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Century Place

523 Gatensbury Street, Coquitlam, BC

$6,750,000

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Price$6,750,000

Units97

Year built1970

Lot size71,280 sq. ft.

ZoningRM-2

Price/unit$69,587

Cap rate6.04%

GIM9.15

PID011-106-255

Legal descriptionParcel A Explanatory PL 9890 PL 7247 REM 3,4 & 5, Blk. 21

Overview

Built in 1970, Century Place is a 97-suite apartment building situated in Coquitlam near the Skytrain and Lougheed Shopping Centre.

Improvements

– Balconies or patios for each suite
– Underground parking for 100+ cars
– The 5 Bachelor suites are extraordinarily large (approx. 800 sq.ft.)
– 6 seperate laundry rooms-washers/dryers owned by building
– Excellent storage facilities -Two large workshop

Recent Upgrades

– 85 suites new carpeting last 5 years
– 85 fridges and stoves replaced last 10 years
– 6 suites have patios/decks replaced last 10 years
– Approx. 50 suites arborite replaced last 10 years
– New boiler domestic hot water replaced 5 years ago
– 2 new hot water storage tanks
– Roof 2/3 changed 8 years ago
– Roof 1/6 changed 5 years ago
– Piping replaced-ongoing
– Arborite approximately 1/2 suites redone

Comments

Rents appear to be slightly under market.

Show less

	No. units
Bachelor	No. units5
1 Bedroom	No. units59
2 Bedroom	No. units31
3 Bedroom	No. units2

Financials

Financing	$3,900,000 1st mortgage, 7.05% due July, 2010.
Assessment 2003	Land Building Total	Land$1,318,000 Building$3,487,000 Total$4,805,000
Taxes 2003	$38,749.59
Income and expenses	Effective gross Expenses ($3,402/suite) Net operating income	Effective gross$737,547 Operating expenses$330,035 Net operating income$407,512
Notes	2003 Proforma

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