621 Twelfth Street, New Westminster

621 Twelfth Street, New Westminster

$3,451,000 - Apartment Building - Sold by NAI Commercial

Location


NAI Commercial is pleased to present a conventional, seventeen-unit, “Very Walkable” apartment building (walkscore.com) situated in the tight-knit rental market of New Westminster. CMHC reports vacancy at less than 1% for rental properties within the city. Nearby amenities include boutique restaurants and within a fifteen-minute walk is the Royal City Shopping Center containing major grocery chains such as Walmart and Save-On Foods.


Apartment building


The subject property is a three-storey walk-up apartment building with penthouses. The roof was redone in 1998. The boiler and plumbing are original but serviced regularly. The suites are generous in size, ranging from 625 to 750 square feet for one-bedroom units. Additionally, the two penthouse units are almost 1,000 square feet, which is appreciated by tenants since modern layouts comprise space for affordability. There are seven parking stalls occupied by tenants and full storage lockers. Some suites have been extensively renovated and modernized to meet the demand of the evolving demographic of tenants residing in the area. A premium feature of the building is the stunning view of the Fraser River and the large rooftop patios of the two spacious penthouses.

Property Details
Number of Units 17
Price Per Door $203,000
Capitalization Rate 2.9%
Net Operating Income $100,775
Lot Size 7,000 square feet
Zoning C2-A
Suite Mix
Bachelor (unauthorized) 1
One Bedroom 14
Two Bedroom Penthouse 2
Total 17

Property on Map

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice, and of any special listing conditions imposed by our principals no warranties or representations are made as to the condition of the property or any hazards contained therein are any to be implied.

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