APARTMENT BUILDING/RENTAL PROPERTY INVESTMENT
DISCOVERY VILLAGE, CAMPBELL RIVER, BRITISH COLUMBIA
Area Description: Campbell River, BC is located on the east coast of Vancouver Island at the south end of the Discovery Passage, with a growing population of approximately 30,000. Campbell River’s local economy is driven by the mining, tourism, forestry and fishing. Vancouver Island is a growing market for retiring baby boomers. A new cruise ship dock is now fully functional that brings in additional annual tourism revenue to the local economy.
Building Description: Discovery Village is a 55 unit low rise apartment complex constructed in the early 1970’s. There are also 10 - 3 bedroom townhouse units with ocean views included in the property. Excellent suite mix with 10 - 1 bedroom units, 45 - 2 bedroom units and 10 - ~1100 sq ft 3 bedroom towhnouse units.
The Opportunity/Upside: Upside in existing rents after prudent interior/exterior capital improvements. 1 bedroom units currently rented for $550-600/month and 2 bedroom units rented for $700-750/month. Possible condo conversion, renovation and sale of the 10 townhouse units and high leverage re-finance with long term hold for the remaining 55 units. Extra vacant land on the property may warrant the construction of another 10 townhouse units.
ROI Analysis: Click image below to enlarge.
Property Locator Map:
