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Valued at $3,280,000 - On Sale for $2.5
Million |
The property is known as the Malahat
Ocean View Motel. Adjacent to the Trans Canada Highway, it is
situated midway between the capital city of Victoria and the community of
Mill Bay, on Vancouver Island British Columbia. Perched on 13.8
acres of land this property offers some of the most incredible views the island has to
offer.
Here's the Value:
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$69,000 in inventory
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$160,000 for equipment at fair market
value.
(George thinks this is low as the replacement is between $300,000
and $400,000)
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$300,000 is the business value based
upon 3x Normalized Net Earnings.
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$150,000 in leasehold improvements to
the buildings and property.
(George feels this figure could be doubled as
they have spent over half a million dollars doing improvements).
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$776,000 is the
Government of BC
assessment on the land only.
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$400,000 Value added to land value re
Grandfathered Commercial status. For the purpose of this value statement
George and Leita are using these figures but feel the real land value
could be triple or more re Grandfathered Commercial Status. This is where
people in the area come for mail and is an established community asset
adding to the quality of life in the neighbourhood.
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$1,175,000 is the value place upon the
8 buildings currently on the property:
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1 Main Store and Post
Office Complex
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2 Duplexes
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2 Double Motel Buildings
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2 Single Chalets
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1 Mobile Home (owner's residence)
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(also included on the property are 3
mobile home pads that are rented out monthly)
Some people may be of the opinion of,
"why do all the work running the store, post office and gas station when
the property may lend itself better to condo or hotel development?"
It would seem like a reasonable trade-off in traffic flow so that any development should be quickly approved as
the land is grandfathered for commercial zoning.
It should also be noted that the entire
property is fitted with a state-of-the-art, fully-approved sewage system.
This can easily be expanded as the property is developed.
Excellent supply of quality
water from a 600' well.
For more information
please email: 8 lawyer@pin.ca
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