Overview
Montego Manor is a 65-suite three-storey wood-frame rental apartment building located in Burnaby’s Highgate neighbourhood. Clean and well maintained, the property is improved on a large 42,261 sq. ft. site and features elevator service, secure underground parking, ample storage and a great suite mix.
Highlights & Updgrades
Highlights
- 65 suite three-storey wood-frame rental apartment building
- Large 42,261 sq. ft. site
- Elevator service to all floors including garage
- Brick, cedar and stucco exterior
- Nicely landscaped with mature trees and bushes
- All suites feature large balconies or patios
- Attractive lobby with mailbox room off lobby
- Suites have breakers
- Underground secured parking for 65 cars
- Laundry room features 4 washers/4 dryers leased
- Separate emergency generator
- 2 separate storage rooms with lockers for each tenant
- A workshop area approx. 18’ x 12’
- 2nd storage area approx. 8’ x 8’
- Sump pump
- 6 of the two-bedrooms have additional 2-piece en suite bathrooms
- Clean Stage 1 Environmental report on file from 2010–Seller in the process of updating
Upgrades
- Balconies exterior recently painted
- Annunciator panel lobby
- Roof replaced approx. 2010
- Replaced underground parking roof membrane (2000)
- Piping ongoing as needed
- Metal grates garage replaced
- Some kitchen upgrades, including cabinets, appliances, lighting, floorings
- Ongoing bathroom upgrades
- Original multi-temp furnace (1972)
- Hot water storage tank (2002)
- Hot water boiler (2002)
Location
The subject property is located in Burnaby on the south side of Elwell Street, three block north of Kingsway in the heart of the Highgate Town Centre, just minutes to the Highgate Shopping Centre, Edmonds Community Centre, restaurants and various amenities.
Suite mix
No. units | Average size | Average rent | |
---|---|---|---|
Bachelor | No. units14 | Average size457 | Average rent$709 |
One Bedroom | No. units39 | Average size597 | Average rent$788 |
Two Bedroom | No. units12 | Average size815 | Average rent$1,005 |
Financials
Financing | Treat as clear title. | |
---|---|---|
Assessment 2015 | Land Building Total | Land$5,071,000 Building$3,472,000 Total$8,543,000 |
Taxes 2015 | $78,675.43 | |
Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income$648,237 Vacancy(9,724) Effective gross$638,513 Operating expenses(269,511) Net operating income$369,002 |
Notes | For detailed financials of Montego Manor, please 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