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Villa Roma

5220 Capitol Drive, Burnaby
Multi-family

$5,700,000


Summary

GIM
20.4
Property taxes
$36,148.13
Units
30
Year Built
1969
Operating Cost
(133,814)
Cap Rate
2.7%
Zoning
RM-3
Price/Unit
$206,667
PID
006-923-585
Stories
3
Sale Price
$5,700,000
Sale Date
2/6/2015

Property Description

Villa Roma is a three-storey 30-suite wood frame rental apartment building located in the Capitol Hill neighbourhood of North Burnaby. Built in 1969 and improved on a large 19,240 SF. lot, the subject is very clean and well maintained with an ongoing maintenance program. Features large suites, elevator, secure underground parking, storage and laundry. Rents below market.

Location

Located in the Capitol Hill neighbourhood of North Burnaby, Villa Roma fronts Capitol Hill Drive and backs onto East Hastings which offers convenient access to frequent public transit and the Trans-Canada Hwy. In close proximity to schools, shopping, parks, pool & fitness centre and Simon Fraser University.ul>

Highlights

  • Three-storey wood frame rental apartment building comprised of 30 suites
  • Very clean and well maintained
  • Elevator service
  • Parking for 35 cars; 29 secure underground and 6 surface stalls
  • Large 19,240 SF lot
  • Building access from Capitol Hill Drive and Hastings Street
  • Stucco and brick exterior
  • Large suites with ample storage
  • Security cameras
  • Two washers and two dryers (leased)
  • Rents approximately 12% below market (as per CMHC)
  • Ongoing capital maintenance program including suite upgrades (60% renovated), plumbing (main lines replaced), roof (approx 7 years old), breakers, to name a few.

 

Legal Description

Lot 83 DL 127 Group 1 NWD PL 33878

 

Financial Summary

Clear title.

Assessment

Land: $2,116,000
Building: $1,725,000
Total: $3,841,000

Income and Expenses

Gross Income: $311,196
Vacancy: (7,780)
Effective Gross: $303,416
Operating Expenses: (133,814)
Net Operating Income: $169,599

 

Suite Mix

No. Units Avg. Rent
Bachelor 2 $705
One Bedroom 25 $809
Two Bedroom 3 $1,233

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