopnet.com/.../document.pdf · •...
• Well maintained 18 unit apartment building in Red Deer. Large units, all two bedroom units, many with balconies.
• Effective management in place make this a strong investment for out of town investors. Another 18 unit building is also available nearby.
• Ideally positioned for substantial rental upside in a recovering Alberta economy. Pre-recession rents were well above $1,000/month.
• Condo-titled to allow potential future sale as individual units• Newer roof (2014) and domestic hot water tank (2015)• Superior location close to downtown, schools, shopping, walking trails and the Red Deer River.• Existing financing in place which may be assumed. Seller financing may be available. • Recent appraisal and due diligence materials available with a signed confidentiality agreement.
FOR SALE - SPRUCE VALE PLACE 18 UNIT APARTMENT BUILDING
5516 - 47A AvenueRed Deer, Alberta
The information contained herein was obtained from sources deemed to be reliable and is believed to be true; it has not been verified and as such, cannot be warranted nor form a part of any future contract. All measurements need to be independently verified by the Purchaser/Tenant.
$2,070
,000
($115,
000 pe
r door)
Chris DaviesAssociate780 905 [email protected]
www.rcedm.ca
The information contained herein was obtained from sources deemed to be reliable and is believed to be true; it has not been verified and as such, cannot be warranted nor form a part of any future contract. All measurements need to be independently verified by the Purchaser/Tenant.
Address: 5516 - 47A Avenue Red DeerLegal: Units 1-18, Condo Plan 0324740Size: +/- 20,800 square feetUnits: 17 of 18 units are 2 BedroomParking: 20 energized surface stalls
Property Characteristics Balconies: All above ground level (2nd and 3rd floor)Age: 1981Taxes: $17,754 (2016)Comments: New roof in 2014, new hot water tank in 2015. Two sets of coin laundry (leased). Vinyl and brick siding.
Current Income & ExpensesAnnual Per Unit/Year
Scheduled Income $175,500 $9,750Laundry $2,160 $120Vacancy (5%) -$8,775 -$488Total Income $168,885 $9,383ExpensesTaxes (2016) $17,754 $986Insurance $5,328 $296Management Fee (4%) $6,755 $375Utilities $18,810 $1,045Repairs/Maintenance $12,312 $684Caretaker $5,400 $300Advertising & Misc. (Prof) $2,000 $111Total Expense $68,359 $3,798Total Expense Per Unit $3,798 40.46%Net Operating Income $100,526
Projected Financial PerformanceList Price @ $115,000/dr $2,070,000Mortgage (3%/25 yr to May 2020)
$1,575,000
Loan to Value 76.09%
Downpayment $495,000Net Operating Income $100,526Mortgage Payment $96,542Cash Flow $3,984Cash on Cash Return 0.80%Mortgage Paydown (Year 1) $48,301Return on Equity 10.56%
Chris DaviesAssociate780 905 [email protected]
www.rcedm.ca
List Price @ $115,000/dr $2,070,000Mortgage (3%/25 yr to May 2020)
$1,575,000
Loan to Value 76.09%
Downpayment $495,000Net Operating Income $100,526Mortgage Payment $96,542Cash Flow $3,984Cash on Cash Return 0.80%Mortgage Paydown (Year 1) $48,301Return on Equity 10.56%
www.rcedm.ca
The information contained herein was obtained from sources deemed to be reliable and is believed to be true; it has not been verified and as such, cannot be warranted nor form a part of any future contract. All measurements need to be independently verified by the Purchaser/Tenant.
Chris DaviesAssociate780 905 [email protected]
www.rcedm.ca
The information contained herein was obtained from sources deemed to be reliable and is believed to be true; it has not been verified and as such, cannot be warranted nor form a part of any future contract. All measurements need to be independently verified by the Purchaser/Tenant.
Location
Rent Roll & Suite MixUnit Scheduled Rent
(Aug 2017)Notes
101 $875 VK102 $795103 $795104 $725 1 Bedroom105 $800106 $795201 $815202 $795203 $815
Unit Scheduled Rent (Aug 2017)
Notes
204 $815205 $895206 $815301 $795302 $850303 $815304 $815305 $800306 $815Monthly $14,625Annually $175,500
Chris DaviesAssociate780 905 [email protected]
