- What A 118-unit apartment complex in Kitimat is looking to fetch $16.5 million
- Why The property has recently had a number of upgrades
- What next Each building has a separate title
An apartment complex in the Northern British Columbia community of Kitimat has been listed for $16.5m, Green Street News can reveal.
The price for the 118-unit Oceanview Apartments works out to $139,000/unit. The complex, comprising seven buildings with separate names, is on Kingfisher Avenue. It’s about 95% occupied and generates $125,000 per month. The property, which includes an office rental, is expected to sell at a 4% capitalization rate.
Sotheby’s International Realty Canada and RE/MAX Masters Realty have the marketing assignment. There is an assumable CMHC mortgage with a 4.75% interest rate.
The property recently received upgrades to its heating systems, roofs and many of the units. It’s a kilometre from City Centre Mall and two grocery stores. Marketing materials note that a $40bn liquid natural gas project nearby has come online.
Kitimat is a district municipality on B.C.’s picturesque North Coast, about 650 km northwest of Vancouver. The area has a population of about 9,000 and a resource-based economy.
