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Chateau Royale

127 Eighth Street, New Westminster

SOLD $1,670,000

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Price$1,749,000

Units15

Year built1960

Lot size50' x 131' (6,550 sq. ft.)

ZoningRM-2

Price/unit$116,600

Cap rate4.9%

GIM13.2

PID012-962-589

Legal descriptionNORTHERLY 2/3 LOT 10 EXCEPT: NORTHERLY 82 FEET (EXPLANATORY PL 10514), BLK 35 PL 2620

Sale price$1,670,000

Sale date01/01/2010

Overview

The Chateau Royale is a wood frame 15-suite low-rise apartment building in good condition centrally located in the Uptown neighbourhood of New Westminster. The building had an ongoing program of upgrades including suites and common areas over the years. The subject also features a suite mix of 14-1Br & 1-3Br, covered & uncovered parking, storage lockers and is situated on a bus line. Actively managed by the owner together with a part-time caretaker, the property has a very good mix of tenants and enjoys a reputation of being “quiet”.

Location

Chateua Royale is located in New Westminster’s “Brow of the Hill” neighbourhood, on the east side of Eight Street with Queens Avenue to the north and Royal Avenue to the south. The property is approximately three blocks from the New Westminster Sky Train Station and six blocks from New Westminster’s Uptown District neighbourhood which is characterized by its retail amenities, financial institutions, office buildings, restaurants and strip retail facilities. One block away is the Olivet Baptist Church, Douglas College and two blocks to Royal Towers Hotel. Generally, the immediate neighbourhood consists of a mixture of multi-family rental apartments, single family homes and condominiums to the north and some commercial to the south. Queens Park and the adjoining single family heritage residential area are located in the five or six blocks north west of the Property, east of 6th Street. Located directly across from John Robson Community School and conveniently situated right on a bus line.

Features

– 5 parking stalls (4 covered)
– Storage lockers for every tenant including separate storage for building
– Security includes motion detector for lighting
– Super hot furnace
– Lobby has been upgraded and clean
– Nicely landscaped with good curb appeal
– On bus line
– Phone and cable re-wired for high speed internet

Renovation History

– 14 of 15 suites have refinished hardwood floors
– Re-piped (1994-1995)
– Re-stucco (1996)
– Exterior painted (2009)
– New roof (torch-on) (1999)
– New washer/dryer (2004)
– Kitchen cabinet doors (1997)
– Countertops (1997)
– 2 new hot water tanks (2002-2003)
– 15 Stoves replaced (10-12 years ago)
– 12 fridges (less than 6 years)
– 3 fridges (7-8 years)
– 6 suites bathroom floors (2006)
– 9 suites tub surround (2006-2010)
– Oil tank removed – clean site (2009)
– City water line to street replaced (2009)
– Fire alarm control annunciator panel in lobby

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	No. units
One Bedroom	No. units14
Three Bedroom	No. units1

Financials

Financing	Clear Title.
Assessment 2010	Land Building Total	Land$375,000 Building$1,208,000 Total$1,583,000
Taxes 2009	$8,560.14
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$132,363 Vacancy(1,323) Effective gross$131,040 Operating expenses(45,582) Net operating income$85,458
Notes	Income annualized as of April 2010. For a current rent roll & 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.