Fully Rented Apartment Building
If you have been looking for an amazing apartment building to add to your portfolio, this 21 unit apartment building in PRINCE GEORGE is fully occupied, never has a vacancy & has great cash flow. Darcy & Denise are pleased to present this unique opportunity to acquire 751 Afton Place, where pride of ownership shows. Meticulously maintained, with no deferred maintenance, it has a great mix of bachelor, 1 & 2 bedroom suites. It is ideally-situated minutes from shopping, the university, the college, on bus routes & in a highly desired family neighborhood.
21 Units – Already fully occupied.
- 11 – 2 bedroom units, 9 – 1 bedroom units, 1 bachelor unit
- Net income over $185,000 annually (potential for $220,000)
- $500,000 in new improvements completed
- Large Parking lot and coin laundry on every floor
- new windows, new patio doors, new furnace
- expenses are low and maintenance is minimal
- minutes from shopping, University, College and on bus route
- 5% cap rate with potential for higher and no vacancies.
The current owner has spent approximately $500,000 in capital expenditures including triple pane windows, double pane patio doors, a new engineered air AHU gas furnace, 10 units have been completely renovated, 3 units have been partially renovated, with most of those earning excellent rents & many other improvements during the course of their ownership. Each unit has their own hot water tank & is separately metered with 100 amp for electricity which the tenants pay for. Due to the design & capital expenditures, expenses are low & maintenance is minimal. Afton Place could be managed remotely. There is 1:1 parking with a lot of visitor parking as well. There is coin-laundry on each floor which is a great perk for the tenants & a great revenue stream. Rarely will you find a building to this standard where the full occupancy is great tenants. It’s no wonder, it is one of the most “in demand” rental buildings in Prince George. With a strong cap rate of 5%, little capital expenditure needed in the near future & lower than usual operating costs, this turn key asset will generate immediate cash-flow. Rental increases in conjunction with market growth, will let a savvy investor have the opportunity for a projected cap rate that will be higher. Here is the opportunity to get into the red hot multifamily rental market in Prince George.
This could be your chance to own a cash-flowing multi-family apartment building in Prince George where we have a diverse local economy and a stable real estate market.