220 Manitoba Street

New Westminster

SOLD $2,200,000

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Price$2,200,000

Units18

Year builtapprox .1960

Lot size108.5' x 99.82' (10,831 sq. ft.)

ZoningRM-2

Price/unit$122,222

Cap rate4.1%

GIM14.1

PID001-013-301

Legal descriptionPlan 34044 Lot 9 Block 34 LD 36 Group 1 of Lot 5

Sale price$2,200,000

Sale date01/01/2010

Overview

The subject property is a wood frame 18-suite low-rise apartment building in excellent condition centrally located in the Queens Park neighbourhood of New Westminster. The building has been extensively upgraded including suites and common areas over the years. The subject features a suite mix of 16-1Br & 2 bachelor, covered parking, storage lockers and elevator.

Location

The property is located in an upscale neighborhood of New Westminster known as Queens Park, close to all amenities, shopping, transit, Douglas College, public parks and recreation facilities. The building is situated on Manitoba Street between Royal Avenue to the north and Queens Avenue to the south.

Features

– 16 one bedrooms – Most suites have been entirely renovated
– All units have new balconies and railings as well as new double-pane windows, are individually metered and are equipped with smoke detectors
– Building features an elevator, an intercom system and 17 all-covered parking stalls
– Main piping system has been recently replaced as well as the torch-on roof
– Washers and dryers are all new, utilizing a cashless system
– Hot water heating system was recently replaced

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	No. units	Average size
Bachelor	No. units2	Average size600
One Bedroom	No. units16	Average size700

Financials

Financing	Treat as clear title.
Assessment 2010	Land Building Total	Land$617,000 Building$1,033,000 Total$1,650,000
Taxes 2009	$9,088.00
Income and expenses	Effective gross Normalized Expenses Net operating income	Effective gross$156,115 Operating expenses(66,672) Net operating income$89,443
Notes	Income annualized as of June 2010.

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