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Springer Manor

5190 Hastings Street, Burnaby

$4,000,000

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Price $4,000,000

Property type Apartment building

Units 13

Storeys 3

Year built 1962

Lot size 12,768 SF

Zoning RM-3

Price per unit $307,692

Cap rate 4.1%

Gross income multiplier 16.4

Parking 8 surface stalls

PID 001-159-623

Overview

Springer Manor is a well-maintained 13-suite apartment building located at the southwest corner of Hastings Street and Springer Avenue in Burnaby’s sought-after Capitol Hill neighbourhood.

Built in 1962, this 3-storey walk-up building sits on a 12,768 SF lot zoned RM3, featuring spacious suites with a mix of 7 one-bedroom and 6 two-bedroom units. The two top-floor, south-facing units offer exclusive rooftop patios with stunning views of Brentwood and Metrotown.

Notable features include a washer/dryer set, 8 surface parking stalls, electric breakers for all units, ample storage with 12 tenant lockers, and a large ground-floor room that could potentially be converted into an additional suite. The property also boasts a crawlspace that spans half the length of the building with a 10-foot ceiling.

Additionally, the property is held in a bare trust, allowing for significant tax savings.

Upgrades

Over the years, there have been several capital upgrades, including:

New wall-mounted high-efficiency boiler (December 2023)
New 2nd-floor roof (December 2024) and top floor replaced (2014)
New service line pipe (January 2025)
Suite renovations: 7 of the 13 units have had kitchens and bathrooms remodeled, with 2 additional units currently undergoing upgrades (unit numbers to be confirmed).

Development potential

The City of Burnaby is in the process of updating its city-wide OCP and rezoning bylaws. Within the draft OCP land use map, the property is designated Low-Rise Apartment 2 which envisions up to 6-storey apartment buildings, subject to various other policies and built-form guidelines.

Location

Springer Manor is centrally located in Burnaby’s coveted Capitol Hill neighborhood, on the southwest corner of Hastings Street and Springer Avenue. The property benefits from excellent transportation options, with Hastings Street directly in front and Willingdon Avenue just 5 blocks west.

A quick 10-minute walk away, residents can enjoy the vibrant retail corridor of Hastings Street, offering a variety of shops, restaurants, and services.

The property is also just minutes from Confederation Park—a 200-acre community hub featuring sports fields, playgrounds, and a fitness center. Additionally, it’s within easy reach of top-rated schools such as Capitol Hill Elementary and Burnaby North Secondary. Simon Fraser University is just a 15-minute bus ride away.

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	No. units	Average size	Average rent
1 bedroom	No. units7	Average rent$1,522
2 bedroom	No. units6	Average rent$1,587

Financials

Financing	Treat as clear title
Assessment 2025	Land Building Total	Land$3,384,000 Building$760,000 Total$4,144,000
Taxes 2024	$14,126
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$244,470 Vacancy(1,222) Effective gross$243,248 Operating expenses(77,785) Net operating income$165,463
Notes	For 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.