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Villa Roma

5220 Capitol Drive, Burnaby

Apartment Building
30 suites

SOLD $5,700,000

Overview

Villa Roma is a three-storey 30-suite wood frame rental apartment building located in the Capitol Hill neighbourhood of North Burnaby. Built in 1969 and improved on a large 19,240 sq. ft. lot, the subject is very clean and well maintained with an ongoing maintenance program.  Features large suites, elevator, secure underground parking, storage and laundry.  Rents below market.

Location

Located in the Capitol Hill neighbourhood of North Burnaby, Villa Roma fronts Capitol Hill Drive and backs onto East Hastings which offers convenient access to frequent public transit and the Trans-Canada Hwy. In close proximity to schools, shopping, parks, pool & fitness centre and Simon Fraser University.

Highlights

  • Three-storey wood frame rental apartment building comprised of 30 suites
  • Very clean and well maintained
  • Elevator service
  • Parking for 35 cars; 29 secure underground and 6 surface stalls
  • Large 19,240 sq. ft. lot
  • Building access from Capitol Hill Drive and Hastings Street
  • Stucco and brick exterior
  • Large suites with ample storage
  • Security cameras
  • Two washers and two dryers (leased)
  • Rents approximately 12% below market (as per CMHC)
  • Ongoing capital maintenance program including suite upgrades (60% renovated), plumbing (main lines replaced), roof (approx 7 years old), breakers, to name a few.

Summary

Price$6,200,000
Units30
Storeys3
Price/Unit$206,667
Cap Rate2.7%
GIM20.4
Year Built1969
Lot Size19,240 sq. ft.
ZoningRM-3
PID006-923-585
Sale Price$5,700,000
Sale Date02/06/2015

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units2Avg. Rent$705
One BedroomNo. Units25Avg. Rent$809
Two BedroomNo. Units3Avg. Rent$1,233

Financials

FinancingTreat as clear title.
Assessment 2014
Land
Building
Total
Land$2,116,000
Building$1,725,000
Total$3,841,000
Taxes 2014
$36,148.13
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$311,196
Vacancy(7,780)
Effective Gross$303,416
Operating Expenses(133,814)
Net Operating Income$169,599
NotesFor a current rent roll and expense statement, contact mark@goodmanreport.com

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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