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For sale

The Station on Mellard

46060 Mellard Avenue, Chilliwack

$17,250,000

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Price $17,250,000

Property type Apartment building

Units 40

Storeys 5

Net rentable area 37,063 SF

Year built 2023

Lot size 31,374 SF (262’ x 119’)

Zoning R6

Price per unit $431,250

Rental rate $2.1/SF

Cap rate 4.1%

Gross income multiplier 18.2

Parking 63 gated stalls (37 covered & 26 surface)

Price per SF $465

PID 030-687-179

Legal description Lot A Division E New Westminster District Plan EPP89581

Overview

The Station at Mellard is a brand-new, five-storey, 40-unit rental building offering spacious, thoughtfully designed homes in the rapidly growing Chilliwack Proper Village West neighborhood.

Constructed in 2023 on a 31,373 SF lot, the wood-frame structure is built over a concrete slab foundation and features a 35-year asphalt roof, Hardie-panel and brick veneer siding, cobblestone detailing, and energy-efficient double-pane windows.

The building’s amenities include over 1,700 SF of indoor and outdoor space on the second floor, with potential to add a two-bedroom guest suite. The property also includes storage lockers (40) and a gated parkade equipped for EV charging, with 37 covered and 26 uncovered at-grade stalls.

The Station at Mellard offers a mix of well-appointed one-, two-, and three-bedroom units. All suites feature modern finishes, including oversized windows, durable vinyl plank flooring, in-suite laundry facilities, and kitchens equipped with sleek stainless-steel appliances and quartz countertops. The spa-inspired bathrooms are spacious and include dual sinks for added luxury.

All units have individual hot water tanks, allowing tenants to manage their own water usage costs. Living rooms and bedrooms are equipped with 8” wall vents for standalone air conditioning units. Residents also enjoy private balconies, with south- and east-facing units offering breathtaking views of Mount Cheam.

The property is held in a bare trust allowing for significant tax savings.

Excellent CMHC assumable mortgage of approximately $11,400,000 at an interest rate of 2.0%, maturing in July 2027.

Location

The Station at Mellard is ideally situated in the heart of Chilliwack, on the corner of Mellard Avenue and Victor Street. This prime location places tenants just minutes from Highway 1, ensuring seamless travel across Metro Vancouver.

Everyday amenities, including shopping centers, grocery stores, and essential services, are within a short drive, while a variety of notable restaurants offer diverse dining options nearby. Families will appreciate proximity to local schools and parks, while outdoor enthusiasts can explore the breathtaking scenery and recreational opportunities that Chilliwack is known for.

Public transit options, including nearby bus routes and the Fraser Valley Express, make commuting simple and efficient.

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	No. units	Average size	Average rent
1 bedroom	No. units3	Average size599 SF	Average rent $1,610
2 bedroom	No. units27	Average size938 SF	Average rent $1,896
3 bedroom	No. units10	Average size994 SF	Average rent $2,171

Financials

Financing	Excellent assumable CMHC mortgage of approximately $11,400,000 at an interest rate of 2.0%, maturing in July 2027.
Assessment 2025	Land Building Total	Land$3,445,000 Building$9,648,000 Total$13,093,000
Taxes 2024	$71,166
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$953,920 Vacancy(4,770) Effective gross$949,150 Operating expenses(245,343) Net operating income$703,808
Notes	For additional information, 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.