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Theresa Jean Apartments

1350 Madison Avenue, Burnaby

Apartment Building
36 Suites

SOLD $4,625,000

Overview

Theresa Jean Apartments is a three-storey 36 unit frame apartment building located in the Willingdon Heights neighbourhood of North Burnaby. Built in 1961 and situated on a 0.74 acre lot, the property features excellent views from the eastside, balconies, a penthouse solarium, hardwood floors, covered parking, lockers, elevator and a large indoor pool.

Location

A prime location in North Burnaby, Willingdon Heights is ideally located near several major Translink routes and traffic arteries. Major transportation routes in a north/south direction are situated along Boundary Road and Willington Avenue, with east/west travel provided by Hastings Street and Lougheed Hwy. The Trans Canada Hwy is just minutes away. The property is situated on a 2-corner site on the east side of Madison Avenue with Charles Street to the north and Kitchener Street to the south. A retail/commercial complex is located across the street, a 1/2 block away.

Features

– “U” shaped building with flat tar & gravel roof
– Excellent suite mix (24-1Br; 12-2Br)
– Radiant h/w heat provided by natural gas boiler
– Domestic h/w provided by two AO Smith tanks
– All 2Br suites feature balconies
– Six of the 2 Br units have two full bathrooms
– Large indoor swimming pool
– Large upgraded lobby with mosaic tile
– Suites offer ample in-suite storage
– Full size storage lockers
– Alum soffits
– 36 covered parking stalls
– Oak hardwood floors in suites
– Elevator
– Large land component (32,208 q. ft.)
– Roof deck patio for tenants
– Laundry room: 3 washers/3 dryers

Recent Upgrades

– Half the roof replaced with tar & gravel (2004)
– Double glazed windows (1997)
– All fridges replaced
– 6 sink/toilets replaced (since 2005)
– Vinyl exterior (mid 1990’s)
– Two new hot water tanks (2007)
– 6 stoves replaced (since 2006)
– Suites require upgrades to kitchen, bathrooms & most stoves
– Building will likely require re-piping in near future
– $22,000 spent on upgrades to kitchens & baths
– $5,000 spent on furnace valves
– Swimming pool upgrade: new filter & shower room upgrade (2007)
– Minor elevator upgrade (2007)

Summary

Price$4,595,000
Units36
Price/Unit$127,639
Cap Rate3.4%
GIM15
Year Built1961
Lot Size264' x 122' (32,208 square feet)
ZoningRM-3
PID002-625-563
Sale Price$4,625,000
Sale Date01/01/2007

Suite Mix

 No. UnitsAvg. Sq. Ft.
One BedroomNo. Units24Avg. Sq. Ft.720 sq.ft.
Two BedroomNo. Units12Avg. Sq. Ft.964 sq.ft.

Financials

FinancingClear title.
Assessment 2007
Land
Building
Total
Land$2,415,000
Building$2,112,000
Total$4,527,000
Taxes 2007
$22,005.00
Income and Expenses
Gross Income
Less Vacancy 0.5%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$304,700
Vacancy(1,524)
Effective Gross$303,177
Operating Expenses(145,517)
Net Operating Income$157,660
NotesIncome annualized as of August 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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