For Sale $4,680,000 - Apartment Building
Holly Court was built in 1964, two years after the term Metrotown was coined by the planning department. During 1964 a report titled “Apartment Study” was developed and proposed to begin new housing initiatives in the area. Holly Court was built with large suites, bright hallways filled with natural light, ample parking, and a diverse suite mix with two bedrooms to accommodate families. In 1985 the SkyTrain was launched and in the 1980s Sears became an anchor tenant to the mall. Since then, the building has a record of only selling a few times. Today Burnaby continues to see growth with about 5% increase in population from 2011 to 2016 to total 232,755 residents. As more residents continue to build their lives in Metrotown, Holly Court has an opportunity to help accommodate this growth.
Help accommodate the growth of Burnaby by adding additional suites into the building. Large rooms are already available to remodel with plumbing and electrical set up. With two more units cash flow will see significant increases and your returns will sky rocket while providing much needed housing with CMHC reporting vacancy rates of .6% in Burnaby.
|Number of units||10|
|Net Operating Income||$91,396|
|Lot size||10,293 SF|