Off Market

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6822 Arcola Street

Burnaby

$3,880,000

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Price $3,880,000

Property type Apartment building

Units 10

Storeys 2 + basement

Year built 1958

Lot size 9,000 SF (75' x 120')

Zoning RM3

Price per unit $388,000

Cap rate 2.8%

Gross income multiplier 23.4

Parking 7 stalls at rear

PID 010-404-082

Legal description Lot "G" District Lot 96 Group 1 New Westminster District Plan 18681

Overview

The subject is a 10-suite low-rise apartment building located in Burnaby’s Highgate neighbourhood, offering convenient access to local transit and accessible to many of the local shopping malls, parks and community amenities.

Constructed in 1958 on a 75’ x 120′ (9,000 SF) RM-zoned lot, the building’s suite mix comprises 2 bachelors, 5 one-bedrooms and 3 two-bedrooms. Features include 7 surface parking stalls, 1 leased washer/dryer set and 10 tenant storage lockers.

Building Upgrades

New torch-on roof replaced (2012)
New double-pane insulated windows (2012)
2 hot water furnaces replaced
Newer mailboxes
New expansion tank (2022)
Suite updates as needed

Location

The property is centrally located in the Highgate area of South Burnaby, one block north of Kingsway. Conveniently situated 2 blocks to Highgate Mall Shopping Centre, restaurants, transit and various retail and community amenities.

Major destinations close by include Metrotown Mall, Crystal Mall, Central Park, Deer Lake Park, Burnaby Lake and Riverway Golf Course. The property provides easy access to Vancouver, Burnaby and New Westminster and a 15-minute walk to Edmonds Skytrain Station.

Show less

	No. units	Average size
Bachelor	No. units2	Average rent$1,142
1 bedroom	No. units5	Average rent$1,302
2 bedroom	No. units3	Average rent$1,636

Financials

Financing	Treat as clear title
Assessment 2022	Land Building Total	Land$2,475,000 Building$858,000 Total$3,333,000
Taxes 2022	$10,050
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$166,292 Vacancy(831) Effective gross$165,460 Operating expenses(56,623) Net operating income$108,838
Notes	For additional information including financials, please contact 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.