Bonnie Brae Apartments
1955 Western Drive, Port Coquitlam
65 suites on a 1.5-acre site
3% cap rate / $208,000 per unit
Bonnie Brae Apartments is a well-maintained three-storey plus basement wood-frame rental apartment building located in the Mary Hill area of Port Coquitlam. Constructed in 1968 on a massive 1.5-acre lot, the building contains 65 suites comprising a great suite mix of 8 bachelors, 33 one-bedrooms and 24 two-bedroom units. The two bedroom units all have a two-piece en-suite bathroom. Opportunity to significantly increase rents on suite turnover.
Features include 67 covered parking stalls, balconies, elevator service, large laundry room, bicycle and locker room storage and a large additional storage room. A Stage 1 Environmental Report has recently been commissioned. Finally, there is an option to purchase the shares of the company holding title to the property and save PTT.
The subject is situated on the west side of Western Drive, towards its northern extent, and just east of Mary Hill Road, in the Mary Hill area of Port Coquitlam. The property is across the street from Mary Hill Elementary School and is nearby the downtown Port Coquitlam strip on Shaughnessy Street, which features grocery stores, coffee shops, restaurants, barbers, liquor stores, and bars galore. There are a number of walking trails nearby and only a 5-minute drive to Gates Park’s outdoor playgrounds, walking, and cycling trails. The Mary Hill Bypass connects directly to the freeway and provides easy access to New Westminster, Burnaby and Vancouver.
- Front facia work (2018)
- Two new Viessmann furnaces (2017)
- Lobby refurbished (2015)
- Elevator modernization (2014)
- Mailboxes (2013)
- Electrical breakers (2010)
- Building re-piped (2009)
- Roof (2005)
- Balcony and windows replaced as needed
|No. Units||Avg. Rent|
|Bachelor||No. Units8||Avg. Rent$667|
|1 bedroom||No. Units33||Avg. Rent$843|
|2 bedroom||No. Units24||Avg. Rent$937|
|Financing||Treat clear title.|
|Income and Expenses|
Net Operating Income
|Notes||For current rent roll and expense statement, 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.