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Century Garden Apartments

6814 Arcola Street, Burnaby

Apartment Building
11 Suites

SOLD $1,270,000

Overview

Century Garden Apartments is an updated and exceptionally well maintained 11 unit frame apartment building located in the Middlegate neighborhood of Burnaby. Built in 1955, the property features manicured landscaping, dishwashers, parking, in-suite storage and an ongoing program of upgrades. 2007 Assessment is $1,498,000.

Location

The subject property is located in Burnaby on the south side of Arcola Street, one block north of Kingsway in the heart of the Middlegate Town Centre. Close to Highgate Shopping Centre.

Improvements

– Two storey walk-up frame building
– Attractive entrance
– Front facing suites have large patios
– 9 surface parking at rear of building
– Suites/appliances upgraded on turnover
– Security system with cameras
– 1 washer/1 dryer leased
– In-suite storage
– Roof membrane replaced in 2004
– Copper plumbing
– One suite unauthorized

Summary

Price$1,295,000
Units11
Price/Unit$117,727
Cap Rate5.1%
GIM12.9
Year Built1955
Lot Size74' x 120'
ZoningRM-3
PID002-729-971
Sale Price$1,270,000
Sale Date01/01/2007

Suite Mix

 No. Units
One BedroomNo. Units9
Two BedroomNo. Units2

Financials

FinancingClear title.
Assessment 2007
Land
Building
Total
Land$532,000
Building$966,000
Total$1,498,000
Taxes 2006
$6,770.00
Income and Expenses
Gross Income
Less Vacancy 0.5%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$100,200
Vacancy(500)
Effective Gross$99,520
Operating Expenses(33,979)
Net Operating Income$65,541
NotesIncome annualized as of January 2007.

For rent roll and income & expense 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.

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