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FOR SALE 40 Unit Apartment Building Centrally Located in the Growing Seaside and Mountain Town of Squamish 1098 Wilson Crescent Squamish
FOR SALE
40 Unit Apartment Building Centrally Located in the Growing Seaside and Mountain Town of Squamish
1098 Wilson CrescentSquamish
Civic Address 1098 Wilson CrescentSquamish, BC
40 Unitsone unauthorized unit
5 Bachelor6 - 1 Bedroom22 - 2 Bedroom4 - 2 Bedroom + Bedroom3 - 3 Bedroom
PID 008-976-503
Construction 3 Storey
Building Size 40,690 sf
Lot Size 42,645 sf
Parking 40 surface stalls
Zoning RM-2
Year Built 1967
List Price $6,950,000
PPU $173,750
PROPERTY OVERVIEW INVESTMENT HIGHLIGHTS ▶ Ma s si ve re ve nue upside p ote nt ial
▶ Prox imit y to t h e S quamish downtown core and busine s s dis t r ic t make s i t an ideal lo c at ion for te nant s to a cce s s ke y s e r v ice s and ame nit ie s
▶ D e sir able suite mi x of spa cious unit s , an e le v ator, ample par k ing , and balconie s wil l at t r a c t a di ve r s e ar r ay of p ote nt ial te nant s
▶ Prop e r t y is we ll - manage d by a profe s sional t hird par t y prop er t y manage me nt company and long-te r m re side nt c are t ake r
THE OPPORTUNITYJLL is very pleased to exclusively present investors a truly rare opportunity to acquire 100% freehold interest in an existing multifamily property centrally located in the rapidly growing seaside and mountain community of Squamish, B.C. The unprecedented 0% vacancy rate, in-migration of new residents, and the subsequent dramatic rise of home ownership entry cost makes this a very strategic investment for multifamily investors.
16.2%increase in population from 2011 to 2016
YEARLY YEARLY/UNIT % OF EGI
CURRENT NOI Revenue $372,228 $9,306 Expenses $174,977 $4,374 47.01%NOI $197,251
STABILIZED NOI (CMHC RENTS)Revenue $447,600 $11,190 Expenses $191,599 $4,790 42.81%NOI $256,001
FUTURE POTENTIAL NOI (MARKET RENTS)*Revenue $720,000 $18,000 Expenses $201,133 $5,028 27.94%NOI $518,867
INCOME POTENTIAL
DRIVE TIMESYVR International Airport 1h27 minsVancouver 56 minsWhistler 47 minsWest Vancouver 46 mins
Squamish is located between Vancouver and Whistler along the Sea to Sky corridor. Guarded by the Stawamus Chief, Squamish is an authentic West Coast mountain town. The Property is located just outside of downtown Squamish. Its central location is ideal for tenants for access to amenities and services as well as all the outdoor activities Squamish has to offer.
VALUE-ADD OPPORTUNITYCur re nt re nt s are 20 % b e low CMHC ave r age re nt s an d 5 0 % b e low mar ke t re nt s which prov ide s inve s tor s s ignif ic ant value -add an d subs e que nt reve nue upside p ote nt ial . Th e ne t op e r at ing income c an p ote nt ial ly b e double d t hrough a compre h e nsi ve building re novat ion an d re - leasing progr am t h e sh or t te r m. Th e long- te r m opp or tunit y is to eve ntually unlo ck t h e p ote nt ial un de r late nt lan d value v ia re deve lopme nt of t h e prop e r t y on t h e approx imate 4 0,0 0 0 s f lot to a high e r de nsit y g i ve n i t s prox imit y to t h e downtown core.
*Fu t ur e p o te n t ia l N O I i s b a s e d o n co m p r e h e n s i ve r e n ov a t i o n a n d r e - l e a s e p r o g r a m b e i n g e m p l oye d .
Squamish is home to an expansive network of walking and hiking. Local provincial parks, rivers, and the Howe Sound invite exploration. Squamish also hosts kayaking, kite surfing, golfing, camping, and swimming. Mountain Bike Magazine has named Squamish as one of the top 25 wildest and most exotic places to ride in the world. Squamish is Canada’s rock climbing mecca and is a world class destination.
Just on the outskirt of downtown Squamish, Quest University an independent school with 700 students. The state of the art campus was built in 2002 and brings many young professional to Squamish.
DEVELOPMENTS quamis h is one of t he fas tes t growing communit ies in B C .
▶ Planne d is t h e de velopme nt of ove r 10 0 a cre s of o ceanf ront into a ne w townce nte r. Ne wp or t B ea ch wil l have 1,0 0 0 ne w re sident ial unit s and 3 5 a cre s of comme rcial spa ce, including re s or t f a c i l i t ie s .
▶ Prosp e c t i ve de ve lopme nt of a $ 3 . 5 bi l l ion re s or t name d Gar ibaldi at S quamish.
21.7%increase in price per unit of attached housing year-over-year
SUBJECTPROPERTY
STAWAMUS CHIEF PROVINCIAL PARK
MAMQUAM MOUNTAINMT. GARIBALDI
SEA-TO-SKY HIGHWAY
CLEVELAND AVENUE
BUCKLEY AVENUE
LE T’S CONNEC T.
*Personal Real Estate Corporation
Jones Lang LaSalle Real Estate Services Inc. • 355 Burrard Street • 14th Floor • Vancouver, BC V6C 2G6 • www.jllmultifamilybc.com©2018 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.E. & O. E. Jones Lang LaSalle Real Estate Services, Inc. Real Estate Brokerage
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Proposed transit connection system to Lower Mainland via Bus Service by 2025
PATRICK MCEVAY*
Vice President +1 604 789 0720 [email protected]
JAMES BLAIR*
Vice President +1 604 790 7089 [email protected]
CHRIS HAYNESales Associate +1 778 998 4663 [email protected]
DAVID VENANCE*
Vice President+1 604 910 3842 [email protected]
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