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Cudworth Manor

430 Ash Street, New Westminster

SOLD $4,520,000

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Price$4,795,000

Units44

Year built1966

Lot size29048 sq. ft.

ZoningRM-2

Price/unit$108,977

Cap rate4%

GIM11.8

PID013-467-018; 034; 051; 000

Legal descriptionLot 4, LD 37, PL 2620, NWD Group 1 Land District

Sale price$4,520,000

Sale date10/01/2010

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.

Show less

	No. units	Average size
Bachelor	No. units9	Average size488 sq. ft.
1 Bedroom	No. units22	Average size692 sq. ft.
2 Bedroom	No. units10	Average size900 sq. ft.
1 Bedroom P/H	No. units1	Average size760 sq. ft.
2 Bedroom	No. units2	Average size873 sq. ft.

Financials

Financing	Clear 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
Notes	Income 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 Goodman Commercial.