Theresa Jean Apartments

1350 Madison Avenue, Burnaby

Apartment Building
36 Suites

SOLD $4,625,000


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.


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.


– “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)


Cap Rate3.4%
Year Built1961
Lot Size264' x 122' (32,208 square feet)
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.


FinancingClear title.
Assessment 2007
Taxes 2007
Income and Expenses
Gross Income
Less Vacancy 0.5%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$304,700
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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