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Key West Apartments

1002 Sixth Avenue, New Westminster

SOLD $1,935,000

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Price$1,995,000

Units21

Year built1964

Lot size118.84' x 128.7'

ZoningRM-2

Price/unit$95,000

Cap rate4.2%

GIM12.85

PID013-606-646; 013-606-662; 013-606-638

Legal descriptionLot 10-13, Block 10, Plan 2620, NW Group 1 LD

Sale price$1,935,000

Sale date01/01/2006

Overview

Key West Apartments is a 21 unit frame apartment building located in New Westminster. Built in 1965, the subject property features balconies, storage, hardwood floors, many upgrades and a 3-Br penthouse suite. Situated kitty corner to Moody Park and close to bus transportation and shopping. Upside on rents.

Location

The subject property is located in New Westminster on Sixth Avenue and 10th Street.

Recent Upgrades

– New windows (2005)
– New torch on roof & flashings (2004)
– Balconies redone (1999)
– Newer style intercom
– Attractive upgraded lobby
– Some copper piping replaced on main
– Hardwood floors redone on main level (except #106)
– 20 of 21 suites had tub surround replaced
– 6 stoves / 6 fridges (approx.) replaced last 5 years
– Carpets/lino replaced as needed
– Shut offs for main risers installed
– Well landscaped
– Small storage room for caretaker

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	No. units
1 Bedroom	No. units19
2 Bedroom	No. units1
3 Bedroom P/H	No. units1

Financials

Financing	Treat as clear title.
Assessment 2006	Land Building Total	Land$441,000 Building$1,059,000 Total$1,500,000
Taxes 2005	$11,204.10
Income and expenses	Gross income Less Vacancy 1.5% Effective gross 2005 Actual Expenses Net operating income	Gross income$157,612 Vacancy(2,364) Effective gross$155,248 Operating expenses(71,201) Net operating income$84,047
Notes	Income annualized as of April 2006. Rents are approx. 10% below market based on the 2005 CMHC Apartment Survey. To view rent roll and 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.