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Albert Heights

3809 Albert Street, Burnaby

SOLD $12,500,000

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Price $12,500,000

Property type Apartment building

Units 36

Storeys 3 + penthouse

Year built 1964

Lot size 250’ × 122’ (30,500 SF)

Zoning RM3

Price per unit $347,222

Cap rate 3.0%

Gross income multiplier 22.4

Parking 25 surface stalls

PID 001-983-776, 001-983-784, 001-983-792, 001-983-806, 001-983-814

Sale price $12,500,000

Sale date 05/16/2022

Overview

Albert Heights is a 36-suite three-storey plus penthouse apartment building located in the vibrant Burnaby Heights neighbourhood of North Burnaby, just one block east of Boundary Road and one block north of Hastings Street.

Built in 1964 and improved on a massive 30,500 SF (250’ x 122’) RM3 zoned corner lot, the building’s suite mix comprises 2 bachelors, 25 one-bedrooms, 8 two-bedrooms and a four-bedroom penthouse. Other features include patios / balconies for most suites, 3 sets of owned washer/dryers (2 common + 1 penthouse), security cameras and 25 surface parking stalls.

Location

Albert Heights is situated in the heart of the Burnaby Heights neighbourhood, one of the regions most well-established communities. Just one block east of Boundary Road and one block north of Hastings Street, this convenient location is within steps to a vibrant mix of many long-standing independent businesses and retailers.

In more recent years, the community has undergone somewhat of a revitalization with the development of new mixed-use buildings, bringing in new businesses and residents to this highly desirable node. Its central location provides quick and convenient access to neighbouring cities such as Vancouver, Coquitlam and Port Moody. Additionally, the neighbourhood is within close proximity to SFU’s Burnaby Mountain campus. Its scenic landscape can be enjoyed from several community parks and affords residents attractive city and mountain views.

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	No. units	Average size
Bachelor*	No. units2	Average rent$859
One bedroom	No. units25	Average rent$1,212
Two bedroom	No. units8	Average rent$1,368
Four bedroom PH	No. units1	Average rent$3,000

Financials

Financing	Treat as clear title.
Assessment 2021	Land Building Total	Land$7,381,000 Building$3,489,000 Total$10,870,000
Taxes 2021	$35,131
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$562,805 Vacancy(5,628) Effective gross$557,177 Operating expenses(184,622) Net operating income$372,555
Notes	*Please note the 2 bachelor suites are unauthorized. Contact listing agent for more information.

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