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Chateau Royale

127 Eighth Street, New Westminster

Apartment Building
15 suites

SOLD $1,670,000

Overview

The Chateau Royale is a wood frame 15-suite low-rise apartment building in good condition centrally located in the Uptown neighbourhood of New Westminster. The building had an ongoing program of upgrades including suites and common areas over the years. The subject also features a suite mix of 14-1Br & 1-3Br, covered & uncovered parking, storage lockers and is situated on a bus line. Actively managed by the owner together with a part-time caretaker, the property has a very good mix of tenants and enjoys a reputation of being “quiet”.

Location

Chateua Royale is located in New Westminster’s “Brow of the Hill” neighbourhood, on the east side of Eight Street with Queens Avenue to the north and Royal Avenue to the south. The property is approximately three blocks from the New Westminster Sky Train Station and six blocks from New Westminster’s Uptown District neighbourhood which is characterized by its retail amenities, financial institutions, office buildings, restaurants and strip retail facilities. One block away is the Olivet Baptist Church, Douglas College and two blocks to Royal Towers Hotel. Generally, the immediate neighbourhood consists of a mixture of multi-family rental apartments, single family homes and condominiums to the north and some commercial to the south. Queens Park and the adjoining single family heritage residential area are located in the five or six blocks north west of the Property, east of 6th Street. Located directly across from John Robson Community School and conveniently situated right on a bus line.

Features

– 5 parking stalls (4 covered)
– Storage lockers for every tenant including separate storage for building
– Security includes motion detector for lighting
– Super hot furnace
– Lobby has been upgraded and clean
– Nicely landscaped with good curb appeal
– On bus line
– Phone and cable re-wired for high speed internet

Renovation History

– 14 of 15 suites have refinished hardwood floors
– Re-piped (1994-1995)
– Re-stucco (1996)
– Exterior painted (2009)
– New roof (torch-on) (1999)
– New washer/dryer (2004)
– Kitchen cabinet doors (1997)
– Countertops (1997)
– 2 new hot water tanks (2002-2003)
– 15 Stoves replaced (10-12 years ago)
– 12 fridges (less than 6 years)
– 3 fridges (7-8 years)
– 6 suites bathroom floors (2006)
– 9 suites tub surround (2006-2010)
– Oil tank removed – clean site (2009)
– City water line to street replaced (2009)
– Fire alarm control annunciator panel in lobby

Summary

Price$1,749,000
Units15
Price/Unit$116,600
Cap Rate4.9%
GIM13.2
Year Built1960
Lot Size50' x 131' (6,550 sq. ft.)
ZoningRM-2
PID012-962-589
Sale Price$1,670,000
Sale Date01/01/2010

Suite Mix

 No. Units
One BedroomNo. Units14
Three BedroomNo. Units1

Financials

FinancingClear Title.
Assessment 2010
Land
Building
Total
Land$375,000
Building$1,208,000
Total$1,583,000
Taxes 2009
$8,560.14
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$132,363
Vacancy(1,323)
Effective Gross$131,040
Operating Expenses(45,582)
Net Operating Income$85,458
NotesIncome annualized as of April 2010.  For a current rent roll & 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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