Dogwood Apartments

6831 Arcola Street, Burnaby

$3,800,000

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Price$3,800,000

Units13

Storeys2

Net rentable area9,530 SF

Year built1958

Lot size100’ × 120’ (12,000 SF)

ZoningRM3

Price/unit$292,308

Cap rate2.5%

GIM27.5

PID010-404-091

Legal descriptionLot “K” District Lot 96 Group 1 New Westminster District Plan 18681

Sale date05/20/2018

Overview

Dogwood Apartments is a 13-suite two-storey building improved on a large 12,000 SF lot. Built in 1958 of wood-frame construction, the property comprises a suite mix of 2 bachelors, 7 one-bedrooms and 4 two-bedrooms and features 12 full size storage lockers, laundry facilities (1 washer/1 dryer) and 8 surface parking stalls. Some upgrades include a new roof (2006) and re-piping (1995). A recent Stage 1 Environmental Report does not recommend any further investigation.

Location

Dogwood Apartments is located in South Burnaby on the north side of Arcola Street, one block north of Kingsway in the heart of the Highgate Town Centre. Only 3 blocks to Highgate Shopping Centre and walking distance to Edmonds Community Centre, restaurants, transit and various amenities. Only a 12-minute walk to the Edmonds SkyTrain Station and a 5-minute drive to Metrotown Mall.

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	No. units	Average size	Average rent
Studio	No. units2	Average size400 SF	Average rent$764
1 bedroom	No. units7	Average size711 SF	Average rent$861
2 bedroom	No. units4	Average size938 SF	Average rent$946

Financials

Assessment 2018	Land Building Total	Land$3,564,000 Building$13,700 Total$3,577,700
Taxes 2018	$18,881 (utilities included)
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$139,104 Vacancy(696) Effective gross$138,408 Operating expenses(43,338) Net operating income$95,070
Notes	For a rent roll and income and expense statement 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.