crescent apartments for avenue, mission sale · apartments” fronts on the north side of 3rd...

James Blair | Bill Goold | Ray Townsend | David Venance | Patrick McEvay | Margaret Zheng

BUILDING SUMMARY

CIVIC ADDRESS33523 3rd AvenueMission, BC V2V 1P7

LEGAL DESCRIPTIONPL NWP33488 LT DL 1 LD 36

HEATElectric – paid by tenants

LOT SIZE125’ x 302’ [1] (40,075 sf [2])

STORIESNorth Wing: 2East and West Wings: 3

ZONING RM-5A Multiple Family Dwelling

SUITE MIX32 Residential suites:28-1 Bdrm, 4-2 Bdrm

YEAR BUILT2015

PARKINGSurface parking stalls

PROPERTY TAXES 2014$5,705.33

ASSESSMENT 2014*Land $757,000Improvements $ 10,000Total $767,000

PROPERTY IDENTIFIER003-514-455

LOCATIONJust a short drive from downtown Mission, “CrescentApartments” fronts on the north side of 3rd Avenuebetween Columbia Street on the west and Ryan Street onthe east. The Property is situated in a quiet residentialneighbourhood and is a short distance to the West CoastExpress train to Vancouver, shopping, schools, and parks.Two public transit bus stops are located right out front toprovide transport throughout Mission.

BUILDING DESCRIPTION & HIGHLIGHTS“Crescent Apartments” is a new two and three storey,wood-frame purpose built apartment building. TheProperty, completed in January 2015, was substantiallyrebuilt after a fire in May 2013.

The building, originally built in 1967, was rebuilt to today’s high building code standards and presents a low-maintenance, high quality investment to a new purchaser. Several features include:

• Full sprinkler system throughout entire building

• High quality suite finishes (see next page)

• Beautifully landscaped, including a paved surface parking lot

• Durable vinyl and stucco exterior siding

• Coin laundry room with two washers and two dryers (currently leased)

• Double-glazed windows and patio doors

• Tenant-covered electric baseboard heat replacing owner-paid gas hot water heat

• Two Bradford White Magnum hot water tanks for domestic hot water

The Property is professionally managed with a very highquality tenant base. The building is now runningconsistently 1-2 vacancies per month.

BALCONIES AND PATIOSYes – all suites

ELECTRICITYBreaker panels

*Property will be reassessed after completion

CRESCENT APARTMENTS[1] Approximate [2] Actual from BC Assessment


UNIT DESCRIPTION“Crescent Apartments” features spacious, comfortablesuites with individual entrances from the innercourtyard. Each suite features living rooms that lead toa balcony or patio, with several suites enjoyingbeautiful views of the valley and Port Mann Bridge.

All suites have double glazed, vinyl frame, argon filledwindows and patio doors with blinds for windowcoverings and drapes for patio doors. Suitesoverlooking the inner courtyard offer extra security withwire mesh protected windows. Suites have a fullsprinkler system, an abundance of outlets, newelectrical wiring and breaker boxes, and offerindividually controlled electric baseboard heat (billed tothe tenants).

The entire suite features attractive vinyl plank flooringresembling hardwood flooring, which is also durable andwater resistant.

Kitchens are spacious and functional with ample storagespace boasting arborite counter tops, double sinks, andfull-size Whirlpool fridges and electric ranges with hoodfan.

Bedrooms are spacious with generous closet space andindividual heat controls. Most bathrooms have a windowfor natural light, ample counter and storage space, anda full tub and shower insert.

Most suites offer an additional in-suite storage room,which could, in some cases, be used as a den, nursery,or home office.

CRESCENT APARTMENTS


RENT ROLL

CRESCENT APARTMENTS

UNIT NUMBER TYPE SQ.FT.

MONTHLYRENT

ANNUALIZED RENT

RENT PER SQUARE FOOT

1 1br 550 $725 $8,700 $1.32

2 1br 550 $725 $8,700 $1.32

3 1br 550 $750 $9,000 $1.36

4 1br 550 $725 $8,700 $1.32

5 1br 550 $750 $9,000 $1.36

6 1br 550 $725 $8,700 $1.32

7 1br 550 $725 $8,700 $1.32

8 1br 550 $750 $9,000 $1.36

9 1br 550 $750 $9,000 $1.36

10 1br 550 $725 $8,700 $1.32

11 1br 550 $725 $8,700 $1.32

12 1br 550 $725 $8,700 $1.32

14 1br 550 $725 $8,700 $1.32

15 1br 550 $725 $8,700 $1.32

16 1br 550 $725 $8,700 $1.32

17 1br 490 $695 $8,340 $1.42

18 1br 575 $750 $9,000 $1.30

19 1br 490 $700 $8,400 $1.43

20 1br 575 $750 $9,000 $1.30

21 2br (PH) 800 $995 $11,940 $1.24

22 1br 620 $750 $9,000 $1.21

23 1br 620 $750 $9,000 $1.21

24 1br 620 $750 $9,000 $1.21

25 1br 620 $750 $9,000 $1.21

26 1br 620 $750 $9,000 $1.21

27 1br 620 $700 $8,400 $1.13

28 2br 875 $950 $11,400 $1.09

29 1br 750 $825 $9,900 $1.10

30 2br 875 $950 $11,400 $1.09

31 1br 750 $825 $9,900 $1.10

32 2br 875 $950 $11,400 $1.09

33 1br 750 $825 $9,900 $1.10

TOTAL 32 UNITS 19,775 sq. ft. $24,640 $295,680 $1.26

October 2015


FINANCIAL SUMMARY

CRESCENT APARTMENTS

YEARLY YEARLY/UNIT PERCENTAGEOF EGI

REVENUE Rental Income ¹ $295,680 $9,240Laundry ² $7,680 $240Gross Income $303,360 $9,480Less: Vacancy (3.5%) 3 $10,349 $323EFFECTIVE GROSS INCOME $293,011 $9,157

EXPENSESFire Monitor 5 $300 $9 0.10%Property Taxes 5 $17,000 $531 5.80%Insurance 4 $9,675 $302 3.30%Utilities: Gas 4 $2,780 $87 0.95%Utilities: Electricity 4 $1,750 $55 0.60%Utilities: Garbage 4 $2,560 $80 0.87%Utilities: Water/Sewer 4 $4,900 $153 1.67%Laundry equipment rental 4 $1,404 $44 0.48%Licence 5 $300 $9.38 0.10%Management (5% of gross income) 5 $15,168 $474 5.18%Repair & Maintenance 5 $15,000 $469 5.12%TOTAL EXPENSES $70,837 $2,214 24.18%

TOTAL NET INCOME $222,174

Asking Price $3,790,000 $118,438Cap Rate 5.86%

¹ October 2015 rent roll annualized

² Monthly income from laundry is ~$640. Machines are currently leased for $117/month3 CMHC Fall 2014 vacancy rate4 Actual expenses from February 2015 to present- annualized 5 Stabilized expenses through market research and reasonable market expectations for new construction


“Crescent Apartments,” while being located in a quiet residential neighbourhood, is within walking distance to the city’s historical downtownneighbourhood boasting unique shops, businesses, and entertainment venues. The primary downtown corridor is located along 1st Avenue and just southof this corridor is the West Coast Express Station providing efficient transport to Downtown Vancouver, 5 days per week.

Mission, situated on the north bank of the Fraser River, is the province’s 23rd largest municipality with a population of 36,426 (2011). The city is a 10minute drive north of Abbotsford, and a one hour drive east of Downtown Vancouver. Mission differs from some of the other Fraser Valley Communitiesbecause of its access to the Fraser River. The Fraser near Mission is for the most part, undeveloped making it the perfect launch point for some of the bestsalmon and sturgeon fishing expeditions in North America.

Schools for children of all ages are located within walking and short driving distance. The city is serviced by Mission Memorial Hospital. Shopping, like theJunction Shopping Centre featuring Canadian Tire, Save-On-Foods, and a movie theatre, is also a short drive away. For entertainment, the MissionRaceway Park is a 10 minute drive away and offers drag racing, classic cars, and countless other races for the entire family to enjoy.

LOCATION

CRESCENT APARTMENTS


LOCATION AND AMENITY PROFILE

CRESCENT APARTMENTS


FLOOR PLANS

Architectural Drawings of Floor Plans A and B

Floor plan A: 1 Bedroom550 square feet

Rent: $750

Floor plan B: 1 Bedroom550 square feet

Rent: $750

Architectural Drawings of Floor Plans E and F

Floor plan E: 1 Bedroom620 square feet

Rent: $750

Floor plan F: 1 Bedroom620 square feet

Rent: $750

CRESCENT APARTMENTS


FLOOR PLANS

Architectural Drawings of Floor Plans G and H Architectural Drawings of Floor Plan I

Floor plan G: 1 Bedroom750 square feet

Rent: $750

Floor plan H: 2 Bedroom875 square feet

Rent: $8502 Bedroom Penthouse

800 square feetRent: $1,000

CRESCENT APARTMENTS

crescent apartments for avenue, mission sale · apartments” fronts on the north side of 3rd...

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