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La Masia
19209 Fraser Highway
Surrey

Apartment Building
57 Suites
$11,795,000
Strata-Titled
The developer RDG Management Ltd. proposes to construct a mixed-use complex consisting of 57 residential strata units (42,831 net leasable sq. ft.) and 14 strata commercial units. The commercial component is not included in this offering.   The developer’s intention is to build on behalf of an investor according to the plans and specifications agreed to by all parties. We are seeking a buyer who will commit to acquiring the project (as a rental) with closing approximately 18 months after a building permit is obtained.
The subject property is located on the strategic corner of Fraser Highway, 64th Avenue and 192nd Street.  Aside from the mega growth in housing being experienced in East Clayton and North Cloverdale, ambitious plans for future and additional commercial development immediately across from La Masia is proposed.  There will be excellent sweeping views from the suites facing south of Mt. Baker and Langley City. A recent joint Translink/Provincial rapid transit study for Surrey has identified a rapid transit line (likely to be median running) on Fraser Highway from King George Blvd. to the City of Langley and Willowbrook Mall.
The suites will be furnished to a high quality condo standard including granite countertops, 5 appliances, double paned windows, laminate flooring, etc. (schedule available for review).  The property will feature 82 underground parking stalls (plus 11 for visitors). There will be an additional 51 surface parking (plus 10 underground) for the commercial component.
Financing
None.
Proforma
Gross Income
$868,498
Vacancy
(26,055)
Effective Gross
$842,443
Operating Expenses
(239,886)
Net Operating Income
$602,558
Notes
For more details, including a rent roll and proforma, click here.
David Goodman
david@goodmanreport.com
604 714 4778
Mark Goodman
mark@goodmanreport.com
604 714 4790
HQ Commercial
320-1385 West 8th Ave. Vancouver, BC V6H 3V9
Fax: 604 608 9455
www.goodmanreport.com
The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

Summary

Price$11,795,000
Units57
Net Rentable Area42,831 sq. ft.
Price/Unit$206,930
Cap Rate5.1%
GIM14.0
Year BuiltNew Construction
Lot Size81,219 sq. ft.
ZoningExisting C4 (Proposed CD)
PID027-233-413; 011-391-464
Legal DescriptionLot 1 Plan BCP 32553 and Lot 2 Plan 9440: Part Dedicated Road on Plan 678752 All of Section 10 Township 8 N.W.D

Suite Mix

No. UnitsAvg. Sq. Ft.
One Bedroom (JR)3541 
One Bedroom28607 - 720 
Two Bedroom (JR)2706 
Two Bedroom13849 - 896 
Two Bedroom11905 - 995 

Attachments

La Masia Information Package (473.7 KB)Architectural Drawings (42.8 MB)
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