Elliot Manor

Overview

Attractive below market financing with 7 years left! A CMHC first mortgage (Peoples Group) with an outstanding balance of $2,330,000 at an interest rate of 2.07%, maturing June 1, 2030.

Elliot Manor is an extensively upgraded 18-suite three-storey (plus penthouse level) rental apartment building located in New Westminster’s historic Downtown. Built in 1962 and improved on an 8,705 SF lot, the property features oversized suites with a great mix of 9 one-bedrooms, 6 two-bedrooms, 2 two-bedroom penthouses and 1 three-bedroom.

The building also features balconies/patios, 1 set of washer/dryer (owned), 6 surface parking stalls, a caretaker’s office, 2 private storage lockers, an outside shed/workshop, and great city views from the 2 penthouse units. There is potential to split the large three-bedroom unit into 2 one-bedrooms.

Upgrades

2016

• All windows / patio doors replaced to double pane

2017

• 3 × 80L new hot water tanks
• New wood decks for 2 penthouse units
• New window coverings

2018

• Old cedar sidings replaced with Hardie board
• 2 units totally renovated: #103 (plus new deck) and #104; both with separate heat control
• New back door entrance
• New fire alarm system
• New laundry room and machines
• New storage shed
• New gated garbage area
• New carpets in common area
• New hallway tiles on main level
• New stair railings
• Light fixtures updated to LED
• New caretaker office with shower and toilet
• Water shut offs for #101 and #102 with access panels
• New roof soffits

2019

• Units #205/206/304 refurbished: new paint, new kitchen counter-tops, sinks, gas stoves, toilets, vanities, new window coverings and carpet
• Unit #303: new paint and closet door
• Major boiler reconditioning (over $8,000)
• Roof reconditioned and crack seals
• Unit #101: new washroom toilet, tiled flooring, paint and new vanity with faucet

2022

• New roof

Location

Elliot Manor is situated on the south side of Agnes Street directly across the street from École Qayqayt Elementary and Saint Mary’s Park in historic Downtown New Westminster. Columbia Street, 4 blocks south, is the main commercial/retail corridor in the Downtown area and offers numerous amenities, shopping, coffee shops and restaurants. Many of the older buildings in close proximity to the subject have undergone extensive revitalization recently. Substantial new developments have taken place over the years with high-rise condominium projects situated in the downtown core, mostly very close to the SkyTrain stations. Notable location highlights include Douglas College, the Anvil Centre, the Law Courts, City Hall and the waterfront Westminster Pier Park.

Elliot Manor is well serviced by public transportation. There is a bus stop directly out front and the Columbia SkyTrain station is conveniently located only a 5-minute walk away. The SkyTrain travel time to Downtown Vancouver’s Waterfront Station is only 25 minutes. Major bus routes run along Sixth Street, Columbia Street, Royal Avenue and Eighth Street.