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Brentview Manor

1280 Madison Avenue, Burnaby

Apartment Building
22 Suites

SOLD $2,910,000

Overview

Brentview Manor is a three-storey 22 unit frame apartment building located in the Willingdon Heights neighbourhood of North Burnaby. Built in 1960, the property features balconies, hardwood floors, parking, lockers, an indoor swimming pool and an excellent suite mix (16-1Br; 6-2Br).

Location

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 the north-east corner of Madison Avenue and Charles Street. A retail/commercial complex is located directly across the street.

Features

– Excellent suite mix
– Indoor swimming pool
– Rear parking for 15 stalls
– 2 washers/2 dryers owned by building
– Vinyl exterior
– Large balconies for six 2Br and six 1Br suites in the front of building

Recent Upgrades

– Fire code updating in 2000 (approx $20,000)
– Most fridges/stoves are 5 years or older
– 4 fridges & 3 stoves replaced (October 2007)

Summary

Price$2,959,000
Units22
Price/Unit$134,500
Cap Rate3.7%
GIM14.9
Year Built1960
Lot Size164.39' x 121.92'
ZoningRM-3
PID009-948-813
Sale Price$2,910,000
Sale Date01/01/2008

Suite Mix

 No. Units
One BedroomNo. Units16
Two BedroomNo. Units6

Financials

FinancingClear title.
Assessment 2007
Land
Building
Total
Land$1,500,000
Building$696,000
Total$2,196,000
Taxes 2007
$10,674.54
Income and Expenses
Gross Income
Less Vacancy 0.5%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$198,430
Vacancy(992)
Effective Gross$197,438
Operating Expenses(87,274)
Net Operating Income$110,164
NotesIncome annualized as of November 2007.

For a current rent roll and 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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