46101 Princess Ave, Chilliwack

Sold for $862,500

$862,500

Sale Price

8

Apartment Units

1971

Year Built

5.11%

Cap Rate

DESCRIPTION

Sold Chilliwack apartment building! Located just one block from the famous “Five Corners” intersection downtown Chilliwack, this substantially renovated 7plex apartment building offer huge upside at low cost.  Upside comes as downtown evolves into a revitalized business and community hub.

The property contains 5 one-bedroom apartments and 2 two-bedroom apartment units.  Rents are below market. At time of sale, cap rate was 5.11%. Cap rate projection was over 6% with market rents.

In addition to being in a transitional neighbourhood, 46101 Princess Ave was renovated in 2014-2015.  The interior was entirely renovated with new kitchen, bathrooms, cabinets, fixtures and fresh paint.  Exterior was also painted and a new roof installed. 

As a result of renovations, the current tenants are stable and clean with units kept in good condition.

SPECIFICATIONS

Property Type · Apartment Building
Price Per Unit · $107,812
Lot Size · 8,712 Sq Ft
Rentable Area · 5,000 Sq Ft
Zoning · C2
Parking · 6 Surface Parking Spaces

HIGHLIGHTS

• Located Downtown Chilliwack Near Five Corners

• All Units Rented to Long Term Tenants

• Value-Add Potential

LOCATION

46101 Princess Avenue
Chilliwack, BC V2P 4Y9

Legal Description
Lot 18 Block 19 Plan NWP1737 Land District 36 DIVISION E

PID
012-339-792

Assessed Value (2019)
$967,000

 

ABOUT THE DEAL

HOW WE DID IT

On this deal we were asked to help out another agent. Three previous deals had fallen apart, and they wanted to get the building sold. Once we were involved, we engaged in a multifamily-specific marketing campaign. Showings were pre-scheduled, with as many as 8 groups viewing the property at one time.

WHAT WE LEARNED

Your listing agent’s reputation is important. On the same property with the same financial statements, being an experienced apartment building broker got the deal done. I knew the process. I knew the people. The sale was successful because I knew what was required and how to execute.