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The Ambassador

516 Ash Street, New Westminster

Apartment Building
28 suites

SOLD $3,375,000

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)

Summary

Price$3,495,000
Units28
Storeys3
Net Rentable Area19,150 sq. ft.
Price/Unit$124,821
Cap Rate4%
GIM13.0
Year Built1967
Lot Size118.8' x 132' (15,682 sq. ft.)
ZoningRM-2
PID013-606-310; 013-606-301
Sale Price$3,375,000
Sale Date11/22/2013

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units6Avg. Sq. Ft.417Avg. Rent$673
One BedroomNo. Units18Avg. Sq. Ft.725Avg. Rent$788
Two BedroomNo. Units4Avg. Sq. Ft.900Avg. Rent$962

Financials

FinancingTreat 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
NotesFor 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 HQ Commercial.

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