Real Estate Investment - 16 Unit Multi-Family Building in Chilliwack

9310 Edward Street, Chilliwack, 

About This Property

The opportunity to acquire a very well located three–storey walk-up apartment building in Chilliwack, BC. The offering includes a total of 16 authorized rental units fully renovated in 2016, consisting of 8 one bedroom units, and 8 two bedroom units. There is excellent management already in place and the building is fully occupied at current market rents.

LOCATION

Located on the corner of Edward Street and Kipp Road, the Property is within walking distance to Salish Plaza which features shops like Save-On Foods, Starbucks, and CIBC. Chilliwack General Hospital is a 3 minute drive south and highway access toward Vancouver can be accessed in a 15 minute drive.

BUILDING DESCRIPTION

Constructed in approximately 1966, with a complete renovation done in 2016. the Property is comprised of 16 rental units with a desirable suite mix of 8 one bedrooms and 8 two bedroom units. All units are occupied at current market rent.

INVESTMENT HIGHLIGHTS

• Renovations completed in 2016
• Fully rented at current market value
• 16-unit apartment building
• Well within walking distance to shopping and restaurants
• Large spacious suites
• Corner lot with high visibility

RENT 

• 101 - 2 bdrm $1,175 
• 102 - 2 bdrm $1,175 
• 103 - 2 bdrm $1,150 
• 104 - 2 bdrm $1,150 
• 201 - 1 bdrm $ 925 
• 202 - 2 bdrm $1,175 
• 203 - 1 bdrm $ 910 
• 204 - 2 bdrm $1,200 
• 205 - 1 bdrm $ 910
• 206 - 1 bdrm $ 910
• 301 -1 bdrm $ 925
• 302 - 2 bdrm $1,200
• 303 - 1 bdrm $1,050 
• 304 - 2 bdrm $1,150 
• 305 - 1 bdrm $ 962
• 306 - 1 bdrm $ 975 

$ 16,942

Asking Price $2,999,000

Gross Annual Income: $203,304

Expenses:  $56,672

Net Operating Income: $146,632