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Dogwood Apartments

6831 Arcola Street, Burnaby

Apartment Building
13 suites in South Burnaby

$3,800,000

3 blocks to Highgate Village

Overview

Dogwood Apartments is a 13-suite two-storey building improved on a large 12,000 SF lot. Built in 1958 of wood-frame construction, the property comprises a suite mix of 2 bachelors, 7 one-bedrooms and 4 two-bedrooms and features 12 full size storage lockers, laundry facilities (1 washer/1 dryer) and 8 surface parking stalls. Some upgrades include a new roof (2006) and re-piping (1995). A recent Stage 1 Environmental Report does not recommend any further investigation.

Location

Dogwood Apartments is located in South Burnaby on the north side of Arcola Street, one block north of Kingsway in the heart of the Highgate Town Centre. Only 3 blocks to Highgate Shopping Centre and walking distance to Edmonds Community Centre, restaurants, transit and various amenities. Only a 12-minute walk to the Edmonds SkyTrain Station and a 5-minute drive to Metrotown Mall.

Summary

Price$3,800,000
Units13
Storeys2
Net Rentable Area9,530 SF
Price/Unit$292,308
Cap Rate2.5%
GIM27.5
Year Built1958
Lot Size100’ × 120’ (12,000 SF)
ZoningRM3
PID010-404-091

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
StudioNo. Units2Avg. Sq. Ft.400 SFAvg. Rent$764
1 bedroomNo. Units7Avg. Sq. Ft.711 SFAvg. Rent$861
2 bedroomNo. Units4Avg. Sq. Ft.938 SFAvg. Rent$946

Financials

Assessment 2018
Land
Building
Total
Land$3,564,000
Building$13,700
Total$3,577,700
Taxes 2018
$18,881 (utilities included)
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$139,104
Vacancy(696)
Effective Gross$138,408
Operating Expenses(43,338)
Net Operating Income$95,070
NotesFor a rent roll and income 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.

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