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Southwood Manor

6390 Willingdon Avenue, Burnaby
Multi-family

$33,825,000


Summary

GIM
19.6
Property taxes
$73,856.46
Units
58
Year Built
1969
Operating Cost
(248,825)
Cap Rate
3.1%
Zoning
RM-3
Price/Unit
$211,207
PID
002-936-241
Stories
3
Sale Date
4/24/2015

Property Description

Southwood Manor is a clean and well maintained three-storey U-shaped wood-frame apartment building located in Burnaby’s popular Maywood neighbourhood, only a 5 minute walk to Metrotown Mall. Improved on a large 39,275 sq. ft. site, the property is comprised of 58 suites and features secure underground parking, bike storage and balconies. The area is well serviced by public transit with both bus and SkyTrain stations nearby. There is a strong likelihood of a redevelopment opportunity in the near future for this site; this property will likely be up-zoned under the new Metrotown Plan, which we expect will be adopted by Spring 2016 at the latest.

Location

Located in South Burnaby near the border with Vancouver, Southwood Manor is situated in the Maywood neighbourhood a short 5-minute walk to the Metrotown Mall, BC’s largest shopping and entertainment complex, as well as numerous other amenities and dining locations. It is conveniently close to bus service and the Skytrain, and just down the street from Burnaby’s Central Park.

Highlights

  • Well maintained three-storey U-shaped wood-frame apartment building comprised of 58 suites
  • Suite mix: 46 one-bedroom and 12 two-bedroom units
  • Large 198.1 x 198.3 lot (39,275 sq. ft.)
  • Strong possibility of redevelopment under the new Metrotown OCP which will up-zone the site to at least 2.5 FSR
  • Landscaping consists of large mature trees, bushes and manicured lawn
  • Stucco exterior with wood and brock trim
  • Suites feature balconies
  • Parking: 2 secure underground parkades with a combined 58 stalls exiting the rear of building on Cassie Ave.
  • Access to building: two entryways on Cassie Ave. and one at the front on Willingdon Ave.
  • Two separate laundry rooms on north and south side of building (4 washers/4 dryers in total – €”leased)
  • Two electrical panel closets
  • Four storage rooms for tenant lockers
  • Bike storage room and office on main floor
  • Security cameras in lobby and parkade
  • Mighty Therm Laars boiler for domestic & separate furnace for heat
  • Two hot water tanks
  • Hytec Water management system balances the PH for Vancouver’s “soft”€ water helping to stop corroding of coppers plumbing
  • Roof replaced in 2007 with a 15-year warrenty
  • Plumbing: building re-piped with shut-off valves; south half (2012) and north half (2004)
  • Flooring: Most suites have been upgraded with tiles installed in the kitchens and bathrooms; laminate in living rooms and bedrooms
  • Majority of appliances have been replaced
  • Mail delivered to the door

Legal Description

Lot 99 District Lot 151 Group 1 New Westminster District Plan 34364

Financial Summary

Treat as clear title.

Assessment 2014

Land $5,105,000
Building $3,932,000
Total $9,037,000

Income and Expenses

Gross Income: $631,290
Vacancy: (5,682)
Effective Gross: $625,608
Operating Expenses: (248,825)
Net Operating Income: $376,783

 

 

Suite Mix

No. Units Avg. Rent
One bedroom 46 $840
Two bedroom 12 $1,054

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