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Chalet Pender

3848 Pender Street, Burnaby

SOLD $2,775,000

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Price$2,950,000

Units36

Year built1968

Lot size200 x 121.9 (24,382 sq.ft.)

ZoningRM-3A

Price/unit$81,944

Cap rate6.03%

GIM9.89

PID003-319-334

Legal descriptionLot 32, DL 116, LD 37, Plan 3356

Sale price$2,775,000

Sale date12/22/2003

Overview

Chalet Pender is located in Burnaby Heights. It is situated 1 1/2 blocks east of Boundary Road and one block south of Hastings Street. Close to shopping and transit.

Improvements

The subject property is a three-storey, 36-suite frame building built in 1968. It features balconies or patios, elevator and surface parking for 32 cars (20 secured). The exterior consists of brick and stucco finish. The building includes a full laundry area of three washers/three dryers (leased) and lockers for all tenants. The building is heated by natural gas (hot water boiler) and the hot water is heated separately with its own gas fired boiler. The mansard roof is made of tar and gravel.

Recent Upgrades

– New hot water boiler
– New hallway carpets – past five years
– Secured parking and upgrade of lighting
– Surveillance cameras
– Attractive updated entrance
– Power Smart lighting
– Last six years approx 50% of carpets, appliances, lino and arborite renewed

Show less

	No. units
Bachelor	No. units3
One Bedroom	No. units31
Two Bedroom	No. units2

Financials

Financing	Clear title.
Assessment 2003	Land Building Total	Land$1,170,000 Building$1,119,000 Total$2,289,000
Taxes 2003	$27,811.30
Income and expenses	Gross Income Less Vacancy 2% Effective gross Operating expenses Net operating income	Gross income$305,244 Vacancy(6,105) Effective gross$299,140 Operating expenses(120,000) Net operating income$179,140
Notes	Income annualized as of September 2003.

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