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Under Contract

Bonnie Brae Apartments

1955 Western Drive, 1955 Western Drive
65 suites on a 1.5-acre site
3% cap rate / $208,000 per unit

$13,500,000


Summary

Price
$13,500,000
Units
65
Stories
3 + basement
Price/Unit
$207,692
Cap Rate
3.0
GIM
19.3
Year Built
1968
Lot Size
1.5 acres (~65,299 SF)
Zoning
RA-1, Residential Apartment 1
PID
007-002-068
Legal Description
Lot 207, DL 290 Group 1, NWD Plan 34244
Operating Cost
(284,784)
Parking
67 covered parking stalls
Property taxes
$39,458
NOI
$408,093

Bonnie Brae Apartments is a well-maintained three-storey plus basement wood-frame rental apartment building located in the Mary Hill area of Port Coquitlam. Constructed in 1968 on a massive 1.5-acre lot, the building contains 65 suites comprising a great suite mix of 8 bachelors, 33 one-bedrooms and 24 two-bedroom units. The two bedroom units all have a two-piece en-suite bathroom. Opportunity to significantly increase rents on suite turnover.

Features include 67 covered parking stalls, balconies, elevator service, large laundry room, bicycle and locker room storage and a large additional storage room. A Stage 1 Environmental Report has recently been commissioned. Finally, there is an option to purchase the shares of the company holding title to the property and save PTT.

Upgrades

  • Front facia work (2018)
  • Two new Viessmann furnaces (2017)
  • Lobby refurbished (2015)
  • Elevator modernization (2014)
  • Mailboxes (2013)
  • Electrical breakers (2010)
  • Building re-piped (2009)
  • Roof (2005)
  • Balcony and windows replaced as needed

The subject is situated on the west side of Western Drive, towards its northern extent, and just east of Mary Hill Road, in the Mary Hill area of Port Coquitlam. The property is across the street from Mary Hill Elementary School and is nearby the downtown Port Coquitlam strip on Shaughnessy Street, which features grocery stores, coffee shops, restaurants, barbers, liquor stores, and bars galore. There are a number of walking trails nearby and only a 5-minute drive to Gates Park’s outdoor playgrounds, walking, and cycling trails. The Mary Hill Bypass connects directly to the freeway and provides easy access to New Westminster, Burnaby and Vancouver.

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