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The Ambassador

516 Ash Street, New Westminster
Multi-family

$3,375,000


Summary

Price
$3,495,000
GIM
13.0
Lot Size
15,682 SF
Units
28
Year Built
1967
Cap Rate
4%
Zoning
RM-2
Net Rentable Area
19,150
Price/Unit
$124,821
Stories
3
Sale Price
$3,375,000
Sale Date
11/22/2013

Property Description

28 Units

The Ambassador is a three-storey wood-frame 28-suite apartment building located in the popular Uptown District of New Westminster, a half-block from the City’s core. Built in 1967, the property is very clean and well maintained featuring a suite mix of six bachelor, 18-one bedroom and 4-two bedroom suites. Other highlights include elevator, surface/covered parking, storage and balconies. Cable TV and parking included in rent.

Location

The subject is extraordinarily well located in a quiet residential neighbourhood called “Brow of the Hill” in New Westminster’s Uptown District. Situated on the west side of Ash Street at the end of a cul-de-sac, the property is a half-block from Moody Park and Royal City Centre which is characterized by its retail amenities, financial institutions, office buildings, restaurants and strip retail facilities. Douglas College, Royal Towers Hotel and BC Transit also in close proximity.

Features

  • 28-suite wood-frame building improved on a 15,682 sq. ft. site
  • Constructed in 1967
  • Clean and well maintained with no deferred maintenance
  • Nice inviting lobby with a retro look
  • Convenient Uptown New Westminster location in quiet cul-de-sac, a half block from City’s core
  • Parking stalls: 28 (11 surface; 12 underground; 3 covered)
  • Laundry room: 2 washers/2 dryers leased
  • Balconies/patios for all suites
  • Storage room: 28 lockers
  • Additional storage: 3 garages converted to secure storage room (approved by City)
  • Security: 2 cameras
  • Mail delivered to individual suites by Canada Post
  • Elevator service
  • Gas-fired furnace
  • Ongoing and extensive program of capital upgrades
  • Parking and Cable TV included in rent

Upgrades

  • Heatpex re-circulation line (2011)
  • Re-piping (2005)
  • New carpet common areas (2009)
  • Grundfos re-circulation pump for boiler (2013)
  • Upgrades to approx. 70% of suites (19/28 suites): new lights, decorative switches and plugs, laminate flooring or carpet and paint, new sinks, toilets, shower tile replacements with new hardware, fridges, stoves and updated kitchen cabinets/countertops
  • Roof (approx. 2004)
  • Booster fan for venting
  • New pump on furnace
  • Electrical breakers in suites (2009)

For a current rent roll & expense statement, click here.

Legal Description

Lots 10 and 11 of Lot 9 Suburban Block 10 Plan 2620

Financial Summary

Treat as clear title.

Assessment 2013

Land: $1,066,000
Building: $1,775,000
Total: $2,841,000

Income and Expenses

Gross Income:$269,832

Vacancy 1%: (2,698)
Effective Gross: $267,134
Operating Expenses: (127,951)
Net Operating Income: $139,183

 

Suite Mix

No. Units Avg. sq. ft. Avg. Rent
Bachelor 6 417 $673
One Bedroom 18 725 $788
Two Bedroom 4 900 $962

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