Multi-family revenue property

423 Sixth Street, New Westminster

$2,800,000

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Price $2,800,000

Units 5

Storeys 2 + basement

Year built 1890

Lot size 66' x 148.5' (9,801 SF)

Zoning C-2

Cap rate 6.1%

Gross income multiplier 13.1

Parking 5 surface stalls

Development potential Mixed Use – Low Rise

PID 008-451-613

Legal description Lot 1 of Lot 27 Suburban Block 7 Plan 2620

Overview

423 Sixth Street offers the opportunity to acquire a three-storey multi-family revenue property in the heart of New Westminster. The property generates over $200,000 in annual gross income and is designated for future higher-density redevelopment.

Built in 1890, the home sits on a 9,801 sq. ft. lot (zoned C-2) and features five self-contained authorized suites on the upper floors and a basement generating additional revenue from unauthorized rentals. The property contains five parking stalls for tenants as well as two garage units that are currently rented out as storage.

The property is designated Mixed Use – Low Rise under the New Westminster Official Community Plan (OCP), which allows for the construction of a medium density mixed-use building.

Upgrades

New roof (early 2023)
Exterior paint (January 2025)
Boiler circulation parts replaced & pipes changed / repaired (2022)

Location

The property is situated in Uptown New Westminster, an accessible neighbourhood with a wide range of amenities. It has strong transit connections, with several bus routes and SkyTrain stations nearby, offering direct access to Downtown Vancouver and the Metro region. The property is within walking distance of shopping centres, restaurants, professional services, and daily conveniences. The area also features nearby schools and parks, including Moody Park, making it suitable for both residential and commercial uses.

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	No. units	Average size	Average rent
Studio	No. units1
1 bedroom	No. units1
2 bedroom	No. units2
3 bedroom	No. units1

Financials

Financing	Treat as clear title
Assessment 2025	Land Building Total	Land$2,910,000 Building$114,000 Total$3,024,000
Taxes 2025	$13,245
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$214,596 Vacancy(1,073) Effective gross$213,523 Operating expenses(43,541) Net operating income$169,982
Notes	For a rent roll and expense statement, 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.