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Montego Manor

7060 Elwell Street, Burnaby

Apartment Building
65 suites

SOLD $13,200,000

$212,308 per unit

Overview

Montego Manor is a 65-suite three-storey wood-frame rental apartment building located in Burnaby’s Highgate neighbourhood. Clean and well maintained, the property is improved on a large 42,261 sq. ft. site and features elevator service, secure underground parking, ample storage and a great suite mix.

Highlights & Updgrades

Highlights

  • 65 suite three-storey wood-frame rental apartment building
  • Large 42,261 sq. ft. site
  • Elevator service to all floors including garage
  • Brick, cedar and stucco exterior
  • Nicely landscaped with mature trees and bushes
  • All suites feature large balconies or patios
  • Attractive lobby with mailbox room off lobby
  • Suites have breakers
  • Underground secured parking for 65 cars
  • Laundry room features 4 washers/4 dryers leased
  • Separate emergency generator
  • 2 separate storage rooms with lockers for each tenant
  • A workshop area approx. 18’ x 12’
  • 2nd storage area approx. 8’ x 8’
  • Sump pump
  • 6 of the two-bedrooms have additional 2-piece en suite bathrooms
  • Clean Stage 1 Environmental report on file from 2010–Seller in the process of updating

Upgrades

  • Balconies exterior recently painted
  • Annunciator panel lobby
  • Roof replaced approx. 2010
  • Replaced underground parking roof membrane (2000)
  • Piping ongoing as needed
  • Metal grates garage replaced
  • Some kitchen upgrades, including cabinets, appliances, lighting, floorings
  • Ongoing bathroom upgrades
  • Original multi-temp furnace (1972)
  • Hot water storage tank (2002)
  • Hot water boiler (2002)

Location

The subject property is located in Burnaby on the south side of Elwell Street, three block north of Kingsway in the heart of the Highgate Town Centre, just minutes to the Highgate Shopping Centre, Edmonds Community Centre, restaurants and various amenities.

Summary

Price$13,800,000
Units65
Storeys3
Net Rentable Area39,461 sq. ft.
Price/Unit$212,308
Cap Rate2.7%
GIM21.6
Year Built1972
Lot Size261' x 162' (42,261 sq. ft.)
ZoningRM-3
PID008-618-275
Sale Price$13,200,000
Sale Date11/23/2015

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units14Avg. Sq. Ft.457Avg. Rent$709
One BedroomNo. Units39Avg. Sq. Ft.597Avg. Rent$788
Two BedroomNo. Units12Avg. Sq. Ft.815Avg. Rent$1,005

Financials

FinancingTreat as clear title.
Assessment 2015
Land
Building
Total
Land$5,071,000
Building$3,472,000
Total$8,543,000
Taxes 2015
$78,675.43
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$648,237
Vacancy(9,724)
Effective Gross$638,513
Operating Expenses(269,511)
Net Operating Income$369,002
NotesFor detailed financials of Montego Manor, please 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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