Hugh & McKinnon Realty Ltd.

1340 Fir Street, White Rock

10 Unit Apartment Building

Suite Mix

1 – Studio

9 – 1 Bedroom

BUILDING SUMMARY

1340 Fir Street, White Rock

The Starlite is a 10 unit rental apartment building in uptown White Rock.  The building consist of 9 – 1 bedroom units and 1 studio suite.  This is a wood frame structure, with above ground parking in front as well as covered parking off the back lane.  These buildings do not come up for sale very often.

There are only 56 single title, rental buildings in White Rock proper, none have been constructed since the Condominium Act came into force in the early 1970’s.  When developers could start building condominiums in the early 1970’s, land values shot up so rapidly that it has made no financial sense since to build rental buildings in White Rock, not one rental building has been built in White Rock in over 30 years!   Rents would have to be astronomically high to warrant the investment. The result being these 56 rental buildings in White Rock are financial gold for their owners, there are no new ones being built, there is always a demand for them and very restricted supply.  Now is the time for investors with cash earning next to nothing in the bank, to step forward and make their money grow again.

The Starlite is in excellent condition, all the carpets in the 3 hallways and the 2 stairwells have just been replaced.  Each unit has a separate storage locker, radiant hot water heat is included in the rent and there is pay laundry on the ground floor.  .

Excellent location ½ block south of Thrift Avenue and 2 blocks from Johnston Road, everything in the uptown core is easily walked to.

PROPERTY INFORMATION

1340 Fir Street, White Rock

FINANCIAL SUMMARY

1340 Fir Street, White Rock

White Rock taxes include garbage disposal.

RENT ROLL – JANUARY, 2011

1340 Fir Street, White Rock

* Caretaker’s suite is slightly under market

LOCATION

1340 Fir Street, White Rock