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Chestnut Court Apartments

5262 Ladner Trunk Road, Delta

$10,000,000

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Price $10,000,000

Property type Apartment building

Units 28

Storeys 3

Year built 1972

Lot size 41,334 SF (132' x 313')

Zoning CD79

Price per unit $357,143

Cap rate 3.0%

Gross income multiplier 23.1

Parking 37 surface stalls

PID 017-416-639

Legal description Parcel 857 District Lot 116 Group 2 New Westminster District Reference Plan LMP1070

Overview

Chestnut Court Apartments is a well maintained and updated 28-suite three-storey apartment building located in Delta’s community-orientated Ladner neighbourhood.

Built in 1972 and improved on a large 41,334 SF (132’ x 313’) lot, the building’s suite mix comprises 8 one-bedrooms and 20 two-bedrooms. Other highlights include attractive landscaping with plenty of greenery, elevator service, 2 sets of washers & dryers, ample surface parking (37 stalls), tenant storage lockers on every floor (28 in total) and entrances on all sides of the building.

The property has a rezoning application drawing package available. The proposal contemplates a 4-storey apartment building comprising 69 units (rental & strata) at a density of 1.475 FSR.

Building upgrades

New water system & hot water tank replacement (2022)
Washer/dryers replaced (2022)

Suite renovations:
101: Painting, flooring, living room lighting, electrical switches (2021)
105: Flooring, kitchen cabinets/counters, painting (2021)
106: Painting, bathroom fan, electrical switches, kitchen hood, fridge, flooring (2020)
108: Kitchen hood, fridge replaced (2022)
201: Flooring, kitchen hood, fridge, painting (2021)
205: Kitchen hood (2022)
206: Bathroom sink, bathroom fan, fridge, kitchen hood (2020)
207: Painting, kitchen cabinets, electrical switches, kitchen hood, flooring (2020)
301: Painting, fridge, kitchen hood, bathroom fan (2020)
304: Painting (2020)

Location

The subject is situated on the southside of Ladner Trunk Rd between 52a and 53a Streets, just steps to Ladner Centre shopping mall. The area affords tenants a variety of restaurants, grocery and other everyday retail amenities.

Located in the heart of Ladner, the property is within 15 minutes’ drive to Tsawwassen Mills Shopping Centre and Tsawwassen Ferry Terminal with easy access to Highways 99, 91 and 17, connecting Richmond, Vancouver, Surrey, New Westminster, and Burnaby.

The property is close to local bus service along Ladner Trunk Road and within a 5-minute drive to Delta Hospital and Ladner Leisure Centre. Additionally, it is a short distance to Delta Secondary School, Ladner Elementary and Delta Christian School.

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	No. units	Average size	Average rent
1 bedroom	No. units8	Average rent$1,006
2 bedroom	No. units20	Average rent$1,392

Financials

Financing	Treat as clear title
Assessment 2022	Land Building Total	Land$6,780,000 Building$1,052,000 Total$7,832,000
Taxes 2022	$26,703
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$435,633 Vacancy(2,178) Effective gross$433,455 Operating expenses(129,639) Net operating income$303,816
Notes	For additional information including financials, please contact the listing agent.

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