Sold

Key West Apartments

1002 Sixth Avenue, New Westminster

Apartment Building
21 Suites

SOLD $1,935,000

Overview

Key West Apartments is a 21 unit frame apartment building located in New Westminster. Built in 1965, the subject property features balconies, storage, hardwood floors, many upgrades and a 3-Br penthouse suite. Situated kitty corner to Moody Park and close to bus transportation and shopping. Upside on rents.

Location

The subject property is located in New Westminster on Sixth Avenue and 10th Street.

Recent Upgrades

– New windows (2005)
– New torch on roof & flashings (2004)
– Balconies redone (1999)
– Newer style intercom
– Attractive upgraded lobby
– Some copper piping replaced on main
– Hardwood floors redone on main level (except #106)
– 20 of 21 suites had tub surround replaced
– 6 stoves / 6 fridges (approx.) replaced last 5 years
– Carpets/lino replaced as needed
– Shut offs for main risers installed
– Well landscaped
– Small storage room for caretaker

Summary

Price$1,995,000
Units21
Price/Unit$95,000
Cap Rate4.2%
GIM12.85
Year Built1964
Lot Size118.84' x 128.7'
ZoningRM-2
PID013-606-646; 013-606-662; 013-606-638
Sale Price$1,935,000
Sale Date01/01/2006

Suite Mix

 No. Units
1 BedroomNo. Units19
2 BedroomNo. Units1
3 Bedroom P/HNo. Units1

Financials

FinancingTreat as clear title.
Assessment 2006
Land
Building
Total
Land$441,000
Building$1,059,000
Total$1,500,000
Taxes 2005
$11,204.10
Income and Expenses
Gross Income
Less Vacancy 1.5%
Effective Gross
2005 Actual Expenses
Net Operating Income
Gross Income$157,612
Vacancy(2,364)
Effective Gross$155,248
Operating Expenses(71,201)
Net Operating Income$84,047
NotesIncome annualized as of April 2006.

Rents are approx. 10% below market based on the 2005 CMHC Apartment Survey.

To view rent roll and statement, 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.

Mortgage Calculator

Mortgage
Interest rate
Amortized over
Your monthly payment is approximately

* Assumes constant interest rate throughout amortization period

%
year(s)