Apartment Property Sold

Four Winds Apartments

Summary

CIVIC ADDRESS 1741 Kootenay Avenue, Prince Rupert, BC
PID 028-625-137
SITE SIZE 1.94 Acres
OCCUPANCY 100%
HYDRO/HOT WATER Individual hot water tanks in each suite, paid for by the tenants
HEATING Electric baseboard
PARKING 49 covered + additional surface stalls
STABILIZED NOI  $239,335
CAP RATE 6.25%
STATUS Film Deal
TENURE Title will be delivered free and clear of all financial encumbrances

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Investment Highlights

  • Opportunity to acquire The Four Winds Apartments, a 100% leased positive cashflow producing multi-family rental apartment building with scale, centrally located in Prince Rupert, British Columbia;
  • Contemporary 48-suite rental apartment building situated on on nearly 2 acres, with large suites and an excellent suite mix comprised of 70% 2-bedrooms units with balconies and large in-suite storage;
  • Attractive 6.25% Cap Rate on the List Price with upside in a number of the rents upon turnover;
  • The building is fully occupied with a long-term onsite building manager;
  • The Four Winds Apartments is located in Prince Rupert, a port city on the North Coast of British Columbia with the deepest natural harbor in North America and offering the shortest shipping routes to Asia;
  • The Government of Canada has announced financial investments totaling more than $150 million through its National Trade Corridors Fund to support three critical infrastructure projects to facilitate further growth and trade development;
  • Title will be delivered free and clear of all financial encumbrances, allowing prospective purchasers to capitalize on the current historically low interest rate environment;
  • The offering provides investors with over a 12-14% return* on equity when factoring principal reduction, with further opportunity to increase cash flow in a city poised to benefit from Canada’s growing global trade. *Based on recent debt quote.

Prince Rupert: Where Modern City Meets Coastal Living

Home to approximately 13,000 people, Prince Rupert is a beautiful and well-established coastal city in Northern BC. Framed and protected by coastal mountains and islands, Prince Rupert has the world’s second deepest natural ice-free harbour, with a modern cruise ship terminal and a new expanding container terminal that transports goods between Asia & the rest of North America.

The Four Winds Apartments is well located just minutes from the Downtown Core, which is home to major retailers including: Safeway, Save-on-foods, Walmart, and BC Liqour Store, as well as a number of local artisan shops, seafood restaurants, cafes, and pubs. The property is also located just 3 minutes away from the Via Rail Station, BC Ferry Station, and the Digby Island Airport Ferry.

Prince Rupert is accessible by daily flights from Vancouver, VIA Rail along their northern route from Jasper, BC Ferries from Port Hardy up the Inside Passage route, and by road from Smithers or Terrace, a route often cited as one of the most scenic drives in Canada.
Due to the Asia Pacific Gateway Initiative and highly efficient road and rail network in the North West Transportation Corridor, the Port City of Prince Rupert is positioned to link Asian economies to North America’s consumer heartland and is on the brink of vibrant economic growth.

Property Photos