231, 233 & 235 Pine Ave, Sparwood

Sold for $3,098,000

$3,098,000

Sale Price

36

Total Units

1969 / 2013

Year Built / Renovated

8.60%

Cap Rate

DESCRIPTION

Sold three buildings in Sparwood, BC. Pinecrest Apartments in Sparwood is a diamond in the rough. This is a rare opportunity to acquire three fully-renovated apartment buildings in the Kootenay region of British Columbia.

Previous owners invested a huge amount of time and money. As a result, you gain a secure investment to produce returns for decades to come. Suite interiors, windows, envelope, and plumbing systems have been updated or fully replaced. 

Roofs are brand new and recently treated to extend their life. All the heavy lifting has been done. Now sit back and collect rent.

Sparwood benefits from a strong tourism and resource-based economy. The local Teck coal mine has decades of operations remaining. Several new coal ventures are in progress nearby. All the local coal mines produce a high-grade coking coal used in steel production worldwide.

As a result of Sparwood’s strategic location on the Crownest Pass Highway, Pinecrest Apartments has been a consistent long-term performer. Boost your cash flow today.

Vendor financing available. Cap rate of 8.60%. Year one yield of 24.4%.

SPECIFICATIONS

Property Type · Apartment Building
Price Per Unit · $86,056
Cap Rate · 8.60%
Lot Size · 45,211 Sq Ft (1.04 Acres)
Rentable Area · 23,160 Sq Ft
Gross Area · 27,360 Sq Ft
Year Built · 1969
Year Renovated · 2013
Parking · 40+ Surface Spaces
Suite Mix · 24 x 1-Bedroom, 12 x 2-Bedroom

HIGHLIGHTS

• Building 100% Occupied, No History of Vacancy

• Fully Renovated Building, Inside and Out

• Vendor Financing Option(s) Available

LOCATION

231-235 Pine Avenue
Sparwood BC V0B 2G0

Legal Descriptionn
Lot 1, 2 & 3 District Lot 4589,
Kootenay District Plan 7124

PIDs
008-549-892, 008-549-974,
008-549-877

Taxes (2019)
$10,709