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Park Heights

7428 6th Street, Burnaby

SOLD $2,775,000

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Price$2,795,000

Units20

Year built1953

Lot size120' x 100'

ZoningC-4 (Service Commercial)

Price/unit$139,750

Cap rate6.2%

GIM12.3

PID003-219-526, 003-219-488

Legal descriptionLot 17, DL 28, Group 1 NWD Plan 10459

Sale price$2,775,000

Sale date01/01/2007

Overview

Totally renovated! Park Heights is a wood frame, 20 unit, low-rise apartment building in superb condition located in southeast Burnaby. The property is situated on a large corner lot (120′ x 100′) offering terrific exposure and future redevelopment potential. The completely upgraded suites boast spacious layouts & new appliances (including dishwashers). The subject property also features parking & storage lockers. In conclusion, Park Heights is a turn-key building with no deferred maintenance and offers tenants easy access to local shops, restaurants and parks.

Location

The subject property is centrally located in southeast Burnaby, just south of Burnaby Park and two blocks east of Canada Way. On bus line and close to local shops and restaurants. Minutes to the new High Gate Mall. There is a newly constructed seniors residential building across the street.

Recent Upgrades

Exterior paint Interior common area paint
Tile floors in entry lobby area
Double-glazed vinyl windows throughout
Domestic hot and cold plumbing throughout
Common area carpets with baseboard moldings throughout
Common area lighting throughout
Asphalt to parking area (9 stalls)
New storage lockers
Property fenced (including garbage area)
2 washers/2 dryers leased
Roof – tar and gravel (1997)
New exterior doors & locking system (2004)

Recent 2007 Upgrades to suites:

Interior paint
White horizontal blinds
Kitchen stove hood fans
Gorgeous hardwood floors refinished
New wood laminate floors in all 1st floor suites
Mirror closet doors to 1st floor suites
Flooring in kitchens and bathrooms 18/20 units have dishwashers
Maple kitchen cabinets
Kitchen counters Sink, faucet Appliances (fridges, stoves, dishwashers – of 78 appliances, approx. 60 are brand new, others clean and newer)
Bathrooms (Maple vanity, counters, tub, toilet, basin, tile around the tub, mirror, lighting) All top floor suites have kitchen skylights

Show less

	No. units	Average size
Bachelor	No. units2	Average size500
One Bedroom	No. units10	Average size750
Two Bedroom	No. units7	Average size1,000
Two Bedroom + Den	No. units1	Average size1,100

Financials

Financing	Treat as clear title.
Assessment 2007	Land Building Total	Land$717,000 Building$391,000 Total$1,108,000
Taxes 2007	$9,635.90
Income and expenses	Gross income Less Vacancy 0.5% Effective gross Less Expenses ($2,631/unit) Net operating income	Gross income$227,900 Vacancy(11,140) Effective gross$226,760.00 Operating expenses(52,627) Net operating income$174,133
Notes	Income annualized as of August 2008. One unauthorized unit. 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.