Crestview Apartments
1617 108 Ave, Dawson Creek
Sold for $1,348,000
$1,348,000
Sale Price
18
Apartment Units
1970
Year Built
$74,888
Price Per Unit
DESCRIPTION
Built cerca 1970, Crestview Apartments at 1617 108 Ave, Dawson Creek is an 18-unit, 3-storey building. Suite mix includes 1 bachelor, 13 one-bedroom and 4 two-bedroom units. Heating is gas-fired hot water boiler. Electricity is paid for by tenants. Shared laundry and storage lockers are provided.
At the time of sale, many capital improvements had been completed. These included torch-on membrane roof (2018), hot water boiler (2016), domestic hot water tank (2016), water pumps (2016), hall carpets (~2014), windows replaced as needed and a modern fire panel installed.
Crestview Apartments is located in a quiet residential neighbourhood. Kitchen Park is across the street and Barbaree Park is one block north. Canalta Elementary School, Ron Pettigrew Christian School, Dawson Creek Secondary School and Northern Lights College are all nearby.
Location is just 5-minute drive to heart of downtown, McDonalds, Tim Horton’s, Canadian Tire, Walmart and the Dawson Creek Mall. As a result of the convenient surroundings, most residents are long-term tenants.
LNG is coming to Dawson Creek! Dawson sits at the head of the Coastal Gaslink pipeline. LNG extraction focuses in the Peace River Region, creating substantial growth for Dawson Creek.
SPECIFICATIONS
Property Type · Apartment Building
Lot Size · 22,230 Sq Ft (0.51 Acres)
Rentable Area · 12,070 Sq Ft
Suite Mix · 1 x Studio, 13 x 1-Bedroom, 4 x 2-Bedroom
Parking · 20 Surface Parking w/ Plug-Ins
HIGHLIGHTS
Substantial Mechanical Improvements
Established Neighbourhood
Strong Rental History and Cash Flow
High-Growth Market
Local Hub for LNG Extraction Industry
LOCATION
1617 108 Avenue
Dawson Creek BC V1G 2T5
Legal Description
Lot 1 Block 1 Plan PGP7662 Section 10 Township 78 Range 15 Meridian Land District 44
PID
014-844-672
Assessed Value (2020)
$990,000
ABOUT THE DEAL
HOW WE DID IT
At a price point below $2M, it made sense to put the property on MLS. We had many inquiries from other agents with their buyers. Several interested parties came from Surrey and Abbotsford. An email was sent to our multifamily network, the property was promoted on social media, and a broadcast to all British Columbia commercial real estate brokers was employed.
WHAT WE LEARNED
Sharing third party market reports builds confidence with buyers. If something comes from a brokerage only, it’s seen as biased. Instead, we relied on several other publications and economic studies to prove our points. All our marketing materials come with citations and/or links to source documents. It worked. The out-of-town buyers were confident in their decisions and closed the deal.