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St. Andrews Court Apartments

910 St. Andrews Street, New Westminster

Apartment Building
45 suites

SOLD $4,450,000

Overview

St. Andrews Court Apartments is a three storey frame plus penthouse 45-suite rental apartment building located in a quiet residential area of New Westminster. Built in 1963 and improved on a 181.37′ x 131.93′ site, the subject has a total rentable area of 30,544 sq. ft., and a suite mix of 6 bachelor, 36 one bedrooms & 3 two bedroom suites. The building features large balconies, elevator service, laundry facilities, hardwood floors, surface parking and a workshop. The two penthouse suites have excellent views of the surrounding area and Fraser River.

Location

St. Andrews Court is centrally located in a quiet residential neighbourhood called “Brow of the Hill” in New Westminster’s Uptown District. Situated on the southeast corner of 10th Street and St. Andrews Street, bounded by Belleville Street to the north. The property is approximately five blocks from the New Westminster Sky Train Station and a block and a half south of Moody Park and Royal City Centre which is characterized by its retail amenities, financial institutions, office buildings, restaurants and strip retail facilities. Close by is Douglas College, Royal Towers Hotel and BC Transit.

Features

– Large balconies
– 2 two bedroom penthouse suites with excellent views of Fraser River
– Super Hot furnace
– 5 hot water tanks
– 3 washers/3 dryers (leased)
– Pet friendly building
– 27 surface parking stalls along the side & rear
– New torch-on roof (2008)
– Lobby features tile floors, newer mail boxes & enunciator panel
– Elevator
– 14 suites rebuilt due to fire damage
– Hallways feature fresh paint, newer carpets and lighting

Summary

Price$5,295,000
Units45
Price/Unit$117,667
Cap Rate4.8%
GIM12.5
Year Built1963
Lot Size181.37' x 131.93' (23,928 sq. ft.)
ZoningRM-2
PID002-103-010
Sale Price$4,450,000
Sale Date01/01/2010

Suite Mix

 No. Units
BachelorNo. Units6
One BedroomNo. Units36
Two BedroomNo. Units3

Financials

FinancingTreat as clear title.
Assessment 2010
Land
Building
Total
Land$1,363,000
Building$2,455,000
Total$3,818,000
Taxes 2009
$21,108.87
Income and Expenses
Effective Gross
Operating Expenses
Net Operating Income
Effective Gross$424,553
Operating Expenses-169,314
Net Operating Income$255,239
NotesIncome annualized as of May 2010.  For a current rent roll and income 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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