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Skyview Manor

908 Sixth Avenue & 529 Tenth Street, New Westminster

Apartment Building
69 Suites

SOLD $7,525,000

Overview

Skyview Manor (44 units) & Park Villa Apartments (25 units) are two 3-storey wood frame apartment buildings totaling 69 units located in New Westminster, BC. The sites are situated adjacent to each other and total 41,377 square feet offering an excellent future development opportunity. Skyview Manor contains a spectacular inner courtyard featuring a unique tropical garden. The properties are being offered for sale as a package.

Location

The subject properties are located on the south side of Sixth Avenue, between Ninth and Tenth Streets, in the Uptown area of New Westminster, BC. Moody Park is situated across the street on the north side of Sixth Avenue between Eighth and Tenth Streets. The buildings occupy a full block, corner to corner, with no neighbors on either side. Retail amenities, financial institutions, office buildings, restaurants and strip retail facilities are prevalent in this neighbourhood. Major shopping including drug stores, supermarket, banks (Royal City Shopping Mall) within walking distance. A bus line is conveniently located on Sixth Street, infront of the buildings.

Summary

Price$8,190,000
Units69
Price/Unit$118,696
Cap Rate4.5%
GIM12.9
Year Built1966
Lot Size313.46' x 132' (41,376.72 sq. ft.)
ZoningRM-2
PID012-876-836 & 009-097-856
Sale Price$7,525,000
Sale Date01/01/2008

Suite Mix

 No. Units
One BedroomNo. Units52
Two BedroomNo. Units14
Penthouse SuitesNo. Units3

Financials

Assessment 2007
Land
Building
Total
Land$2,068,000
Building$3,568,000
Total$5,636,000
Taxes 2007
$35,861.89
Income and Expenses
Gross Income
Less Vacancy 0.5%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$631,080
Vacancy(3,155)
Effective Gross$627,925
Operating Expenses(262,065)
Net Operating Income$365,859
NotesIncome annualized as of August 2007.   For a 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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