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Ridge Crest Manor

7165 Pandora Street, Burnaby

SOLD $3,889,000

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Price$4,295,000

Units14

Storeys3

Net rentable area10,420 SF

Year built1964

Lot size14,201 SF

ZoningRM-2

Price/unit$306,786

Cap rate2.5%

GIM26

PID008-945-381

Legal descriptionLot 184 DL 216 Group 1 NWD Plan 27004

Sale price$3,889,000

Sale date05/20/2018

Overview

Ridge Crest Manor is a three-storey 14-suite rental apartment building located in Burnaby’s Westridge neighbourhood. Built in 1964 of wood construction, the property comprises 3 two-bedroom and 11 one-bedroom suites and is improved on a 14,201 SF irregular shaped corner lot.

Each unit (except one) has its own separate exterior entrance and feature hardwood floors. There are 13 surface parking stalls, laundry facilities and 12 storage lockers on the main floor. Some capital upgrades include a new awning (2018), roof (2013), and boiler (2006). Some of the units have nice views. The building is in need of re-plumbing.

Location

Ridge Crest Manor is located in Burnaby’s Westridge neighbourhood on the north side of Pandora Street just east of Inlet Drive. The community has a number of small parks scattered around the neighbourhood. To the east is Burnaby Mountain Conservation Area with its forested slopes, hiking trails, and Centennial Park, as well as the Burnaby Mountain Golf Course.

The Trans-Canada Trail runs along the north side of Hastings and continues toward picturesque Burrard Inlet. The small Westridge Park west of Inlet Drive has a children’s playground and some tennis courts. Nearby is Simon Fraser University and Barnet Marine Park, with its beach and wonderful views of Burrard Inlet and Indian Arm. Only 5 minutes to Kensington Square Shopping Centre and Burnaby North Secondary School. Public transit is available a few minutes’ walk on Hastings Street.

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	No. units	Average size	Average rent
1 bedroom	No. units11	Average size680 SF	Average rent$883
2 bedroom	No. units3	Average size980 SF	Average rent$1,315

Financials

Financing	Treat as clear title.
Assessment 2017	Land Building Total	Land$2,428,000 Building$1,527,000 Total$3,955,000
Taxes 2017	19,455
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$166,236 Vacancy(831) Effective gross $165,405 Operating expenses(59,960) Net operating income$105,445
Notes	For 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.