Sold

Pamela House

441 Ninth Street, New Westminster

Apartment Building
12 Suites

SOLD $900,000

Overview

Pamela House is a 12-suite apartment building in excellent condition, situated close to Royal City Centre and Moody Park in New Westminster.

Improvements

The subject property is a 3-storey frame apartment building, including full lockers, constructed in 1960. It has recently undergone an extensive renovation and includes seven surface parking stalls.

Recent Upgrades

-Underground water system (2003)
-Building exterior painted (2003)
-Kitchens renovated
-Power Smart lighting
-Roof 4.5 years old (torch on)
-All window thermo pane
-New hallway carpets (2001)
-Fridge all frost-free, past five years
-Upgraded boiler and hot water tanks

Summary

Price$950,000
Units12
Price/Unit$79,167
Cap Rate5.7%
GIM11.03
Year BuiltBuilt in 1960
Lot Size7,114 sq. ft.
ZoningMulti-Family RM2
PID000-804-738
Sale Price$900,000
Sale Date09/01/2003

Suite Mix

 No. Units
BachelorNo. Units1
One BedroomNo. Units9
Two BedroomNo. Units1
Two Bedroom PenthouseNo. Units1

Financials

FinancingTreat as clear title.
Assessment 2003
Land
Building
Total
Land$215,000
Building$504,000
Total$719,000
Taxes 2002
$6,780.90
Income and Expenses
Gross Income
Operating Expenses
Net Operating Income
Gross Income$86,100
Operating Expenses(31,536)
Net Operating Income$54,564

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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