building summary 42 unit apartment building … · building summary 1285 martin street, white rock...
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BUILDING SUMMARY 1285 Martin Street, White Rock
410 – North Tower , 650 West 41st Avenue Vancouver, BC V5Z 2M9
Bill Goold | James Blair | Patrick McEvay | David Venance
604-263-2823 | [email protected]
PROPERTY HIGHLIGHTS: Outstanding location close to Royal Columbian
Hospital with great access to transit and shopping Large lot on a quiet street Ample underground parking and tenant amenities Excellent curb appeal
SUITE MIX: 42 units3 Bachelors33-1 Bedrooms6-2 Bedrooms
319KNOX STREET
NEW WESTMINSTER
BC
This communication is not intended to cause or induce breach of an existing agency agreement Each office is independently owned and operated.
$6,280,000
LIST PRICE
42 UNIT
APARTMENT BUILDING
BUILDING SUMMARY
MUNICIPAL ADDRESS:319 Knox StreetNew Westminster, BC V3L 3N4
PID 007-361-254
LEGAL DESCRIPTION Lot 22 Suburban Block 3 Plan 36528
ZONING RM-2 Multiple Family Apartment Block
NEIGHBOURHOOD Sapperton
YEAR BUILT 1971
LOT SIZE 132’ x 195’ (25,754 sq. ft.)
42 RESIDENTIAL UNITS 3 Bachelors, 33-1 Bedrooms, 6-2 Bedrooms
ELEVATORS Yes – Armour Basement Traction
BALCONIES Yes – every unit
CHATTELS3 Huebsch washers & dryers, 42 fridges & stoves
PARKING19 Secured underground parking (including bike rack parking) & 23 covered stalls
CONTRACTS Shaw, BFI, Richmond
ASSESSMENT 2014Land $1,931,000Building $2,630,000Total $4,561,000
ROOF Torch On – Replaced within last 10 years
HEAT Quad Multitemp Gas Boiler – Installed 1981
ELECTRICAL Fuse Panels
Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness.
319 KNOX STREET, NEW WESTMINSTER, BCBUILDING DESCRIPTION
“Montego Apartments” is a 42 unit, four story, wood frame walk up apartment building, located on a quiet street with a beautifully landscaped yard, lending excellent curb appeal. The building is heated by a Quad Multitemp boiler, and has 2 domestic hot water storage tanks. There is a central laundry room with 3 Huebschwashers and 3 Huebsch dryers, which are owned by the bulding. 19 secured underground parking stalls are available, and an additional 23 covered stalls. There are enough storage lockers to accommodate all suites. The torch on roof was replaced within the last 10 years. All four floors are serviced by a Armour traction elevator.
The units are bright and spacious and each has a balcony or patio with sliding glass doors and single pane windows. The electrical panels are fuses, and all units have heat and smoke detectors along with their own in-suite heat controls for the hot water baseboard heaters. Every unit is connected to the intercom system.
The bathrooms have vinyl floors, arborite counters, heat lamps, exhaust fans, and the bathtubs have a ceramic tile surround. The kitchens offer newer appliances with electric ranges and frost free fridges, painted hardwood cabinets, arborite counters, and all have exhausted hood fans.
319 KNOX STREET, NEW WESTMINSTER, BCFINANCIAL SUMMARY
Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness.
1. Actual Rental Income for 2013 was $422,8502. Utilities: Gas $21,892, Hydro $4,520, Water/Sewer $9,200 (stabilized )3. Waste Removal: Solid Waste $13,510, Waste Collection $2,8314. 2013 Expenses not including Capital Improvement of $2708.17 for flooring & appliances
REVENUE
Rental Income 1 $436,440
Laundry 9,076
Parking 6,300
Gross Income $451,816
Less: Vacancy (2.2%) 9,601
EFFECTIVE INCOME $442,215
EXPENSES 2013 Per Unit
Insurance 13,389 319
Property Taxes 25,320 603
Repair & Maintenance 19,955 475
Utilities 2 35,612 848
License 1,984 47
Bank Charges 197 5
Caretaker 27,415 653
Cable 19,452 463
Waste Removal 3 16,341 389
TOTAL EXPENSES 4 159,665 3,801
Expense Ratio 36%
TOTAL NET INCOME $282,550
Asking Price $6,280,000 $149,523.81
Cap Rate 4.50%
319 KNOX STREET, NEW WESTMINSTER, BCLOCATION
Subject Property
C9 | NEW WESTMINSTER STATION128 | BRAID STN/22ND STREET155 | BRAID STN/22ND STREET
996 | MILLENNIUM SKYTRAIN
The Montego Apartments are located in Sapperton, New Westminster, the oldest city in WesternCanada. The ‘Royal City’ is a vibrant transportation hub with five rapid transit stations and access tomajor highways, rail, and water. This property provides quick access to transit, with bus routes onlya 4 minute walk away and the Sapperton SkyTrain Station only a 10 minute walk away. Thirtyminutes from downtown and to the US border this urban community still maintains its small-towncharm. Tenants are only a 10 minute drive away from the Westminster Quay Boardwalk, which is a2-mile long flower-lined esplanade along the Fraser River. Ideal for leisurely strolls this walkwayleads to the River Market. Open since 1986, the River Market is a culinary destination featuring70,000 sq.ft. of food vendors, restaurants, and cooking schools. It also features a variety ofboutiques and commercial space. Residents will also find many amenities along East ColumbiaStreet which is only one block east of the Subject Property. Montego Apartments’ prime location inthe heart of New Westminster makes this an investment property worth exploring.
Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness.
319 KNOX STREET, NEW WESTMINSTER, BCNEIGHBOURHOOD
Walk Score Methodology: Walk Score measuresthe walkability of any address. For each address,Walk Score analyzes hundreds of walking routes tonearby amenities. Points are awarded based on thedistance to amenities in each category. Scores aremarked out of 100 points (All information courtesyof www.walkscore.com)
Restaurants| Bars| Coffee
Shops
Fresh slice PizzaSubway Sandwiches & Salads
Starbucks
Tim Horton's
Errands | Entertainment
Vagabond Theatre
The Royal Museum of New
Westminster
The Medicine Shoppe Pharmacy
TD Bank Financial Group
Busy Bee Machine Tools Ltd.Greater Vancouver Community Center
Scotiabank
GroceriesSource of Life Products
M&M Meat shops
Safeway
New West Health CenterHealth Town Vitamins
Parks
Sapperton Park
Hume Park
Cariboo Park
Bill Goold | James Blair | Patrick McEvay | David Venance
604-263-2823 | [email protected] office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness. July 31, 2014