APARTMENT BUILDING/RENTAL PROPERTY INVESTMENT
ABBY GLEN, ABBOTSFORD, BRITISH COLUMBIA
Area Description: Abbotsford, BC is located east of Vancouver's downtown core along the Trans-Canada Highway. A growing city of approximately 132,000. Abbotsford is a major agricultural, transportation, manufacturing and retail centre of the greater Vancouver area.
Building Description: Abby Glen is comprised of two low-rise buidings constructed in 1977 which contain 108 units total. The property consists of 54 one bedroom units approximately 560 sq ft each, 53 two bedroom units approximately 700 sq ft each and a single three bedroom unit.
The Opportunity/Upside: Rents are currently about 15% below the fall 2008 CMHC average rental rates for the city of Abbotsford. One bedroom units currently rent for $550/month and two bedroom units rent for $650/month. Planning for a long term hold with a 3.5% interest CMHC insured first mortage and a 4.5% interest only 2nd mortage for 5 years.
ROI Analysis: Click image below to enlarge.
Property Locator Map:
