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Century Place

523 Gatensbury Street, Coquitlam

SOLD $23,175,000

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Price $26,000,000

Property type Apartment building

Units 97

Storeys 5

Net rentable area 68,905 SF

Year built 1970

Lot size 71,280 SF (270’ × 264’)

Land area 1.64 acres

Zoning RM-2

Price per unit $268,041

Rental rate $1.79/SF

Cap rate 3.2%

Gross income multiplier 17.5

Parking 92 underground stalls

Floor space ratio Apartment (1.85 FAR) or townhouse (1.4 FAR)

Development potential Austin Heights Neighbourhood Plan

PID 011-106-344, 011-106-255, 011-106-310, 011-106-336

Sale price $23,175,000

Sale date 09/01/2023

Overview

Century Place is a 97-suite five-storey apartment building located in the Austin Heights neighbourhood of Coquitlam.

Built in 1970, the property is improved on a large 1.64-acre lot (270’ x 264’) and comprises a suite mix of 4 bachelors, 60 one-bedrooms; 31 two-bedrooms and 2 three-bedrooms (2 suites contain dishwashers).

The building features elevator service (2 elevators), secured underground parking (92 stalls), storage lockers, big workshop, and owned laundry facilities on floors 2 to 5.

The site is situated in the Austin Heights Neighbourhood Plan, which provides for medium density development potential of either apartment (1.85 FAR) or townhouse (1.4 FAR).

Upgrades

New boiler (2009)
Elevator modernization (2012)
Re-pipe (2000)
Torch on roof: 80% in 2015 (levels 5 and 4) and 3^rd level replaced (2005)
Parkade gate installed (2010)
Added more drains (2015)
Hallway carpets (2016)
Updated tiles (70 units)
Circuit breakers (87 units)

Location

Century Place is situated on the east side of Gatensbury Street in Coquitlam’s Austin Heights neighborhood, conveniently located just off Austin Avenue, providing easy access to a wide range of shopping, dining, and entertainment options.

The property enjoys proximity to several parks and green spaces, including Blue Mountain Parks, Mundy Park, Rochester Park and Como Lake Park, providing a serene environment for outdoor activities. Some notable schools in the area include Como Lake Middle School, Centennial High School, Vanier Elementary School and Rochester Elementary School, making it an excellent choice for families with children.

The property benefits from excellent connectivity to major roadways, such as Lougheed Highway and Highway 1, making commuting to downtown Vancouver and neighboring cities convenient. Moreover, the area is well-served by public transportation, with bus stops located in close proximity. This ensures convenient access to the SkyTrain system and other parts of the city.

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	No. units	Average size	Average rent
Bachelor	No. units4	Average size 813 SF	Average rent $1,418
One bedroom	No. units60	Average size 629 SF	Average rent $1,133
Two bedroom	No. units31	Average size 830 SF	Average rent $1,434
Three bedroom	No. units2	Average size 1,100 SF	Average rent $2,550

Financials

Financing	Treat as clear title.
Assessment 2023	Land Building Total	Land$19,780,000 Building$2,604,000 Total$22,384,000
Taxes 2023	$70,125
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$1,493,272 Vacancy(7,466) Effective gross$1,485,806 Operating expenses(651,097) Net operating income$834,709
Notes	For additional information, please contact listing agent.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.