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