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Cedar Court & Griffiths Manor

345 Cedar St & 461 Griffiths Pl, New Westminster

$21,000,000

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Price $21,000,000

Property type Two back-to-back apartment buildings

Units 72

Storeys 3

Year built 1971 & 1964

Lot size 41,382 SF combined

Zoning RM-2

Price per unit $291,667

Cap rate 3.5%

Gross rent multiplier 18.7

Parking 47 underground + 20 surface stalls

Development potential TOA Tier 3 (up to 8 storeys and 3.0 FSR)

PID 008-545-006 + 002-878-798, 002-878-828, 002-878-852

Legal description Lot 29 Suburban Block 3 Plan 38746 +
Lots 5, 6, and 7 of Lot 2 of Lot 14 Suburban Block 3 Plan 3984

Overview

An extraordinary opportunity to acquire two back-to-back apartment buildings featuring a combined 72 suites on 41,382 SF of land in the historic Sapperton neighbourhood of New Westminster.

The properties are Tier 3 Transit-Oriented Development Area (TOA) designated sites, allowing for rezoning up to a minimum of 8 storeys and 3.0 FSR.

The buildings can be purchased together or separately. A share purchase is available for a combined transaction.

Building name	Cedar Court Apartments	Griffiths Manor
Address	345 Cedar Street	461 Griffiths Place
Location	North side of Cedar Street	West side of Griffiths Place
Units	47	25
Year built	1971	1964
Lot size	26,997 SF (195’ x 139’)	14,385 SF (120′ x 120′)
Storeys	3	3 + penthouse
Parking	47 underground stalls	20 surface stalls
Taxes (2024)	$37,791	$24,897
NOI	$465,162	$263,597
List price	$13,900,000 ($296k per unit)	$7,100,000 ($284k per unit)

Cedar Court Apartments – 345 Cedar Street

Cedar Court Apartments is a 47-suite three-storey apartment building with elevator service and underground parking.

Built in 1971 on a large 26,997 SF lot with 195 feet of frontage, the building features a unit mix of 8 bachelors, 36 one-bedrooms and 3 two-bedrooms. The property contains 46 full height storage lockers, three sets of owned washer / dryers (new in 2024), and underground parking for 47 vehicles.

The building is well maintained with around half the suites renovated on turnover. Hot water tanks and pumps were replaced in 2024 and the elevator was modernized in 2014.

Griffiths Manor – 461 Griffiths Place

Griffiths Manor is a 25-suite three-storey plus penthouse apartment building offering stunning Fraser River views from the top floor.

Built in 1964 on a 14,385 SF lot with 120 feet of frontage, the building features a unit mix of 6 bachelors, 14 one-bedrooms and 5 two-bedrooms. The property contains 24 storage lockers, two sets of owned washer / dryers (new in 2024), and 20 surface parking stalls.

Upgrades including new breaker panels (2023), hot water tank (2022) and boiler (2016). All but a few suites have been renovated upon turnover.

Location

345 Cedar Street and 461 Griffiths Place are back-to-back buildings located just west of East Columbia Street, in the historic Sapperton neighbourhood of New Westminster. They are situated steps from a well-established mixed-use area that has been undergoing a revitalization in recent years. The location offers tenants convenient access to a wide variety of shops and services, is within walking distance to two rapid transit stations, a major employment hub, and Sapperton Park with its sports fields, picnic areas, and a recently upgraded playground and spray park.

Only two blocks north is the Royal Columbian Hospital, one of the largest health care facilities in the region, which is currently undergoing a $1.5 billion renovation and expansion to be completed in 2026. Just south of the hospital, Brewery District is an 8-building master planned community featuring four high-rise residential towers, medical office space, and the new headquarters for Translink, the regional transit authority. Retail tenants at Brewery District include a Save-On Foods grocery, Browns Social House, Shoppers Drug Mart, and a number of other restaurants and services.

The neighbourhood is well serviced by transportation options. Both Sapperton and Braid Skytrain stations are less than a 15-minute walk, while local bus services run along East Columbia Street. Both Highway 1 (Trans Canada Highway) and Lougheed Highway are within a 5-minute drive from the property.

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	No. units	Average size
Bachelor	No. units14	Average rent$1,020
1 Bedroom	No. units 50	Average rent$1,285
2 Bedroom	No. units 8	Average rent$1,647

Financials

Financing	Treat as clear title
Taxes 2024	$62,688
Combined income and expenses	Gross income Vacancy Effective gross Combined operating expenses Net operating income	Gross income 1,125,918 Vacancy(5,630) Effective gross $1,120,288 Combined operating expenses(391,530) Net operating income $728,759
Notes	For more information including rent rolls and expense statements, 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.