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Park Heights

7428 6th Street, Burnaby

Apartment Building
20 Suites

SOLD $2,775,000

Overview

Totally renovated! Park Heights is a wood frame, 20 unit, low-rise apartment building in superb condition located in southeast Burnaby. The property is situated on a large corner lot (120′ x 100′) offering terrific exposure and future redevelopment potential. The completely upgraded suites boast spacious layouts & new appliances (including dishwashers). The subject property also features parking & storage lockers. In conclusion, Park Heights is a turn-key building with no deferred maintenance and offers tenants easy access to local shops, restaurants and parks.

Location

The subject property is centrally located in southeast Burnaby, just south of Burnaby Park and two blocks east of Canada Way. On bus line and close to local shops and restaurants. Minutes to the new High Gate Mall. There is a newly constructed seniors residential building across the street.

Recent Upgrades

  • Exterior paint Interior common area paint
  • Tile floors in entry lobby area
  • Double-glazed vinyl windows throughout
  • Domestic hot and cold plumbing throughout
  • Common area carpets with baseboard moldings throughout
  • Common area lighting throughout
  • Asphalt to parking area (9 stalls)
  • New storage lockers
  • Property fenced (including garbage area)
  • 2 washers/2 dryers leased
  • Roof – tar and gravel (1997)
  • New exterior doors & locking system (2004)

Recent 2007 Upgrades to suites:
     
  • Interior paint
  • White horizontal blinds
  • Kitchen stove hood fans
  • Gorgeous hardwood floors refinished
  • New wood laminate floors in all 1st floor suites
  • Mirror closet doors to 1st floor suites
  • Flooring in kitchens and bathrooms 18/20 units have dishwashers
  • Maple kitchen cabinets
  • Kitchen counters Sink, faucet Appliances (fridges, stoves, dishwashers – of 78 appliances, approx. 60 are brand new, others clean and newer)
  • Bathrooms (Maple vanity, counters, tub, toilet, basin, tile around the tub, mirror, lighting) All top floor suites have kitchen skylights

Summary

Price$2,795,000
Units20
Price/Unit$139,750
Cap Rate6.2%
GIM12.3
Year Built1953
Lot Size120' x 100'
ZoningC-4 (Service Commercial)
PID003-219-526, 003-219-488
Sale Price$2,775,000
Sale Date01/01/2007

Suite Mix

 No. UnitsAvg. Sq. Ft.
BachelorNo. Units2Avg. Sq. Ft.500
One BedroomNo. Units10Avg. Sq. Ft.750
Two BedroomNo. Units7Avg. Sq. Ft.1,000
Two Bedroom + DenNo. Units1Avg. Sq. Ft.1,100

Financials

FinancingTreat as clear title.
Assessment 2007
Land
Building
Total
Land$717,000
Building$391,000
Total$1,108,000
Taxes 2007
$9,635.90
Income and Expenses
Gross Income
Less Vacancy 0.5%
Effective Gross
Less Expenses ($2,631/unit)
Net Operating Income
Gross Income$227,900
Vacancy(11,140)
Effective Gross$226,760.00
Operating Expenses(52,627)
Net Operating Income$174,133
NotesIncome annualized as of August 2008.  One unauthorized unit.

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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