Cranberry Lane Brochure

Multifamily
Investment
Opportunity
CONTACT US
JOHN BOER*
Executive Vice President
+1 604 662 2659
john.boer@colliers.com
INVESTMENT HIGHLIGHTS
Cranberry Lane
DAVID TAYLOR
Associate Vice President
+1 604 692 1402
david.taylor@colliers.com
5900 Muir Drive & 22233 Sharpe Avenue
Richmond, BC
COLLIERS INTERNATIONAL
200 Granville Street, 19th Floor
Vancouver, BC V6C 2R6
+1 604 681 4111
www.collierscanada.com
JOHN BOER*
DAVID TAYLOR
Executive Vice President
Associate Vice President
+1 604 662 2659
john.boer@colliers.com
This document/email has been prepared by Colliers International for advertising and general information only. Colliers International
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International and /or its licensor(s). © 2015. All rights reserved. This communication is not intended to cause or induce breach of an
existing listing agreement. Colliers Macaulay Nicolls Brokerage Inc. (Vancouver). *Personal Real Estate Corporation.
+1 604 692 1402
david.taylor@colliers.com
COLLIERS INTERNATIONAL
200 Granville Street, 19th Floor
Vancouver, BC V6C 2R6
+1 604 681 4111
www.collierscanada.com
>> 88-unit townhome apartment complex located on beautiful 3.73
acre site in East Richmond, completed in 2003
>> Excellent opportunity to unlock value through below market rents,
effective management and an on-going renovation program
>> Five efficient, well designed floorplans. All three-storey two and
three bedrooms above separated garages ideally suited for families
>> Common areas including amenity building, children’s playground
and landscaped central courtyard areas
>> Highly desirable location for large segment of market seeking
quality, affordable family-oriented rental accommodation in central
location
>> Established neighbourhood with nearby parks, schools, services
and transportation
>> Price: $21,800,000 (4.9% cap rate based on 2015/2016 projected
NOI)
FOR SALE > CRANBERRY LANE, RICHMOND, BC
PHOTO GALLERY
SITE PLAN
SALIENT FACTS
Civic Address:
5900 Muir Drive & 22233 Sharpe Avenue, Richmond, BC
Legal Address:
Strata lots 1 – 39, Section 2, Block 4 North, Range 4 West,
New Westminster District, Strata Plan LMS3904; PIDs:
024-519-383 to 024-519-758.
Note: Strata lots 8 & 10 were previously sold and are not
part of the offering.
Lot A except: firstly Phase One Strata Plan LMS3904,
Section 2, Block 4 North, Range 4 West, New Westminster
District, Plan LMS36879; PID: 024-042-170.
Location:
The property is located at the Northeast corner of Muir
Drive and Westminster Highway. The northern portion of
the Property is located on the North side of Sharpe Avenue.
Area
Description:
The Property is located in East Richmond, 25 minutes to
Downtown Vancouver; 10 Minutes to Burnaby’s Metrotown;
10 Minutes to Richmond’s City Centre, 10 Minutes to
Surrey’s Central City
Frontage:
264.88 ft. along Westminster Highway
Site Area:
3.73 acres
Zoning:
Town Housing (ZT13) - Hamilton
Improvements:
Assessment
(2015):
Gross Taxes
(2015):
21 residential townhouse blocks, each containing 2 to
8 townhomes. The townhomes are all three levels and
comprise three bedrooms, or two bedroom and den, with
single or double garages occupying the majority of the lower
level. Features include a gas fireplace, private balcony, full
kitchen, den, stacked washer and dryer, full four-piece
bathroom, and a master bedroom with a full or semi fourpiece ensuite. Entrance is from grade, with an adjacent
patio/yard area.
$26,702,000
$103,555
Year Built
1999 to 2003 (phased)
Total Units
88 (90 total units in property of which 2 strata units are separately owned)
Net Rentable
Area
Average Unit
Size:
Projected NOI:
100,971 SF
1,147 SF
$1,070,825 for FYE April 2016