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Ralf's Gardens

7040 Arcola Street, Burnaby

Apartment Building
48 suites

SOLD $12,800,000

Overview

Ralf’s Gardens is a 48-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 31,768 sq. ft. site and features elevator service, secure underground parking, ample storage and a great suite mix.   Property is in the Edmonds Plan as “Town Centre Core”.

Features

  • Three-storey wood-frame building constructed in 1968
  • 48 units (2 bachelors, 40 one-bedrooms, 6 two-bedrooms)
  • All suites have balconies or patios
  • Stucco exterior with brick trim
  • 48 secured underground parking stalls 
  • Bright and clean laundry room with 3 washers and 3 dryers (leased)
  • Bike storage area
  • Separate locker room
  • 16’ x 12’ storage room
  • Security system with cameras

Upgrades

  • 75% of windows, bathrooms, countertops, laminate floors, tiles, and appliances have been upgraded in bath/shower 
  • All bathrooms have floor-to-ceiling tiles
  • Attractive lobby with ceramic tile work
  • Pipe risers replaced (approx. 10 years ago)
  • Roof replaced (approx. 8 years ago)
  • Single cylinder elevator replaced (approx. 3 years ago)
  • Balconies replaced or membranes refinished as needed (approx. 3 years)
  • Hall carpets replaced (approx.10 years ago)
  • Updated intercom & annunciator panel
  • Mighty Therm water boilers
  • High Tec water treatment system 
  • Tile flooring in basement

Location

The property is located on the south side of Arcola Street, one block north of Kingsway in the heart of the Highgate Town Centre, only a half-block west of Highgate Shopping Centre. The Edmonds Community Centre, restaurants, transit and various amenities are very close by. Only a 13-minute walk to the Edmonds SkyTrain Station and 3km to Metrotown Mall.

Summary

Price$13,250,000
Units48
Storeys3
Price/Unit$276,042
Cap Rate2.12%
GIM25.6
Year Built1968
Lot Size31,768 SF
ZoningRM-3
PID001-203-100
Sale Price$12,800,000
Sale Date02/23/2017

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units2Avg. Rent$718
1 bedroomNo. Units40Avg. Rent$867
2 bedroomNo. Units6Avg. Rent$1,028

Financials

FinancingClear title.
Assessment 2016
Land
Building
Total
Land$4,606,000
Building$3,923,000
Total$8,529,000
Taxes 2016
$64,180.18
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$521,320
Vacancy(4,265)
Effective Gross$517,055
Operating Expenses(236,102)
Net Operating Income$280,953
NotesFor a detailed rent roll & expenses statement, 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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