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Park Heights

7428 6th Street, Burnaby

Apartment Building
17 Suites

SOLD $1,150,000

Overview

Park Heights is a clean, well maintained 17 unit frame apartment building located in southeast Burnaby. Built in 1953, the property features a great suite mix, hardwood floors, storage lockers & parking. Zoned C-4 (Service Commercial). Rents significantly below CMHC’s market averages for southeast Burnaby–huge upside potential.

Location

The subject property is located in southeast Burnaby, just south of Burnaby Park and two blocks east of Canada Way. On bus line and close to shopping. Minutes to the new HighGate Mall.

Improvements

– 3 storey wood frame building/stucco exterior
– 1 Washer / 2 dryers – leased
– 14 separate lockers + 2 for building
– 8 covered surface parking in rear
– Hardwood floors

Recent Upgrades

– New hot water tank (2003)
– Tar and gravel roof replaced (1997)
– 2 Bachelor suites extensively upgraded past 3 years
– Appliances/flooring replaced on ongoing basis
– Intercom replaced (1997)
– Property recently fenced (including garbage area)
– New exterior doors and locking system (2004)

Summary

Price$1,595,000
Units17
Price/Unit$93,823
Cap Rate3.3%
GIM14.3
Year Built1953
Lot Size119.48' x 100'
ZoningC-4 (Service Commercial)
PID003-219-526, 003-219-488
Sale Price$1,150,000
Sale Date02/01/2007

Suite Mix

 No. Units
BachelorNo. Units2
1 BedroomNo. Units12
2 BedroomNo. Units1
2 Bedroom P/HNo. Units1

Financials

FinancingClear title.
Assessment 2006
Land
Building
Total
Land$657,000
Building$268,000
Total$925,000
Taxes 2007
$9,453.01
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$111,240
Vacancy(1,112)
Effective Gross$110,128
Operating Expenses(57,015)
Net Operating Income$53,113
NotesIncome annualized as of October 2006.

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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