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Ambassador Apartments

10023 97 Avenue, Fort St John

Sold for $2,955,000

Total Units

36

Year Built

1984

Zoning

RM-2

Lot Size

38,250

Price Per Unit

$83,333

Cap Rate

7.40%

Cash flow apartment building for sale in the fast-growing northern city of Fort St John. Eighty percent of units are large two-bedroom suites, the most popular unit-type in town. As a result, this building has low vacancy and stays full consistently. Building lobby, hallways, and 15 units have been renovated. Hot water boilers replaced in 2016. A new roof is needed soon, but is accounted for in the list price. Roof report available. Clean ESA Phase 1 available. Building appraised over asking price.

Professional property management is in place, so you can operate this investment from anywhere in the world. Cap rate of 7.00%. Five year yield of 29%.

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Building Specifications

Suite Mix

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Civic Address · 10023 97 Avenue, Fort St John, BC, V1J 5P3

Legal Description · Lots 17-21 Plan PGP4746 Section 36 Township 83 Range 19 Meridian Land District 44, PIDs 013-639-234, 013-639-242, 013-639-251, 013-639-277, 013-639-285

Construction · Wood Frame on Concrete Slab, Aluminum Siding, Aluminum-Frame Windows

Mechanical · Natural Gas Boilers, Natural Gas Hot Water Tanks, Hot Water Baseboard Heat, 200 Amp Main Panel, and 100% Copper Wiring (no pigtails)

Mechanical Improvements · Boilers replaced (2015), Complete Renovation of Hallways and Lobby (2016), Hot Water Glycol Feeder Replaced (2017), New Washer & Dryer (2020/21)

Insuite Improvements · Renovated 14 units in the past three years with flooring, window coverings, paint, new doors, appliances and fixtures as needed.

Appliances · Fridge, Stove, Hood Fan, Shared Laundry

Rentable Area · Approximately 28,900 sq ft

Lot Size · 38,250 sq ft (0.88 Acres)

Location

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Contact

Contact the listing agent below to learn more.

SETH BAKER, CCIM
Managing Broker

Call/Text: (778) 686-3330

Email: seth@multifamily.ca

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