FOR SALE 9 UNIT BOUTIQUE APARTMENT BUILDING NEAR DOWNTOWN PENTICTON - 619 WINNIPEG STREET, PENTICTON, BC - AWS
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FOR SALE 619 WINNIPEG STREET, PENTICTON, BC 9 UNIT BOUTIQUE APARTMENT BUILDING NEAR DOWNTOWN PENTICTON James Blair* 604 790 7089 James.Blair@MarcusMillichap.com Patrick McEvay* 604 789 0720 Patrick.McEvay@MarcusMillichap.com *Personal Real Estate Corporation
FOR SALE
619 WINNIPEG STREET, PENTICTON, BC
SALIENT DETAILS
Address: 619 Winnipeg Street, Penticton, BC
PID: 001-941-186; 001-941-194
9 (1-U/A) (1 Bachelor, 6-1 bedrooms,
Units:
2-2 bedrooms)
Zoning: RM3
Site Size: 10,950 sf
Year Built: 1960 and 1964
Levels: 2 Storey over Basement
Laundry: One Set ($5 per tenant per month)
Parking: Garage plus 5 additional surface stalls
List Price: $1,250,000
Price Per Unit: $138,888
Cap Rate: 4.12% OPPORTUNITY
Marcus and Millichap is pleased to present investors the opportunity to acquire a quaint, well-located
9- unit apartment building in the sought-after rental market of Penticton, BC. The Property is ideally
located within walking distance to many amenities, shops, and recreation, and provides tenants
comfortable and bright accommodations in the heart of Penticton.
The building was constructed in two phases – in 1960 and 1964 - and features dual-boiler systems and
one new (2019) hot water tank that supplies domestic hot water to the building. There is one laundry
room with a new washer and dryer and large storage lockers are located in the basement with available
storage to all tenants. The building is attractively clad in aluminum siding and the roof was replaced 10
years ago with a torch-on membrane.
Penticton apartment buildings have proven to be resilient during the COVID-19 crisis and this building
has benefitted from strong management, resulting in 100% rent collection during 2020. A clean
Phase-1 report from 2006 is available to prospective purchasers and additional photos and information
is available upon request.
2
FOR SALE
619 WINNIPEG STREET, PENTICTON, BC
PENTICTON
The Property is situated near the heart of Penticton’s downtown
core, one block from Main Street where tenants can find an array of
retail outlets and boutique stores.
The Property is located along BC Transit’s South Okanagan-
Similkameen Regional Service routes which provide easy access to
Summerland, Osoyoos, Princeton and Penticton.
Penticton Regional Hospital is currently undergoing a $312
million renovation. The 300,000 sf, 2 phase expansion is slated for
completion in 2021. Phase One involves the construction of a new PROFORMA FINANCIAL STATEMENT RENT ROLL SUMMARY
patient care tower with surgical services and 84 additional inpatient Yearly Yearly/Unit % of EGR Unit Type Size[1] Rent
beds. Phase 2 will include renovation of current areas and expand
Revenue
the emergency department. 1 2 Bedroom 920 sf $760
Rental Income1 $83,400 $9,267
Penticton is located approximately five hours from Seattle and
Laundry2 $480 $53
Vancouver and eight hours from Calgary. 2 1 Bedroom 520 sf $750
Storage3 $1,560 $173
Penticton Regional Airport is located within a 10 minute drive from
Potential Gross Income $85,440 $9,493
the Property, with daily flights to Vancouver and Calgary.
3 2 Bedroom 920 sf $1,005
Less: Vacancy4 (1.90%) $1,623 $180
Effective Gross Revenue $83,817 $9,313
4 1 Bedroom 520 sf $710
EXPENSES5
Property Taxes6 $4,953 $550 5.91% 5 1 Bedroom 700 sf $850
Insurance6 $4,375 $486 5.22%
Water & Sewer $1,899 $211 2.27% 6 1 Bedroom 700 sf $727
Electricity $1,860 $207 2.22%
Heating (Gas) $4,486 $498 5.35%
7 1 Bedroom 770 sf $750
Waste Removal & Recycling $2,443 $271 2.91%
Business Licence $175 $19 0.21%
8 1 Bedroom 770 sf $768
Property Management 7
$5,867 $652 7.00%
Repair & Maintenance $6,284 $698 7.50%
9 Bachelor 420 sf $630
Total Expenses $32,342 $3,594 38.59%
Total Net Income $51,475 Total 9 UNITS 6,240 sf $6,950
[1] Current rent roll annualized [1] Unit sizes are approximate
[2] 8 tenants pay $5/month for laundry use
[3] Storage rented by tenant at $130/month
[4] CMHC average vacancy rate for Penticton
3
[5] Expenses are year ended December 31, 2019 unless otherwise noted
[6] 2020 expense
[7] Current property management at 7% of EGR
SPECIAL COVID-19 NOTICE
All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough
due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes
resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and
cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in
marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its
investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers
are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting
JAMES BLAIR* matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma
financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers
Senior Vice President Investments
should be comfortable with and rely solely on their own projections, analyses, and decision-making.
T (604) 675-5268
M (604) 790-7089
James.Blair@MarcusMillichap.com
The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended
PATRICK MCEVAY* to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other
Senior Vice President Investments person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared
T (604) 675-5267 to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of
interest in the subject property. The information contained herein is not a substitute for a thorough due diligence
M (604) 789-0720
investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with
Patrick.McEvay@MarcusMillichap.com respect to the income or expenses for the subject property, the future projected financial performance of the property,
the size and square footage of the property and improvements, the presence or absence of contaminating substances,
*Personal Real Estate Corporation PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements
thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue
its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained
from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the
information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and
makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided.
Marcus & Millichap All potential buyers must take appropriate measures to verify all of the information set forth herein.
1280-333 Seymour Street Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in
Vancouver, BC V6B 5A6 this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation
with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or
any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of
T (604) 638-2121 providing tenant lessee information about this listing to prospective customers.
F (604) 638-2122
This information has been secured from sources we believe to be reliable, but we make no representations or warranties,
express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer
must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a trademark of Marcus &
MarcusMillichap.ca
Millichap Real Estate Investment Services, Inc. Used under license by Marcus & Millichap Real Estate Investment
Services Canada Inc. © 2019 Marcus & Millichap. All rights reserved.
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