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Chalet Pender

3848 Pender Street, Burnaby

Apartment Building
36 Suites

SOLD $2,775,000

Overview

Chalet Pender is located in Burnaby Heights. It is situated 1 1/2 blocks east of Boundary Road and one block south of Hastings Street. Close to shopping and transit.

Improvements

The subject property is a three-storey, 36-suite frame building built in 1968. It features balconies or patios, elevator and surface parking for 32 cars (20 secured). The exterior consists of brick and stucco finish. The building includes a full laundry area of three washers/three dryers (leased) and lockers for all tenants. The building is heated by natural gas (hot water boiler) and the hot water is heated separately with its own gas fired boiler. The mansard roof is made of tar and gravel.

Recent Upgrades

– New hot water boiler
– New hallway carpets – past five years
– Secured parking and upgrade of lighting
– Surveillance cameras
– Attractive updated entrance
– Power Smart lighting
– Last six years approx 50% of carpets, appliances, lino and arborite renewed

Summary

Price$2,950,000
Units36
Price/Unit$81,944
Cap Rate6.03%
GIM9.89
Year Built1968
Lot Size200 x 121.9 (24,382 sq.ft.)
ZoningRM-3A
PID003-319-334
Sale Price$2,775,000
Sale Date12/22/2003

Suite Mix

 No. Units
BachelorNo. Units3
One BedroomNo. Units31
Two BedroomNo. Units2

Financials

FinancingClear title.
Assessment 2003
Land
Building
Total
Land$1,170,000
Building$1,119,000
Total$2,289,000
Taxes 2003
$27,811.30
Income and Expenses
Gross Income
Less Vacancy 2%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$305,244
Vacancy(6,105)
Effective Gross$299,140
Operating Expenses(120,000)
Net Operating Income$179,140
NotesIncome annualized as of September 2003.

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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