Sold

The Somerset

525 Tenth Street, New Westminster

Apartment Building
25 Suites

SOLD $1,732,500

Overview

Built in 1966, The Somerset is a 25 suite frame apartment building in good condition centrally located in New Westminster, close to excellent shopping, school & Moody Park.

Improvements

The subject property features an attractive entrance, elevator, balconies or patios, 3 bedroom penthouse (contains in-suite washer/dryer) and 11 covered & 14 uncovered parking stalls.

Recent Upgrades

– Piping replaced on 2nd floor (each suite has shutoffs)
– Secure keyless entry laundry facilty
– Ongoing appliance, countertop & flooring renewal
– Energy saver exhaust from boiler
– All landings tiled
– Drop ceilings providing good access
– 3 sprinklered locker room
– Alluminum soffits

Summary

Price$1,895,000
Units25
Price/Unit$75,800
Cap Rate6.9%
GIM9.4
Year Built1966
Lot Size113.97' x 156.76' (17,870 sq. ft.)
ZoningRM-2
PID009-097-848
Sale Price$1,732,500
Sale Date02/01/2005

Suite Mix

 No. Units
BachelorNo. Units2
One BedroomNo. Units19
Two BedroomNo. Units2
Three BedroomNo. Units1
Three Bedroom P/HNo. Units1

Financials

FinancingClear Title
Assessment 2004
Land
Building
Total
Land$506,000
Building$1,028,000
Total$1,534,000
Taxes 2004
$13,947.28
Income and Expenses
Effective Gross
Projected Expenses (35%)
Net Operating Income
Effective Gross$201,420
Operating Expenses(70,000)
Net Operating Income$131,420
NotesIncome based on actual 8 month statement for 2004.

Expenses have been projected at $70,000 (35% of gross revenue).

For rent roll & income & expenses for 2003 & 2004 (8 months), 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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