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6556–96 Marlborough Avenue

6556-96 Marlborough Avenue, Burnaby
Mix-Use Development Site

$14,500,000


Summary

Property taxes
$55,678.98
Zoning
RM-3
Sale Price
$14,500,000
Sale Date
12/31/2015

Property Description

The subject property is a 36,423 SF multi-family development site with holding income located in Burnaby’s rapidly evolving Metrotown neighbourhood. There are 5 contiguous lots totalling approximately 36,423 SF (330’ x 110.4’). The site is currently improved with 3 low-rise apartment buildings and one single-family house totalling 45 suites. Net operating income is approximately $264,500.

Development Potential

The City of Burnaby has expressed an intent to proceed with a planning process for a proposed update to the Metrotown Centre Plan, which we expect to be confirmed sometime later this year. While Council has not currently endorsed any future density designation or rezoning change for the subject property, it is possible that future rezoning to a higher density will be permitted.

Offering Process

The property is subject to a bid process, with no formal asking price. HQ Commercial intends to call for formal offers after an initial marketing campaign.

Location

The subject property is located in Burnaby’s rapidly evolving Metrotown 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 situated close to bus service and the Royal Oak and Metrotown Skytrain Stations. The subject is positioned between the two major east-west traffic arteries with Kingsway to the north and Imperial Street to the south. Lobley Park is just to the northwest and Bonsor Community Centre is located just two blocks west offering a park, fitness centre, swimming pool and various programs.

Lot Size

330’ x 110.4’ (36,423 SF)

For a brochure, click here

Assessment

Land: $4,621,000
Building: $2,235,900
Total: $6,856,900

Income and Expenses

Gross Income: $432,520
Vacancy: (4,325)
Effective Gross: $428,195
Operating Expenses: (163,649)
Net Operating Income: $264,546

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