Overview
Built in 1966, The Somerset is a 25 suite frame apartment building in good condition centrally located in New Westminster, close to excellent shopping, school & Moody Park.
Improvements
The subject property features an attractive entrance, elevator, balconies or patios, 3 bedroom penthouse (contains in-suite washer/dryer) and 11 covered & 14 uncovered parking stalls.
Recent Upgrades
– Piping replaced on 2nd floor (each suite has shutoffs)
– Secure keyless entry laundry facilty
– Ongoing appliance, countertop & flooring renewal
– Energy saver exhaust from boiler
– All landings tiled
– Drop ceilings providing good access
– 3 sprinklered locker room
– Alluminum soffits
Suite mix
| No. units | |
|---|---|
| Bachelor | No. units2 |
| One Bedroom | No. units19 |
| Two Bedroom | No. units2 |
| Three Bedroom | No. units1 |
| Three Bedroom P/H | No. units1 |
Financials
| Financing | Clear Title | |
|---|---|---|
| Assessment 2004 | Land Building Total | Land$506,000 Building$1,028,000 Total$1,534,000 |
| Taxes 2004 | $13,947.28 | |
| Income and expenses | Effective gross Projected Expenses (35%) Net operating income | Effective gross$201,420 Operating expenses(70,000) Net operating income$131,420 |
| Notes | Income based on actual 8 month statement for 2004. Expenses have been projected at $70,000 (35% of gross revenue). For rent roll & income & expenses for 2003 & 2004 (8 months), 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.
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
Mortgage calculator
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
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