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Skyview Manor

908 Sixth Avenue & 529 Tenth Street, New Westminster

SOLD $7,525,000

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Price$8,190,000

Units69

Year built1966

Lot size313.46' x 132' (41,376.72 sq. ft.)

ZoningRM-2

Price/unit$118,696

Cap rate4.5%

GIM12.9

PID012-876-836 & 009-097-856

Sale price$7,525,000

Sale date01/01/2008

Overview

Skyview Manor (44 units) & Park Villa Apartments (25 units) are two 3-storey wood frame apartment buildings totaling 69 units located in New Westminster, BC. The sites are situated adjacent to each other and total 41,377 square feet offering an excellent future development opportunity. Skyview Manor contains a spectacular inner courtyard featuring a unique tropical garden. The properties are being offered for sale as a package.

Location

The subject properties are located on the south side of Sixth Avenue, between Ninth and Tenth Streets, in the Uptown area of New Westminster, BC. Moody Park is situated across the street on the north side of Sixth Avenue between Eighth and Tenth Streets. The buildings occupy a full block, corner to corner, with no neighbors on either side. Retail amenities, financial institutions, office buildings, restaurants and strip retail facilities are prevalent in this neighbourhood. Major shopping including drug stores, supermarket, banks (Royal City Shopping Mall) within walking distance. A bus line is conveniently located on Sixth Street, infront of the buildings.

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	No. units
One Bedroom	No. units52
Two Bedroom	No. units14
Penthouse Suites	No. units3

Financials

Assessment 2007	Land Building Total	Land$2,068,000 Building$3,568,000 Total$5,636,000
Taxes 2007	$35,861.89
Income and expenses	Gross income Less Vacancy 0.5% Effective gross Operating expenses Net operating income	Gross income$631,080 Vacancy(3,155) Effective gross$627,925 Operating expenses(262,065) Net operating income$365,859
Notes	Income annualized as of August 2007. For a rent roll and income & expense statement, 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.