Multifamily
Princeton Heights Apartments
260 Turner Street, Hope, Hope, BC V0X 1L4
Listing Price: $2,850,000
Investment Overview
The McEvay Blair Multifamily Group of Marcus & Millichap is pleased to present the opportunity to acquire Princeton Heights Apartments, a well-maintained 12-suite apartment building located at 260 Turner Street in Hope, BC. Situated on a 0.55-acre site just minutes from downtown Hope, the Property offers investors an immaculately maintained, 1993-built apartment building, with no deferred maintenance, combined with stable in-place cash flow, and strong revenue growth potential. The Property benefits from a convenient location close to shopping, services, restaurants, and major transportation routes while maintaining a quiet residential setting.
The three-storey wood-frame building comprises of 11 two-bedroom suites and 1 three-bedroom, which is currently being used as a caretaker suite. Residents enjoy spacious floorplans featuring laundry hookups, gas fireplaces, dishwashers, and large covered balconies. The Property has been well maintained throughout ownership, with capital improvements including roof replacement and recent roof maintenance, new gutters, upgraded fire panel, and ongoing suite upgrades completed upon turnover.
The Property represents a compelling opportunity to acquire a proven multifamily asset in a supply constrained rental market, offering immediate positive cashflow, limited management requirements, and significant mark-to-market upside.
Princeton Heights Apartments
Investment Highlights
- Long-term tenant retention has resulted in several suites renting below prevailing market levels. Upon turnover of the below market units, investors can achieve approximately 25% rental income growth
- Princeton Heights Apartments is fully occupied and benefits from a stable, long-term tenant base with no history of rental arrears.
- A live-in caretaker, third-party cleaning services, established maintenance procedures, and strong tenant relationships create a straightforward ownership opportunity.
- The all units benefit from sprawling floor plans and offer laundry hookups, gas fireplaces, dishwashers, and large covered balconies.
- Ownership has consistently maintained the Property through consistent upgrade work, capital improvements and limited deferred maintenance. Current ownership has owned the property since it was built, reflecting long-term stewardship and continuity of management.
- Three large unfinished storage rooms, including one tenant area and two owner-use spaces, provide valuable operational flexibility. A former bicycle room has also been adapted by ownership for occasional overnight use, offering additional functional space within the building.
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Listing Price: $2,850,000
Investment Highlights
- Long-term tenant retention has resulted in several suites renting below prevailing market levels. Upon turnover of the below market units, investors can achieve approximately 25% rental income growth
- Princeton Heights Apartments is fully occupied and benefits from a stable, long-term tenant base with no history of rental arrears.
- A live-in caretaker, third-party cleaning services, established maintenance procedures, and strong tenant relationships create a straightforward ownership opportunity.
- The all units benefit from sprawling floor plans and offer laundry hookups, gas fireplaces, dishwashers, and large covered balconies.
- Ownership has consistently maintained the Property through consistent upgrade work, capital improvements and limited deferred maintenance. Current ownership has owned the property since it was built, reflecting long-term stewardship and continuity of management.
- Three large unfinished storage rooms, including one tenant area and two owner-use spaces, provide valuable operational flexibility. A former bicycle room has also been adapted by ownership for occasional overnight use, offering additional functional space within the building.
Investment Overview
The McEvay Blair Multifamily Group of Marcus & Millichap is pleased to present the opportunity to acquire Princeton Heights Apartments, a well-maintained 12-suite apartment building located at 260 Turner Street in Hope, BC. Situated on a 0.55-acre site just minutes from downtown Hope, the Property offers investors an immaculately maintained, 1993-built apartment building, with no deferred maintenance, combined with stable in-place cash flow, and strong revenue growth potential. The Property benefits from a convenient location close to shopping, services, restaurants, and major transportation routes while maintaining a quiet residential setting. The three-storey wood-frame building comprises of 11 two-bedroom suites and 1 three-bedroom, which is currently being used as a caretaker suite. Residents enjoy spacious floorplans featuring laundry hookups, gas fireplaces, dishwashers, and large covered balconies. The Property has been well maintained throughout ownership, with capital improvements including roof replacement and recent roof maintenance, new gutters, upgraded fire panel, and ongoing suite upgrades completed upon turnover. The Property represents a compelling opportunity to acquire a proven multifamily asset in a supply constrained rental market, offering immediate positive cashflow, limited management requirements, and significant mark-to-market upside.
Exclusively Listed By
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