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Ridge Crest Manor

7165 Pandora Street, Burnaby

Apartment Building
14 suites

$4,295,000

5 minutes to SFU

Overview

Ridge Crest Manor is a three-storey 14-suite rental apartment building located in Burnaby’s Westridge neighbourhood. Built in 1964 of wood construction, the property comprises 3 two-bedroom and 11 one-bedroom suites and is improved on a 14,201 SF irregular shaped corner lot.

Each unit (except one) has its own separate exterior entrance and feature hardwood floors. There are 13 surface parking stalls, laundry facilities and 12 storage lockers on the main floor. Some capital upgrades include a new awning (2018), roof (2013), and boiler (2006). Some of the units have nice views. The building is in need of re-plumbing.

Location

Ridge Crest Manor is located in Burnaby’s Westridge neighbourhood on the north side of Pandora Street just east of Inlet Drive. The community has a number of small parks scattered around the neighbourhood. To the east is Burnaby Mountain Conservation Area with its forested slopes, hiking trails, and Centennial Park, as well as the Burnaby Mountain Golf Course. 

The Trans-Canada Trail runs along the north side of Hastings and continues toward picturesque Burrard Inlet. The small Westridge Park west of Inlet Drive has a children’s playground and some tennis courts. Nearby is Simon Fraser University and Barnet Marine Park, with its beach and wonderful views of Burrard Inlet and Indian Arm. Only 5 minutes to Kensington Square Shopping Centre and Burnaby North Secondary School. Public transit is available a few minutes’ walk on Hastings Street.

Summary

Price$4,295,000
Units14
Storeys3
Net Rentable Area10,420 SF
Price/Unit$306,786
Cap Rate2.5%
GIM26
Year Built1964
Lot Size14,201 SF
ZoningRM-2
PID008-945-381

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
1 bedroomNo. Units11Avg. Sq. Ft.680 SFAvg. Rent$883
2 bedroomNo. Units3Avg. Sq. Ft.980 SFAvg. Rent$1,315

Financials

FinancingTreat as clear title.
Assessment 2017
Land
Building
Total
Land$2,428,000
Building$1,527,000
Total$3,955,000
Taxes 2017
19,455
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$166,236
Vacancy(831)
Effective Gross $165,405
Operating Expenses(59,960)
Net Operating Income$105,445
NotesFor a rent roll and income and expense 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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