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Cedar Court Apartments

345 Cedar Street, New Westminster

$13,900,000

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Price $13,900,000

Property type Apartment building

Units 47

Storeys 3

Year built 1971

Lot size 26,997 SF (195’ x 139’)

Zoning RM-2

Price per unit $295,745

Cap rate 3.3%

Gross rent multiplier 19.3

Parking 47 underground stalls

Development potential TOA Tier 3 (up to 8 storeys and 3.0 FSR)

PID 008-545-006

Legal description Lot 29 Suburban Block 3 Plan 38746

Overview

Cedar Court Apartments is a 47-suite three-storey apartment building with elevator service and underground parking.

Built in 1971 on a large 26,997 SF lot with 195 feet of frontage, the building features a unit mix of 8 bachelors, 36 one-bedrooms and 3 two-bedrooms. The property contains 46 full height storage lockers, three sets of owned washer / dryers (new in 2024), and underground parking for 47 vehicles.

The building is well maintained with around half the suites renovated on turnover. Hot water tanks and pumps were replaced in 2024 and the elevator was modernized in 2014.

The property is Tier 3 Transit-Oriented Development Area (TOA) designated site, allowing for rezoning up to a minimum of 8 storeys and 3.0 FSR.

Cedar Court Apartments can be purchased as a standalone building, or together with neighbouring Griffiths Manor.

Location

345 Cedar Street is located on the north side of Cedar Street just west of East Columbia Street, in the historic Sapperton neighbourhood of New Westminster. It is situated steps from a well-established mixed-use area that has been undergoing a revitalization in recent years. The location offers tenants convenient access to a wide variety of shops and services, is within walking distance to two rapid transit stations, a major employment hub, and Sapperton Park with its sports fields, picnic areas, and a recently upgraded playground and spray park.

Only two blocks north is the Royal Columbian Hospital, one of the largest health care facilities in the region, which is currently undergoing a $1.5 billion renovation and expansion to be completed in 2026. Just south of the hospital, Brewery District is an 8-building master planned community featuring four high-rise residential towers, medical office space, and the new headquarters for Translink, the regional transit authority. Retail tenants at Brewery District include a Save-On Foods grocery, Browns Social House, Shoppers Drug Mart, and a number of other restaurants and services.

The neighbourhood is well serviced by transportation options. Both Sapperton and Braid Skytrain stations are less than a 15-minute walk, while local bus services run along East Columbia Street. Both Highway 1 (Trans Canada Highway) and Lougheed Highway are within a 5-minute drive from the property.

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	No. units	Average size
Bachelor	No. units8	Average rent$1,038
1 Bedroom	No. units36	Average rent$1,267
2 Bedroom	No. units 3	Average rent$1,660

Financials

Financing	Treat as clear title
Taxes 2024	$37,791
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$724,812 Vacancy(3,624) Effective gross $721,188 Operating expenses(256,026) Net operating income $465,162
Notes	For more information including rent roll and expense statements, 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.