7770 Royal Oak Avenue

Burnaby

SOLD $1,720,000

Print options

Would you like to print the gallery images?

Yes No

Price$1,740,000

Units20

Net rentable area14,150 sq. ft.

Year built1962

Lot size122.5 x 138.6 sq. ft.

ZoningC-2

Cap rate7.4%

Legal descriptionLot A DL 158 Plan 11155

Sale price$1,720,000

Sale date03/28/2003

Overview

A combined apartment/commercial complex located in Burnaby’s South Slope, only minutes to Skytrain. Built in 1962 and in immaculate condition. Note: Excellent assumable mortgage.

Location

This apartment/commercial complex is specifically located on the north east corner of Royal Oak Avenue and Clinton Street in Burnaby’s South Slope commercial area, near the Royal Oak Skytrain Station.

Building Description

The subject property is a three-storey frame apartment/commercial complex, constructed in 1962. The building has complete laundry and storage facilities and 12 suites have spectacular views of South Slope, ocean, etc. The building is equipped with a gas fired hot water heating system and provides surface parking for 19 cars.

The apartment suites are all leased on month to month tenancies, while six of the eight commercial tenants are also month to month. The commercial component has a net leasable area of 7,457 sq. ft.

Summary

The acquisition of 7770 Royal Oak Avenue represents an excellent choice for today’s real estate investor. It combines a balanced exposure in apartments and commercial, is an asset in excellent condition with rents slightly under market and allows the investor a significant positive cash flow after assuming the attractive first mortgage financing.

Show less

	No. units	Size range
1 Bedroom	No. units16	Size range621 - 687 sq.ft.
2 Bedroom	No. units4	Size range891 - 918 sq.ft.
Commercial Units	No. units8

Financials

Financing	First mortgage of $980,000 at 6.05% with 5 year term to Dec/06 with monthly payments of $6,427.82 with Industrial Alliance Life Insurance Company.
Assessment 2002	Land Building Total	Land$615,000 Building$940,000 Total$1,555,000
Taxes 2003	$21,265.00
Income and expenses	Gross income Operating expenses Net operating income	Gross income$230,744 Operating expenses(101,660) Net operating income$129,084

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