2241 Columbia Avenue

Investment Overview

Avison Young is pleased to present a rare opportunity to acquire a well-maintained, three-storey walk-up apartment building at 2241 Columbia Avenue, Castlegar, BC. The Property comprises 10 all two-bedroom suites, offering an uncommonly uniform suite mix that drives strong tenant demand and stable, long-term income. The building has been thoughtfully maintained and upgraded throughout, featuring 10 spacious two-bedroom suites ranging from 988 sf to 1,024 sf, well above typical market suite sizes. Additional revenue is generated through coin-operated laundry, and ample on-site parking is provided for all units. Situated on Columbia Avenue in the heart of Castlegar, the Property benefits from immediate proximity to schools, parks, restaurants, shopping and everyday amenities —delivering the quality of life that attracts and retains quality tenants. This offering represents a compelling entry point into one of BC’s supply-constrained interior markets. This is a secure, high-yield multi-family asset suited to investors seeking dependable cash flow in a resilient interior BC market.

Investment Highlights

• Significant mark-to-market opportunity — average in-place rents of $1,190/month vs. market rents of $1,800/month, representing $610/suite/month in unrealized upside
• Tenants pay all utilities and cable, minimizing operating costs for the owner
• Revenue-generating coin-operated laundry ($2.00/load) providing ancillary income
• Three-storey wood-frame walk-up construction (no elevator, lower maintenance costs)
• Poured concrete slab and foundation walls
• Torch-on roof replaced in 2008
• Individual hot water tanks per suite, eliminating shared system risk
• Secured building entry
• Well-maintained landscaping throughout
• Stabilized Net Operating Income: $96,029 (5.36% cap rate)
• Projected Market Net Operating Income: $164,913 (9.21%)