621 Twelfth Street, New Westminster, BC FOR SALE

621 Twelfth Street, New Westminster, BC FOR SALE

FOR SALE
Apartment Building with
Fraser River Views
621 Twelfth Street,
New Westminster, BC
Highlight
Downtown New Westminster apartment building with sweeping views of the
Fraser River.
Terry Harding,
Senior Vice President
604 691 6615
[email protected]
Jackson Tang,
Brandon Harding,*
國語, 廣東話, 福建話查詢
*Personal Real Estate Corporation
Vice President
604 691 6680
[email protected]
Representative
604 691 6630
[email protected]
NAI Commercial
535 Thurlow Street, Suite 100
Vancouver, BC V6E 3L2
+1 604 683 7535
naicommercial.ca
Property Highlights
621 Twelfth Street,
New Westminster, BC
Opportunity
NAI Commercial is pleased to present a conventional, seventeen-unit,
“Very Walkable” apartment building (walkscore.com) situated in the tightknit rental market of New Westminster. CMHC reports vacancy at less
than 1% for rental properties within the city. Nearby amenities include
boutique restaurants and within a fifteen-minute walk is the Royal City
Shopping Center containing major grocery chains such as Walmart and
Save-On Foods.
Building Improvements
The subject property is a three-storey walk-up apartment building with
penthouses. The roof was redone in 1998. The boiler and plumbing are
original but serviced regularly. The suites are generous in size, ranging
from 625 to 750 square feet for one-bedroom units. Additionally, the two
penthouse units are almost 1,000 square feet, which is appreciated by
tenants since modern layouts comprise space for affordability.
There are seven parking stalls occupied by tenants and full storage
lockers. Some suites have been extensively renovated and modernized to
meet the demand of the evolving demographic of tenants residing in the
area. A premium feature of the building is the stunning view of the Fraser
River and the large rooftop patios of the two spacious penthouses.
Municipal Address
621 Twelfth Street, New Westminster
Legal Description
Plan 2620 Lot 11 LD 36 (PID: 008-308-730)
Zoning
C-2A
Property Tax (2016)
$13,161
Lot Size
7,008 sf
Suite Mix
Bachelor Suites
1
One-Bedroom Units
14
Two-Bedroom Units (Penthouses)
Total
2
17
Assessment (2016)
Land
$735,000
Improvements
$1,665,000
Total
$2,400,000
Financing
Treat as clear title
Asking Price
$3,451,000
Rent Roll
Financial Summary
Suite Size
Rent
Potential*
2015
(Actual)
Potential
$166,595
$194,400
Suite #
Suite Type
(SF approx.)
101
One Bedroom
750
$778
$895
Rent
102
One Bedroom
700
$795
$895
Laundry
$1,800
$1,800
103
Bachelor
450
$614
$750
Parking
$1,145
$1,145
201
One Bedroom
750
$795
$895
Vacancy
($1,667)
($1,944)
202
One Bedroom
750
$795
$895
$167,874
$195,401
203
One Bedroom
625
$795
$875
204
One Bedroom
625
$737
$875
Gas & Hydro
$8,136
$8,200
Water & Sewer
$7,199
$7,200
205
One Bedroom
750
$795
$895
Insurance
$3,683
$3,700
206
One Bedroom
750
$766
$895
$800
$800
301
One Bedroom
750
$850
$895
Property Taxes 2015
$12,728
$13,1611
302
One Bedroom
750
$790
$895
Repair & Maintenance
$17,068
$11,9002
303
One Bedroom
625
$790
$875
Sanitiation
$1,738
$1,750
304
One Bedroom
625
$687
$875
Cable Television
$7,722
$03
305
One Bedroom
750
$750
$895
Management Fee
$8,025
$8,7484
306
One Bedroom
750
$775
$895
Total Operating Expenses
$67,099
$55,459
401
2 Bedroom
Penthouse
950
$1,209
$1,500
$100,775
$139,942
402
2 Bedroom
Penthouse
950
$1,162
$1,500
2.9%
4.1%
$13,883
$16,200
Total
12,300
* Potential Market Rent based on random market survey and to be used
as guideline only.
Revenue
Effective Gross Income
Operating Expenses
Licenses & Permit
Net Income
Cap Rate based on Listing
Price
Property Tax based on 2016 actual
Stabilized to $700 per suite, per year
3
Can be cancelled
4
Management Fee based on 4.5%
1
2
SOURCE: Google
MERCER
STADIUM
MOODY PARK
SUBJECT
PROPERTY
TWE
LFT
HS
SI
XT
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AV
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Terry Harding,
Senior Vice President
604 691 6615
[email protected]
Jackson Tang,
Vice President
604 691 6680
[email protected]
國語, 廣東話, 福建話查詢
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and the same is submitted subject
to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice, and of any special listing
conditions imposed by our principals no warranties or representations are made as to the condition of the property or any hazards contained therein
are any to be implied. JE/12St621_July2016.indd/July 15, 2016/TH
Brandon Harding,
Representative
604 691 6630
[email protected]
*Personal Real Estate Corporation
NAI Commercial
535 Thurlow Street, Suite 100
Vancouver, BC V6E 3L2
+1 604 683 7535
naicommercial.ca