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Montego Manor

7060 Elwell Street, Burnaby
Multi-family

$13,200,000


Summary

GIM
21.6
Property taxes
$78,675.43
Lot Size
42 SF
Units
65
Year Built
1972
Cap Rate
2.7%
Zoning
RM-3
Net Rentable Area
39,461
Price/Unit
$212,308
PID
008-618-275
Stories
3

Overview

Montego Manor is a 65-suite three-storey wood-frame rental apartment building located in Burnaby’s Highgate neighbourhood. Clean and well maintained, the property is improved on a large 42,261 sq. ft. site and features elevator service, secure underground parking, ample storage and a great suite mix.

Highlights

  • 65 suite three-storey wood-frame rental apartment building
  • Large 42,261 sq. ft. site
  • Elevator service to all floors including garage
  • Brick, cedar and stucco exterior
  • Nicely landscaped with mature trees and bushes
  • All suites feature large balconies or patios
  • Attractive lobby with mailbox room off lobby
  • Suites have breakers
  • Underground secured parking for 65 cars
  • Laundry room features 4 washers/4 dryers leased
  • Separate emergency generator
  • 2 separate storage rooms with lockers for each tenant
  • A workshop area approx. 18’ x 12’
  • 2nd storage area approx. 8’ x 8’
  • Sump pump
  • 6 of the two-bedrooms have additional 2-piece en suite bathrooms
  • Clean Stage 1 Environmental report on file from 2010–Seller in the process of updating

Upgrades

  • Balconies exterior recently painted
  • Annunciator panel lobby
  • Roof replaced approx. 2010
  • Replaced underground parking roof membrane (2000)
  • Piping ongoing as needed
  • Metal grates garage replaced
  • Some kitchen upgrades, including cabinets, appliances, lighting, floorings
  • Ongoing bathroom upgrades
  • Original multi-temp furnace (1972)
  • Hot water storage tank (2002)
  • Hot water boiler (2002)

Location

The subject property is located in Burnaby on the south side of Elwell Street, three block north of Kingsway in the heart of the Highgate Town Centre, just minutes to the Highgate Shopping Centre, Edmonds Community Centre, restaurants and various amenities.

Assessment

Land: $5,071,000
Building: $3,472,000
Total: $8,543,000

Income and Expenses

Gross Income: $648,237
Vacancy: (9,724)
Effective Gross: $638,513
Operating Expenses: (269,511)
Net Operating Income: $369,002

 

For detailed financials, click here

Suite Mix

No. Units Avg. Rent Avg. Size (SF)
Bachelor 14 $709 457
One Bedroom 39 $788 597
Two Bedroom 12 $1,005 815

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