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Cudworth Manor

430 Ash Street, New Westminster

Apartment Building
44 suites

SOLD $4,520,000

Overview

Cudworth Manor is a three-storey frame 44-suite apartment building located in the popular Uptown District of New Westminster. Built in 1966, the property features balconies, 3 penthouse suites, parking, lockers, elevator and many upgrades. Cable TV included in rent. Rents approx. 10% under market.

Location

Cudworth Manor is centrally located in a quiet residential neighbourhood called “Brow of the Hill” in New Westminster’s Uptown District. Situated on the west side of Ash Street, the property is two blocks from Moody Park and Royal City Centre which is characterized by its retail amenities, financial institutions, office buildings, restaurants and strip retail facilities. Douglas College, Royal Towers Hotel and BC Transit also in close proximity.

Features

– Exquisite views from 3 penthouse suites
– Suites feature very generous sizes
– All 2 bedroom units have walk-in closet
– 40 parking stalls (16 covered parking / 24 uncovered)
– Heat lamp and fans in bathrooms
– Main floor has separate office for caretaker
– 3 washers/3 dryers (machines owned by building)
– Sauna and pool have been decommissioned
– Large game room approx. 1,500 sq. ft. used for storage
– Large workshop area approx 700 sq. ft.
– Elevator service
– Suites on breakers
– 44 full lockers in 3 rooms
– Separate boiler for 2 H/W storage tanks
– Rents approx. 10% under market

Recent Upgrades

– Roof under penthouse decks replaced (2008)
– Balconies, decks and railings upgraded (2008)
– Exterior repainted (2009)
– Intercom replaced (2008)
– Hallway repainted (2008)
– New expansion tank (2010)
– 6 suites have newer tub surrounds
– Newer hallway/stair carpeting
– Newer torch on roof
– Ongoing program of upgrades includes carpeting, lino, fridges, toilets, counter tops, etc.

Summary

Price$4,795,000
Units44
Price/Unit$108,977
Cap Rate4%
GIM11.8
Year Built1966
Lot Size29048 sq. ft.
ZoningRM-2
PID013-467-018; 034; 051; 000
Sale Price$4,520,000
Sale Date10/01/2010

Suite Mix

 No. UnitsAvg. Sq. Ft.
BachelorNo. Units9Avg. Sq. Ft.488 sq. ft.
1 BedroomNo. Units22Avg. Sq. Ft.692 sq. ft.
2 BedroomNo. Units10Avg. Sq. Ft.900 sq. ft.
1 Bedroom P/HNo. Units1Avg. Sq. Ft.760 sq. ft.
2 BedroomNo. Units2Avg. Sq. Ft.873 sq. ft.

Financials

FinancingClear title.
Assessment 2010
Land
Building
Total
Land$1,655,000
Building$2,860,000
Total$4,515,000
Taxes 2010
$28,774.00
Income and Expenses
Gross Income
Less Vacancy 2.0%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$406,372
Vacancy(8,127)
Effective Gross$398,245
Operating Expenses(208,862)
Net Operating Income$189,383
NotesIncome annualized as of Aug. 2010.  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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