Sold

220 Manitoba Street

New Westminster

Apartment Building
18 Suites

SOLD $2,200,000

Overview

The subject property is a wood frame 18-suite low-rise apartment building in excellent condition centrally located in the Queens Park neighbourhood of New Westminster. The building has been extensively upgraded including suites and common areas over the years. The subject features a suite mix of 16-1Br & 2 bachelor, covered parking, storage lockers and elevator.

Location

The property is located in an upscale neighborhood of New Westminster known as Queens Park, close to all amenities, shopping, transit, Douglas College, public parks and recreation facilities. The building is situated on Manitoba Street between Royal Avenue to the north and Queens Avenue to the south.

Features

– 16 one bedrooms – Most suites have been entirely renovated
– All units have new balconies and railings as well as new double-pane windows, are individually metered and are equipped with smoke detectors
– Building features an elevator, an intercom system and 17 all-covered parking stalls
– Main piping system has been recently replaced as well as the torch-on roof
– Washers and dryers are all new, utilizing a cashless system
– Hot water heating system was recently replaced

Summary

Price$2,200,000
Units18
Price/Unit$122,222
Cap Rate4.1%
GIM14.1
Year Builtapprox .1960
Lot Size108.5' x 99.82' (10,831 sq. ft.)
ZoningRM-2
PID001-013-301
Sale Price$2,200,000
Sale Date01/01/2010

Suite Mix

 No. UnitsAvg. Sq. Ft.
BachelorNo. Units2Avg. Sq. Ft.600
One BedroomNo. Units16Avg. Sq. Ft.700

Financials

FinancingTreat as clear title.
Assessment 2010
Land
Building
Total
Land$617,000
Building$1,033,000
Total$1,650,000
Taxes 2009
$9,088.00
Income and Expenses
Effective Gross
Normalized Expenses
Net Operating Income
Effective Gross$156,115
Operating Expenses(66,672)
Net Operating Income$89,443
NotesIncome annualized as of June 2010.

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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