Ralf's Gardens
7040 Arcola Street, Burnaby
Apartment Building
48 suites
SOLD $12,800,000
Overview
Ralf’s Gardens is a 48-suite three-storey wood-frame rental apartment building located in Burnaby’s Highgate neighbourhood. Clean and well maintained, the property is improved on a large 31,768 sq. ft. site and features elevator service, secure underground parking, ample storage and a great suite mix. Property is in the Edmonds Plan as “Town Centre Core”.
Features
- Three-storey wood-frame building constructed in 1968
- 48 units (2 bachelors, 40 one-bedrooms, 6 two-bedrooms)
- All suites have balconies or patios
- Stucco exterior with brick trim
- 48 secured underground parking stalls
- Bright and clean laundry room with 3 washers and 3 dryers (leased)
- Bike storage area
- Separate locker room
- 16’ x 12’ storage room
- Security system with cameras
Upgrades
- 75% of windows, bathrooms, countertops, laminate floors, tiles, and appliances have been upgraded in bath/shower
- All bathrooms have floor-to-ceiling tiles
- Attractive lobby with ceramic tile work
- Pipe risers replaced (approx. 10 years ago)
- Roof replaced (approx. 8 years ago)
- Single cylinder elevator replaced (approx. 3 years ago)
- Balconies replaced or membranes refinished as needed (approx. 3 years)
- Hall carpets replaced (approx.10 years ago)
- Updated intercom & annunciator panel
- Mighty Therm water boilers
- High Tec water treatment system
- Tile flooring in basement
Location
The property is located on the south side of Arcola Street, one block north of Kingsway in the heart of the Highgate Town Centre, only a half-block west of Highgate Shopping Centre. The Edmonds Community Centre, restaurants, transit and various amenities are very close by. Only a 13-minute walk to the Edmonds SkyTrain Station and 3km to Metrotown Mall.
Summary
Suite Mix
| No. Units | Avg. Rent | |
|---|---|---|
| Bachelor | No. Units2 | Avg. Rent$718 |
| 1 bedroom | No. Units40 | Avg. Rent$867 |
| 2 bedroom | No. Units6 | Avg. Rent$1,028 |
Financials
| Financing | Clear title. | |
|---|---|---|
| Assessment 2016 | Land Building Total | Land$4,606,000 Building$3,923,000 Total$8,529,000 |
| Taxes 2016 | $64,180.18 | |
| Income and Expenses | Gross Income Vacancy Effective Gross Operating Expenses Net Operating Income | Gross Income$521,320 Vacancy(4,265) Effective Gross$517,055 Operating Expenses(236,102) Net Operating Income$280,953 |
| Notes | For a detailed rent roll & expenses 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 HQ Commercial.
