INVESTMENT / DEVELOPMENT OPPORTUNITY The Ledgerwood Apartments
The Ledgerwood Apartments MARKET CONDITIONS The Ledgerwood Apartments will comprise a mixture of one, two and three bedroom units of varying sizes and layouts within the six levels of the proposed stepped buildings. Finishing will be of a quality commensurate with modern quality apartment condominiums. There will be electric baseboard heating with each unit individualtiy metered. There will also be in-suite laundry facilities. The Spring 2010 CMHC Rental Market Report suggests the following average rental rates are applicable in the Nanaimo area:
Spring 2010 CMHA Rental Market Report
100% Ownership in a New construction Rental Building
4801 Ledgerwood Road, Nanaimo, BC
Apartment Units
Unit Type
Bachelor
1 Bedroom
2 Bedroom
3 Bedroom
Total
Vacancy Rate
3.10%
3.80%
4.80%
7.60%
4.30%
Rental Rate
$509.00
$636.00
$773.00
$960.00
$697.00
A reivew of competing listings and rentals suggests a slightly higher average rental rate for newer buildings ranging as follows: One Bedroom Units: Two Bedroom Units: Three Bedroom Units:
$700.00 to $800.00 per month $800.00 to $900.00 per month $900.00 to $1,000.00 per month
The range is reective of a number of factors including the age / condition of the building, the location and the amenities offered. There are numerous units offered both above and below the ranges indicated with the variation dependent primarily on the foregoing factors, however the above range presents the average for comparably situated modern buildings.
THE OFFERING Purchase a 100% ownership in either: A) The pre-construction phase as-is. A development permit has been issued and the project is shovel ready. Offered at $5,700,000 ($50,000 per door).
We are pleased to present this unique opportunity to acquire a 100% interest in a pre-construction residential rental building project, centrally located in Nanaimo near Rutherford Mall.
or B) A turnkey fully ď€ nished project with occupancy permit in place and not less than 50% of the rental units leased at market rates. Offered at $24,250,000.
KEVIN PIRIE
(250) 381-2265 ext.26 kevin@naicommercial.ca
KYLE PORTER (250) 381-2265 ext. 27 KEVIN PIRIE
kyle@naicommercial.ca (250) 381-2265 ext. 26 kevin@naicommercial.ca
The Ledgerwood Apartments
The Ledgerwood Apartments
PROPERTY DETAILS
THE LOCATION
Civic Address
The subject property is located in the northern sector of Nanaimo, southwest of the Rutherford Road area, between Highway 19A to the northease, and Hghway 19 to the southeast.
4745 Ledgerwood Road Nanaimo, BC Legal Address: LOT 1, SECTION 5, WELLINGTON DISTRICT, PLAN EPP9079 FOLIO: 194 1173 PID: 028-371-780 Zoning: RM-5 Medium Density Multi-family Residential (Suburban)
The immediate properties surrounding the subject site are single family residential to the south and southeast, and light industrial with Shaw Cable service yard bordering the site to the southwest. A small scale, historic graveyard is found at the corner of Cardena and Ledgerwood Roads. This location provides quick access to both highways via Mostar Road, with both Rutherford Mall and the Vancouver Island University campus just minutes away.
The Ledgerwood Apartments
There will be three separate apartment buildings on a graduated site with underground parking.
PROJECT DATA Block 1 Block 2a Block 2b Block 3
44,911 sq. ft. 25,140 sq. ft. 24,291 sq. ft. 39,254 sq. ft.
4,172.37 m2 2,335.58 m2 2,256.71 m2 3,646.82 m2
Total
40 units 20 units 24 units 30 units 114 units
Storage 4,969 sq. ft. Total Floor Area 138,565 sq. ft. Site Area 138,048 sq. ft. Building Coverage 46,712 sq. ft. Outside Amenity Area 91,336 sq. ft.
461.63 m2 12,873.11 m2 12,825 m2 4,339.7 m2 8,485.4 m2
Onsite Parking:
94 Long Car Parking 15 Handicap Parking 61 Small Car Parking (35%)
Total:
170 Total Underground Parking 13 Visitor Parking 183 Total Parking Spaces
Parking Area:
50,084.9 sq. ft.
4653.04 m2
FAR 1.003 31.7% - permitted 40%