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Mixed-use 3-storey building

4651 Hastings Street, Burnaby

SOLD $4,500,000

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Price $4,850,000

Property type Mixed-use building

Units 11 (3 comm. + 8 res.)

Storeys 3

Net rentable area 4,880 SF (residential) + 3,637 SF (commercial) = 8,517 SF

Year built 1965

Lot size 66’ × 104’ (6,864 SF)

Zoning C-4A Service Commercial

Cap rate 3.6%

Gross income multiplier 19.2

Parking 8 stalls

Development potential Up to 2.4 FSR (Hastings Street Area Extension Plan)

PID 012-108-707, 012-108-669

Legal description Lots 23 & 24 Block 7 District Lot 122 Group 1 New Westminster District Plan 1308

Sale price $4,500,000

Sale date 03/29/2021

Overview

The subject is a 3-storey mixed-use building featuring 8 residential suites and 3 commercial units in the Hastings Village Heights Commercial District of North Burnaby. The adjacent commercial property to the east is also for sale: a 2-storey commercial building located at 4663 Hastings Street, Burnaby. The total lot size for both properties is 10,296 SF.

Under the Hastings Street Area Extension Plan, the both properties combined can be developed up to a maximum of 24,710 SF (2.4 FSR).

For more information, please click here.

The Heights in North Burnaby

The neighbourhood is an established residential and commercial node comprising a vibrant mix of many long-standing independent businesses, bustling retailers as well as successful franchises and anchor businesses. The area has seen an increase in demand for commercial premises with new developments catering to the local market. The property is ideally located on or near several major Translink routes and traffic arteries. These include Hastings Street, which sees 40,000 cars pass through daily (1.2 million each month) and Highway 1, which efficiently connects the Heights to numerous parts of the Lower Mainland. It is 5 minutes to the North Shore, 20 minutes to Downtown, and 25 minutes to Surrey.

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	No. units	Average size	Average rent
1 bedroom	No. units8	Average size610 SF	Average rent$2.03/SF/month
Retail	No. units3	Average size1,212 SF	Average rent$22.33/SF/year

Financials

Financing	Treat as clear title.
Assessment 2019	Land Building Total	Land$2,402,000 Building$2,619,000 Total$5,021,000
Taxes 2019	$34,185
Income and expenses	Total Revenue Operating expenses Net operating income	Total Revenue$252,151 Operating expenses(77,505) Net operating income$174,646
Notes	For current rent roll and expense statement, please contact the listing agent.

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