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Mon Tru Manor

420 Eleventh Street, New Westminster

Apartment Building
61 suites

$14,500,000

3.14% Cap Rate

Overview

Mon Tru Manor is a well maintained 3-storey wood-frame rental apartment building featuring 61 suites. Constructed in 1969, the building is improved on a massive 41,802 SF, RM-2 zoned lot in New Westminster’s popular Brow of the Hill neighbourhood. The property features balconies/patios, secure underground parking, storage lockers and an ongoing capital upgrade program. The existing rental rates are 10–20% below CMHC levels.

In terms of redevelopment potential, the property is located within the Brow of the Hill area where, under the Draft Official Community Plan, the site is outlined as RM Residential–Medium Density. It is possible that 4-storey condo development may be considered and/or a 6-storey secured market rental project. Each would require a tenant relocation plan as well as contribution to the City’s amenity density payment program. It is recommend any prospective redevelopment plans are confirmed through the City of New Westminster’s planning department.

Summary

Price$14,500,000
Units61
Storeys3
Price/Unit$237,705
Cap Rate3.14%
GIM19.9
Year Built1969
Lot Size264’ × 158.3’ (~41,802 SF)
ZoningRM-2 Multiple Dwelling District
PID007-095-171
Sale Date10/06/2017

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units4Avg. Rent$654
One bedroomNo. Units27Avg. Rent$828
Two bedroomNo. Units24Avg. Rent$1,233
Three bedroomNo. Units6Avg. Rent$1,146

Location

The subject property is extraordinarily well located in a quiet residential neighbourhood called “Brow of the Hill” in New Westminster’s Uptown District. Situated on the west side of Eleventh Street between Fourth and Fifth Avenue, the property is a five minute walk to Moody Park and 10 minutes to Royal City Centre which is characterized by its retail amenities, financial institutions, office buildings, restaurants and strip retail facilities. Douglas College, Royal Towers Hotel, the Anvil Centre, the Law Courts, City Hall and the waterfront Westminster Pier Park are also in close proximity. The New Westminster Skytrain Station is an approximate 15 minute walk from the property.

Highlights

  • Three-storey wood-frame rental apartment building constructed in 1969 
  • Spectacular views from south and west  facing units 
  • Additional massive three-bedroom owner’s suite with 2 balconies plus large roof-top deck featuring sensational views
  • Massive lot size: ~41,802 SF (264’ × 158.3’) 
  • Elevator service 
  • Mail delivered directly to tenant suites
  • Approx. 50 dishwashers installed out of 61 suites 
  • Electrical breakers in all suites 
  • Large storage container at rear parking area for landscaping shed
  • Unauthorized units: #110 and #111
  • Units #201, #301 and #401 do not have balconies—these are located over the entryway
  • 2 electrical storage closets—suites separately metered 
  • Main floor features office/storage room, elevator room, laundry room and boiler room 
  • HW radiant heat—3 hot water tanks and original boiler 
  • Large laundry room—7 dryers (5 gas and 2 electric) and 5 washers—all owned by building 
  • Charging $25/stall for secure though most have it included in rent (didn’t use to charge) 
  • 2 lockers rooms—heated and sprinklered & workshop (parkade area)

Upgrades

  • Continual updates being made as units turn over 
  • Top floor skylights—all replaced 
  • Plumbing: main lines replaced 25 years ago 
  • Roof: replaced with torch-on approx. 5 year 
  • HW tanks replaced 25 years ago—no problems 
  • Ongoing window replacement 
  • Hallway carpets replaced approx. 10 years ago 
  • New intercom 
  • 10 sets of newer cabinets 
  • Elevator upgrades

Financials

FinancingClear title.
Assessment 2017
Land
Building
Total
Land$4,807,000
Building$5,968,000
Total$10,775,000
Taxes 2017
$47,245
Income and Expenses
Gross Income
Less vacancy at 0.4%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$731,016
Vacancy(2,924)
Effective Gross$728,092
Operating Expenses(273,270)
Net Operating Income$454,822
NotesFor current rent roll and expense statement, 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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