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Park Heights

7428 6th Street, Burnaby

SOLD $1,150,000

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Price$1,595,000

Units17

Year built1953

Lot size119.48' x 100'

ZoningC-4 (Service Commercial)

Price/unit$93,823

Cap rate3.3%

GIM14.3

PID003-219-526, 003-219-488

Legal descriptionLots 16 & 17, DL 28 Dist 37 Plan 10459

Sale price$1,150,000

Sale date02/01/2007

Overview

Park Heights is a clean, well maintained 17 unit frame apartment building located in southeast Burnaby. Built in 1953, the property features a great suite mix, hardwood floors, storage lockers & parking. Zoned C-4 (Service Commercial). Rents significantly below CMHC’s market averages for southeast Burnaby–huge upside potential.

Location

The subject property is located in southeast Burnaby, just south of Burnaby Park and two blocks east of Canada Way. On bus line and close to shopping. Minutes to the new HighGate Mall.

Improvements

– 3 storey wood frame building/stucco exterior
– 1 Washer / 2 dryers – leased
– 14 separate lockers + 2 for building
– 8 covered surface parking in rear
– Hardwood floors

Recent Upgrades

– New hot water tank (2003)
– Tar and gravel roof replaced (1997)
– 2 Bachelor suites extensively upgraded past 3 years
– Appliances/flooring replaced on ongoing basis
– Intercom replaced (1997)
– Property recently fenced (including garbage area)
– New exterior doors and locking system (2004)

Show less

	No. units
Bachelor	No. units2
1 Bedroom	No. units12
2 Bedroom	No. units1
2 Bedroom P/H	No. units1

Financials

Financing	Clear title.
Assessment 2006	Land Building Total	Land$657,000 Building$268,000 Total$925,000
Taxes 2007	$9,453.01
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$111,240 Vacancy(1,112) Effective gross$110,128 Operating expenses(57,015) Net operating income$53,113
Notes	Income annualized as of October 2006.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.