Multifamily Real Estate Services

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174 W 2nd Ave, Fort St James

Sold for $2,500,000

$2,500,000

Sale Price

16

Apartment Units

2017

Year Built

5.68%

Cap Rate

DESCRIPTION

Sold brand new purpose-built rental development at 174 W 2nd Ave, Fort St James.

Sold for full asking price to BC Housing. Completed in July 2017, this 16-suite beauty is one of the newest rental properties in Northern BC.  Built with hands-on quality by a local builder means decades of low maintenance costs.

There are five buildings on the property - four rental buildings and one common area facility.  The common area building contains 2 full bathrooms, a kitchen, and a substantial meeting area.  Gross building square footage is 12,620 with rentable area of 11,734 sq ft.

Apartments feature high-end conveniences such as in-suite laundry, central vacuum and water softener systems in each suite.  All kitchens have brand new appliances: dishwasher, fridge, stove and microwave.

Unit flooring is ceramic tile throughout for easy accessibility, low maintenance and easy cleaning.  Bathrooms are quality linoleum for low replacement cost.  Never worry about damaged flooring again!

Eight of the 16 units are fully handicap accessible.  Others can easily be converted, making this an excellent seniors housing building.  Central parking area is large enough for two spaces per unit with plenty of room for guests.

SPECIFICATIONS

Property Type · Apartment Building
Price Per Unit ·
$156,250
Lot Size
· 12,620 Sq Ft
Rentable Area · 11,734 Sq Ft
Storeys · Single Storey
Amenities · Meeting Room and Kitchen
Parking · 32 Surface Parking Spaces

HIGHLIGHTS

  • Purpose-Built Rental Development

  • Handicap Accessible Units

  • Durable High-Quality Building Materials

  • Common Area Building with Full Kitchen and Bathrooms

LOCATION

174 West 2nd Avenue
Fort St James, BC V0J 1P0

Legal Description
Lot A Block 1 Plan PRP1691 District Lot 110 Range 5 Land District 14 BEING A CONSOLIDATION OF LOTS 20 & 21 SEE CA5803468

PID
030-068-380

Assessed Value (2019)
$1,327,000

See this map in the original post

ABOUT THE DEAL

HOW WE DID IT

At the time of sale, Seth Baker, Managing Broker, was a member of the British Columbia Non-Profit Housing Association (BCNPHA) and Director on two non-profit housing societies with assets over $150 million. He leveraged relationships with BC Housing to gain direct access to the decision makers. Knowledge of internal processes at BC Housing were essential to the successful sale.

WHAT WE LEARNED

BC Housing is a unique organization. They make decisions unlike any other buyer. The BC Housing internal processes are extensive. Navigating the web of departments can be daunting at first. Experience in the non-profit housing world was helpful in creating a profitable deal for the client. Especially useful were personal relationships with BC Housing staff who we met with at conferences and events.