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Under Contract

Bonnie Brae Apartments

1955 Western Drive, Port Coquitlam

Apartment Building
65 suites on a 1.5-acre site

$13,500,000

3% cap rate / $208,000 per unit

Overview

Bonnie Brae Apartments is a well-maintained three-storey plus basement wood-frame rental apartment building located in the Mary Hill area of Port Coquitlam. Constructed in 1968 on a massive 1.5-acre lot, the building contains 65 suites comprising a great suite mix of 8 bachelors, 33 one-bedrooms and 24 two-bedroom units. The two bedroom units all have a two-piece en-suite bathroom. Opportunity to significantly increase rents on suite turnover.

Features include 67 covered parking stalls, balconies, elevator service, large laundry room, bicycle and locker room storage and a large additional storage room. A Stage 1 Environmental Report has recently been commissioned. Finally, there is an option to purchase the shares of the company holding title to the property and save PTT. 

Summary

Price$13,500,000
Units65
Storeys3 + basement
Price/Unit$207,692
Cap Rate3.0%
GIM19.3
Year Built1968
Lot Size1.5 acres (~65,299 SF)
ZoningRA-1, Residential Apartment 1
PID007-002-068

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units8Avg. Rent$667
1 bedroomNo. Units33Avg. Rent$843
2 bedroomNo. Units24Avg. Rent$937

Location

The subject is situated on the west side of Western Drive, towards its northern extent, and just east of Mary Hill Road, in the Mary Hill area of Port Coquitlam. The property is across the street from Mary Hill Elementary School and is nearby the downtown Port Coquitlam strip on Shaughnessy Street, which features grocery stores, coffee shops, restaurants, barbers, liquor stores, and bars galore. There are a number of walking trails nearby and only a 5-minute drive to Gates Park’s outdoor playgrounds, walking, and cycling trails. The Mary Hill Bypass connects directly to the freeway and provides easy access to New Westminster, Burnaby and Vancouver.

Upgrades

  • Front facia work (2018)
  • Two new Viessmann furnaces (2017)
  • Lobby refurbished (2015)
  • Elevator modernization (2014) 
  • Mailboxes (2013)
  • Electrical breakers (2010)
  • Building re-piped (2009)
  • Roof (2005)
  • Balcony and windows replaced as needed

Financials

FinancingTreat clear title.
Assessment 2017
Land
Building
Total
Land$7,463,000
Building$4,255,000
Total$11,718,000
Taxes 2018
$39,458
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$699,876
Vacancy(6,999)
Effective Gross$692,877
Operating Expenses(284,784)
Net Operating Income $408,093
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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