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Radil Plaza

6675 Dow Avenue, Burnaby

Apartment Building
20 Suites

SOLD $2,700,000

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)

Summary

Price$2,695,000
Units20
Price/Unit$134,750
Cap Rate3.4%
GIM16
Year Built1959
Lot Size75' x 235.4' (17,760 sq. ft.)
ZoningRM-3
PID003-194-906
Sale Price$2,700,000
Sale Date01/01/2007

Suite Mix

 No. UnitsAvg. Sq. Ft.
One BedroomNo. Units15Avg. Sq. Ft.638
Two BedroomNo. Units4Avg. Sq. Ft.864
Three BedroomNo. Units1Avg. Sq. Ft.1,403

Financials

FinancingClear 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
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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