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Karin Manor & Walker Manor

7230 Elwell Street & 6947 Walker Avenue, Burnaby

Apartment Building
Two side-by-side buildings totalling 62 suites

SOLD $12,400,000

Lot size: 48,088 SF

Overview

Multi-family investment opportunity featuring two side-by-side rental apartment buildings totaling 62 suites in Burnaby’s Highgate neighbourhood.  Improved on a combined 48,088 sq. ft. RM-3 zoned site, the properties are three-storey wood-frame buildings featuring a great a suite mix, elevator service and secure underground parking.

Karin Manor

Features

  • 27 suite three-storey wood-frame rental apartment building
  • Brick and stucco exterior
  • Mansard roof
  • Big lobby with mailboxes
  • Laundry room: 2 washer & 2 dryers
  • All suites have balconies
  • 20 secured underground parking plus additional surface stalls 
  • Storage lockers for tenants
  • Elevator service
  • Past clean Stage 1 Environmental Report (currently being updated)
  • Net rentable area of 17,074 sq. ft.


Improvements

  • Newer boiler for hot water
  • Ongoing suite upgrades including appliances, floorings, kitchens, countertops and bathroom fixtures

Walker Manor

Features

  • 35 suite three-storey wood-frame rental apartment building
  • Brick and stucco exterior
  • All units have balconies
  • Locker room for tenant storage on 2nd floor
  • 2 additional storage rooms for building owner
  • Attractive lobby and landscaping
  • Large laundry room: 3 washers/3 dryers
  • 20 secured underground parking plus additional surface stalls
  • Elevator service
  • Past clean Stage 1 Environmental Report (currently being updated)
  • Net rentable area of 22,311 sq. ft.

Upgrades

  • Mansard roof replaced 2-3 years ago
  • 7/8 suites have floor to ceiling tile
  • Ongoing suite upgrades including appliances, floorings, kitchens, countertops and bathroom fixtures

Location

The subject properties are located in Burnaby on the south side of Elwell Street and Walker Avenue, 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$13,100,000
Units62
Storeys3 & 3
Net Rentable Area39,385 SF
Price/Unit$211,290
Cap Rate2.6%
GIM21
Year Built1967
Lot Size48,088 SF
ZoningRM-3
PID012-320-790; 002-754-347
Sale Price$12,400,000
Sale Date11/23/2015

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units5Avg. Sq. Ft.427Avg. Rent$697
1 BedroomNo. Units35Avg. Sq. Ft.599Avg. Rent$770
2 BedroomNo. Units22Avg. Sq. Ft.745Avg. Rent$952

Financials

Assessment 2015
Land
Building
Total
Land$5,770,000
Building$3,025,000
Total$8,795,000
Taxes 2015
$78,386.95
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$634,121
Vacancy(9,376)
Effective Gross$624,745
Operating Expenses(280,909)
Net Operating Income$343,835
NotesFor detailed rent roll and financials, 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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