Brentview Manor

1280 Madison Avenue, Burnaby

SOLD $2,910,000

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Price$2,959,000

Units22

Year built1960

Lot size164.39' x 121.92'

ZoningRM-3

Price/unit$134,500

Cap rate3.7%

GIM14.9

PID009-948-813

Legal descriptionLot B, DL 120 Grp 1 N W D Pln 14487

Sale price$2,910,000

Sale date01/01/2008

Overview

Brentview Manor is a three-storey 22 unit frame apartment building located in the Willingdon Heights neighbourhood of North Burnaby. Built in 1960, the property features balconies, hardwood floors, parking, lockers, an indoor swimming pool and an excellent suite mix (16-1Br; 6-2Br).

Location

A prime location in North Burnaby, Willingdon Heights is ideally located near several major Translink routes and traffic arteries. Major transportation routes in a north/south direction are situated along Boundary Road and Willington Avenue, with east/west travel provided by Hastings Street and Lougheed Hwy. The Trans Canada Hwy is just minutes away. The property is situated on the north-east corner of Madison Avenue and Charles Street. A retail/commercial complex is located directly across the street.

Features

– Excellent suite mix
– Indoor swimming pool
– Rear parking for 15 stalls
– 2 washers/2 dryers owned by building
– Vinyl exterior
– Large balconies for six 2Br and six 1Br suites in the front of building

Recent Upgrades

– Fire code updating in 2000 (approx $20,000)
– Most fridges/stoves are 5 years or older
– 4 fridges & 3 stoves replaced (October 2007)

Show less

	No. units
One Bedroom	No. units16
Two Bedroom	No. units6

Financials

Financing	Clear title.
Assessment 2007	Land Building Total	Land$1,500,000 Building$696,000 Total$2,196,000
Taxes 2007	$10,674.54
Income and expenses	Gross income Less Vacancy 0.5% Effective gross Operating expenses Net operating income	Gross income$198,430 Vacancy(992) Effective gross$197,438 Operating expenses(87,274) Net operating income$110,164
Notes	Income annualized as of November 2007. For a current rent roll and 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.