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7770 Royal Oak Avenue

Burnaby

Apartment / Commercial Complex
20 Suites

SOLD $1,720,000

Overview

A combined apartment/commercial complex located in Burnaby’s South Slope, only minutes to Skytrain. Built in 1962 and in immaculate condition. Note: Excellent assumable mortgage.

Location

This apartment/commercial complex is specifically located on the north east corner of Royal Oak Avenue and Clinton Street in Burnaby’s South Slope commercial area, near the Royal Oak Skytrain Station.

Building Description

The subject property is a three-storey frame apartment/commercial complex, constructed in 1962. The building has complete laundry and storage facilities and 12 suites have spectacular views of South Slope, ocean, etc. The building is equipped with a gas fired hot water heating system and provides surface parking for 19 cars.

The apartment suites are all leased on month to month tenancies, while six of the eight commercial tenants are also month to month.  The commercial component has a net leasable area of 7,457 sq. ft.

Summary

The acquisition of 7770 Royal Oak Avenue represents an excellent choice for today’s real estate investor. It combines a balanced exposure in apartments and commercial, is an asset in excellent condition with rents slightly under market and allows the investor a significant positive cash flow after assuming the attractive first mortgage financing.

Summary

Price$1,740,000
Units20
Net Rentable Area14,150 sq. ft.
Cap Rate7.4%
Year Built1962
Lot Size122.5 x 138.6 sq. ft.
ZoningC-2
Sale Price$1,720,000
Sale Date03/28/2003

Suite Mix

 No. UnitsSq. Ft. Range
1 BedroomNo. Units16Sq. Ft. Range621 - 687 sq.ft.
2 BedroomNo. Units4Sq. Ft. Range891 - 918 sq.ft.
Commercial UnitsNo. Units8 

Financials

FinancingFirst mortgage of $980,000 at 6.05% with 5 year term to Dec/06 with monthly payments of $6,427.82 with Industrial Alliance Life Insurance Company.
Assessment 2002
Land
Building
Total
Land$615,000
Building$940,000
Total$1,555,000
Taxes 2003
$21,265.00
Income and Expenses
Gross Income
Operating Expenses
Net Operating Income
Gross Income$230,744
Operating Expenses(101,660)
Net Operating Income$129,084

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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