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Radil Plaza

6675 Dow Avenue, Burnaby

SOLD $2,700,000

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Price$2,695,000

Units20

Year built1959

Lot size75' x 235.4' (17,760 sq. ft.)

ZoningRM-3

Price/unit$134,750

Cap rate3.4%

GIM16

PID003-194-906

Legal descriptionLot 5, Block 44, DL 153, Group 1, NWD, Plan 1212

Sale price$2,700,000

Sale date01/01/2007

Overview

Radil Plaza is a two-storey plus penthouse wood-frame 20 unit apartment building located in Metrotown, Burnaby. Built in 1959 and in very good condition, the property features a 3-Br penthouse with roof deck patio, hardwood floors, surface parking, lockers and convenient access to Metrotown shopping district and Skytrain.

Location

The subject property is located on the west side of Dow Avenue in Metrotown, Burnaby, one 1/2 block from the Metropolis shopping mall. Convenient access to shopping, Skytrain, bus service and amenities.

Features

– Oak hardwood floors in suites
– Heat provided by two AO Smith boilers
– Domestic hot water provided by two State natural gas hot water tanks
– Flat tar & gravel roof
– 15 surface parking in rear
– Primarily stucco exterior
– Partial vinyl exterior (east end of building)
– Double-glazed windows set in vinyl frames
– 4 separate locker rooms
– Totally upgraded amenity room (potential suite)
– Excellent mix including a 3 Bedroom penthouse (ideal for owner occupier)
– 2 washers/2 dryers owned by building

Recent Upgrades

Radil Plaza recently suffered fire damage. This resulted in substantial upgrading including:
– Front stairwell rebuilt
– 3 suites totally renovated (#102, 210, 212)
– Hallway doors / carpets / walls redone /light fixtures
– Entry doors for all suites replaced
– Amenity and laundry rooms totally renovated Other recent upgrades include:
– Windows replaced (2003)
– Piping replaced (2002)
– Roof over penthouse replaced (2006)
– Mail box replaced (2007)
– All fridges & stoves replaced (since 2004)
– New hot water tank (2007)

Show less

	No. units	Average size
One Bedroom	No. units15	Average size638
Two Bedroom	No. units4	Average size864
Three Bedroom	No. units1	Average size1,403

Financials

Financing	Clear title
Assessment 2007	Land Building Total	Land$1,332,000 Building$914,000 Total$2,246,000
Taxes 2007	$10,917.57
Income and expenses	Gross income Less Vacancy 0.5% Effective gross Operating expenses Net operating income	Gross income$168,260 Vacancy(841) Effective gross$167,419 Operating expenses(75,465) Net operating income$91,954
Notes	Income 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 Goodman Commercial.