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The Ambassador

516 Ash Street, New Westminster

SOLD $3,375,000

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Price$3,495,000

Units28

Storeys3

Net rentable area19,150 sq. ft.

Year built1967

Lot size118.8' x 132' (15,682 sq. ft.)

ZoningRM-2

Price/unit$124,821

Cap rate4%

GIM13.0

PID013-606-310; 013-606-301

Legal descriptionLots 10 and 11 of Lot 9 Suburban Block 10 Plan 2620

Sale price$3,375,000

Sale date11/22/2013

Overview

The Ambassador is a three-storey wood-frame 28-suite apartment building located in the popular Uptown District of New Westminster, a half-block from the City’s core. Built in 1967, the property is very clean and well maintained featuring a suite mix of six bachelor, 18-one bedroom and 4-two bedroom suites. Other highlights include elevator, surface/covered parking, storage and balconies. Cable TV and parking included in rent.

Location

The subject is extraordinarily well located in a quiet residential neighbourhood called “Brow of the Hill” in New Westminster’s Uptown District. Situated on the west side of Ash Street at the end of a cul-de-sac, the property is a half-block from Moody Park and Royal City Centre which is characterized by its retail amenities, financial institutions, office buildings, restaurants and strip retail facilities. Douglas College, Royal Towers Hotel and BC Transit also in close proximity.

Highlights

28-suite wood-frame building improved on a 15,682 sq. ft. site
Constructed in 1967
Clean and well maintained with no deferred maintenance
Nice inviting lobby with a retro look
Convenient Uptown New Westminster location in quiet cul-de-sac, a half block from City’s core
Parking stalls: 28 (11 surface; 12 underground; 3 covered)
Laundry room: 2 washers/2 dryers leased
Balconies/patios for all suites
Storage room: 28 lockers
Additional storage: 3 garages converted to secure storage room (approved by City)
Security: 2 cameras
Mail delivered to individual suites by Canada Post
Elevator service
Gas-fired furnace
Ongoing and extensive program of capital upgrades
Parking and Cable TV included in rent

Upgrades

Heatpex re-circulation line (2011)
Re-piping (2005)
New carpet common areas (2009)
Grundfos re-circulation pump for boiler (2013)
Upgrades to approx. 70% of suites (19/28 suites): new lights, decorative switches and plugs, laminate flooring or carpet and paint, new sinks, toilets, shower tile replacements with new hardware, fridges, stoves and updated kitchen cabinets/countertops
Roof (approx. 2004)
Booster fan for venting
New pump on furnace
Electrical breakers in suites (2009)

Show less

	No. units	Average size	Average rent
Bachelor	No. units6	Average size417	Average rent$673
One Bedroom	No. units18	Average size725	Average rent$788
Two Bedroom	No. units4	Average size900	Average rent$962

Financials

Financing	Treat as clear title.
Assessment 2013	Land Building Total	Land$1,066,000 Building$1,775,000 Total$2,841,000
Taxes 2013	$16,640.02
2013 Income & Expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$269,832 Vacancy(2,698) Effective gross$267,134 Operating expenses(127,951) Net operating income$139,183
Notes	For a current rent roll and expense statement, click here.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.