Sold

6556-96 Marlborough Avenue

Burnaby

Development site with holding income
Site: 330’ x 110.4’ (36,423 sq. ft.)

SOLD $14,500,000

3 apartment buildings and 1 rental house

Overview

The subject property is a 36,423 sq. ft. multi-family development site with holding income located in Burnaby’s rapidly evolving Metrotown neighbourhood. There are 5 contiguous lots totalling approximately 36,423 sq. ft. (330’ x 110.4’). The site is currently improved with 3 low-rise apartment buildings and one single-family house totalling 45 suites. Net operating income is approximately $264,500.

Development Potential
The City of Burnaby has expressed an intent to proceed with a planning process for a proposed update to the Metrotown Centre Plan, which we expect to be confirmed sometime later this year. While Council has not currently endorsed any future density designation or rezoning change for the subject property, it is possible that future rezoning to a higher density will be permitted.

Location

The subject property is located in Burnaby’s rapidly evolving Metrotown neighbourhood, a short 5-minute walk to the Metrotown Mall, BC’s largest shopping and entertainment complex, as well as numerous other amenities and dining locations. It is conveniently situated close to bus service and the Royal Oak and Metrotown Skytrain Stations.  The subject is positioned between the two major east-west traffic arteries with Kingsway to the north and Imperial Street to the south.  Lobley Park is just to the northwest and Bonsor Community Centre is located just two blocks west offering a park, fitness centre, swimming pool and various programs. 

Summary

Price$14,900,000
Lot Size330’ x 110.4’ (36,423 sq. ft.)
ZoningRM-3
PID009-893-318; 003-308-928; 002-739-097; 012-196-401; 012-196-428
Sale Price$14,500,000
Sale Date12/31/2015

Financials

FinancingTreat as clear title.
Assessment 2014
Land
Building
Total
Land$4,621,000
Building$2,235,900
Total$6,856,900
Taxes 2014
$55,678.98
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$432,520
Vacancy(4,325)
Effective Gross$428,195
Operating Expenses(163,649)
Net Operating Income$264,546

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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