New property listed in Kitimat, Kitimat

I have listed a new property at 207 110 Baxter AVE in Kitimat. See details here

Approx. 36 unit 7yr old complex in a very nice, quiet, residential part of town, with the property backing onto Crown land. 5 small buildings of about 6 units each, all very close to 950-1,050sf in size; each of these 5 buildings has 2 'rancher' units on the bottom with 4 2-level units above or on end. Each unit has 2 outside parking and 1 locker. Modern finishes. Hardiboard cladding on a cavity-wall envelope ('rainscreen'), sloped roofs; very simple complex with no shared boiler/plumbing system, elevators, parkade, amenities, etc.. Vast majority are rented out and owned by non-local owners (INCLUDING one owned by myself; full disclosure). Contingency of over $100k, Depreciation Report being done in 2021. Strata council consists of two multi-unit owners and a local property manager who owns in the complex. Rent history in complex: historically, rents have ranged from $1,500~ (unfurnished, back in '14) to $3,600~ (multiple units rented furnished to LNG Canada in 2016). Fully-furnished 'executive' rentals over the last few years have ranged from $2,600-$3,200/mo, with some landlords including utilities (avg. $200/mo over the year including internet). Unfurnished units currently range from $1,600 long-tenured to $3,000/mo much more recently to Rio Tinto, Fluor, or LNG-C) Median prices for these units have settled consistently in the $330k-$350k range over the last year and a half, but likely rising due to how high rents have become. Strata fees are in the $220/mo range and property taxes in the $2,200/yr range. A local furniture company in Terrace has a full furniture package for these units for approx. $8,000 including delivery and assembly. Sundries (tableware, tv, lamps, etc.) typically run about $1,000. From vacant/empty/clean to fully furnished can be estimated at $9,000, comfortably.

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