MALIBU APARTMENTS 1979 PANDOSY STREET, KELOWNA, BC - LoopNet
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MALIBU APARTMENTS
1979 PANDOSY STREET, KELOWNA, BC
Partnership. Performance.
FOR SALE
Avison Young is pleased to present a rare opportunity to acquire 100% freehold
interest in a 27 suite rental apartment building along the Pandosy Corridor in
Kelowna, BC.
Chris Wieser, Principal Rob Greer*, Principal Carey Buntain, Vice-President
604.647.5089 604.647.5084 604.647.1352
chris.wieser@avisonyoung.com robert.greer@avisonyoung.com carey.buntain@avisonyoung.com
* Robert Greer Personal Real Estate Corporation
MALIBU APARTMENTS
1979 PANDOSY STREET, KELOWNA, BC
Property Summary Opportunity
Municipal Address Avison Young is pleased to present a rare opportunity to acquire 100% freehold
1979 Pandosy Street, Kelowna, BC interest in a 27 suite rental apartment building along the Pandosy corridor in
Kelowna, BC. Kelowna boasts one of the lowest vacancy rates in Canada at
Legal Description
0.20% (CMHC Fall 2017). A majority of the suites have undergone significant
Lot A, District Lot 14, Osoyoos Division Yale
District Plan 28033 renovations resulting in a substantial increase in rents. In August of 2018, 10
tenants will receive their 4.0% annual rental increase resulting in over $5,000
PID of additional annual income. The Western Investor newspaper recently picked
004-653-343 Kelowna as the #1 City in Western Canada for real estate investors in 2018.
Lot Size
20,038 sf (0.46 acres) Location
Malibu Apartments is located in the heart of Kelowna, BC. Located a short distance
Zoning
to the Downtown hub and Lake Okanagan, the Property’s central location makes it
RM-5
an ideal place to live. Situated just minutes away from two grocery stores – Safeway
Year Built & Independent – and a Shoppers Drug Mart, residents enjoy easy accessibility to all
1977
essential amenities.
Suite Mix The recently expanded Kelowna General Hospital is a short walking distance from
Type # of Units the Malibu Apartments which has created a larger employment base surrounding
1-Bedroom 18 the property increasing the amount of rental demand.
2-Bedroom 9
Total 27
Investment Highlights
Parking
22 stalls in the open air garage and Professionally maintained
11 surface parking stalls
Property Taxes (2017) Significant renovations and upgrades have been completed
$17,924
Rental rates have increased by approximately 6.71%
Mortgage from 2016 to 2017 in Kelowna (per CMHC Fall 2017)
To be treated as Clear Title
Bare Trust Less than a 10 minute walk to Lake Okanagan
Held in Bare Trust - potential to save PTT & Kelowna City Park
Net Operating Income Property is held in a bare trust
$261,078
(potential to save PTT)
Price
$5,940,000 Potential to add additional income through parking
and storage lockers
Cap Rate
4.39%
Tenants pay their own heat and hydro through
electric baseboard heating
Pa
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Elliot Ave
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Park Avenue
MALIBU APARTMENTS
Stabilized Net Operating Income At Existing Rents At Market Rents Notes
(as per PadMapper Jan 2018)
Residential Rent $345,593 $416,880
Laundry $4,800 $4,800
Neighbouring strata allowing
Easement Income $3,000 $3,000
access to garbage bins
Potential Gross Revenue (PGR) $353,393 $424,680
Less: Residential Vacancy CMHC (Fall Market Report,
0.20% of PGR ($707) ($849)
Allowance 2017)
Effective Gross Revenue (EGR) $352,686 $423,831
Less: Residential Operating Expenses (2017 Actuals)
Bank Charges $300 $300
Business Licence $225 $225
Elevator $3,000 $3,000
Garbage/Recycling Collection $2,268 $2,268
Gas $3,480 $3,480
Hydro (2017 estimated) $7,000 $7,000
Insurance $7,900 $7,900
Professional Fees $2,000 $2,000
Property Management 6.0% of EGR $21,161 $25,430
Property Taxes $17,924 $17,924
Repairs & Maintenance $750 /unit $20,250 $20,250 normalized to $750/unit
Utilities (Sewer & Water) $6,100 $6,100
Total Res. Operating Expenses $91,608 $95,877
26.1% of EGR 22.6% of EGR
$3,386 /unit $3,551 /unit
Stabilized Net Operating Income $261,078 $327,954
E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young
Commercial Real Estate (BC) Inc.
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ETHEL ST
RICHTER ST
WATER ST
Starbucks Shoppers Drug Mart
LAWSON AVE
BERNARD AVE
Safeway Winners Parkinson
Recreation
Centre
City Park & HARVEY AVE
Beach CAPRI
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BURTCH RD
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COOPER RD
PARK
KIRSCHNER RD
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BURNE AVE
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Kelowna General GUISACHAN RD
Hospital & Tr
BYRNS RD
PANDOSY ST
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Munson Pond Park
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Mission Creek
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Chris Wieser, Principal Rob Greer*, Principal avisonyoung.com
604.647.5089 604.647.5084
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chris.wieser@avisonyoung.com robert.greer@avisonyoung.com
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H2O Centre © 2018 Avison Young. All rights reserved.
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* Robert Greer Personal Real Estate Corporation
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E. & O.E.: The information contained herein was obtained from
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News Centre
Carey Buntain, Vice-President sources which we deem reliable and, while thought to be
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correct, is not guaranteed by Avison Young Commercial Real
604.647.1352 Estate (B.C.) Inc.; DBA, Avison Young.
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