Grandview Townhomes
10620 111 Avenue, Fort St John
Sold for $3,798,000
Lot Size
1.87
Total Units
24
Buildable Units
6
Year Built
1965
Years Renovated
2016-2021
Price Per Unit
$158k
Description
Sold a rare multifamily townhome complex in booming Fort St John. Property contains 24-unit townhomes with potential for 6 more units without rezoning. Desirable location is near top-rated school and public arena. Large 1.87 acre site with RM-1 zoning allows for up to 30 units.
Existing units are built like a bunker and have been updated inside and out. Units feature new kitchens and bathrooms, updated flooring, updated HVAC in many suites, and new appliances throughout.
Suite Mix
Specifications
Units · 24 Existing Units Plus 6 Units Buildable
Year Built · 1965 (Renovated 2016-2021)
Rentable Area · ~29,600 sq ft
Lot Size · 81,457 sq ft (1.87 Acres) with RM-1 Zoning
Parking · 50 Surface Parking Spaces
Construction · Wood Frame Poured Concrete Foundation
Basement · Full Unfinished Basement with 9’ Ceilings
Exterior · Stucco with Wood and Aluminum Trim
Roof · Torch On Membrane
Windows · Aluminum Frame Twin Seal Units (Cerca 2001)
Heating · Gas Forced-Air Furnaces (Several Brand New)
Hot Water · Natural Gas Hot Water Tanks (Tanks Updated as Needed)
Electrical · 60 Amp Subpanels, 100% Copper Wiring
Laundry · Individual In-suite Laundry Machines
Flooring · Vinyl Plank, Laminate, Linoleum and Carpet
Appliances · Fridge and Stove (Recently Replaced in All Units)
Location
About Fort St John
The LNGCanada pipeline construction will be completed this year. Natural gas is essentially a brand new energy export for British Columbia. For the first time ever, the gas fields around Fort St John will connect with high-volume global market consumers. This is a watershed moment for all British Columbians and is fuelling rapid expansion.
Local population is growing fast with up to 15% growth projected in the next 5 years. Employment is surprisingly diverse. There are strong manufacturing and services sectors Fort St John. Household incomes are 60% higher than the national average. Average income was $145,000 in 2020 and is projected to rise to $175,000 by 2025.
Nearly 40% of households rent instead of own. This, combined with a transient working population, creates a very strong market for landlords.
Vacancy rate is down 10% year-over-year. As a result, average rents are rapidly moving upwards.
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