Magnolia Manor is a 27-suite three-storey rental apartment building located in New Westminster. Built in 1970 and improved on a large ~21,000 SF lot, the property has undergone a series of capital upgrades and features, balconies/patios, elevator service, 2 sets of washers/dryers (owned) and 26 surface parking stalls (10 covered).
- Elevator upgraded with new hydraulics (~2016)
- New furnace (~2014)
- 2 hot water tanks (~2014)
- New hallway carpets (~2014)
- Balconies – all rebuilt (~2013)
- 2 floor re-piped for hot/cold lines, and some piping on 1st floor (~2012)
- New roof (~2011)
- Newer fire panel in lobby
- Building on fuses
- 50% of the suites have features updates as needed on turnover
- Single pane windows
Magnolia Manor is centrally located in a quiet residential neighbourhood called “Brow of the Hill” in New Westminster’s Uptown District. Situated on the north side of Ash Street between 3rd and 4th Ave, the property is only three blocks from Moody Park and Royal City Centre which is characterized by its retail amenities, financial institutions, office buildings, restaurants and strip retail facilities. Douglas College, BC Transit and Skytrain are also in close proximity.
|No. units||Average size||Average rent|
|Bachelor||No. units3||Average rent$709|
|1 bedroom||No. units15||Average rent$849|
|2 bedroom||No. units9||Average rent$985|
|Financing||Treat as clear title.|
|Income and expenses|
Net operating income
For current rent roll 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.