Sold $6,400,000.00 - Apartment Building

Sold price: $6,050,000
Sold date: May 23, 2017


Location


The apartment building is located between Dewdney Trunk Road and 119 Avenue in a peaceful and well-preserved neighborhood known as Haney, one of several historic communities of Maple Ridge. In walking distance, there is Haney Place Mall with various convenient stores like Walmart, Thrifty Food, Rexall and Kin’s Farm Market. In addition, Maple Ridge Public Library, major banks and local parks are in close proximity to the property.

Heading south from the property, Port Haney Station of the West Coast Express is located only a 5-minute drive or a 10-minute bus ride away. Also, Lougheed Highway (Highway 7) conveniently connects the city to Pitt Meadows, Port Coquitlam and Coquitlam via Pitt River Bridge. The Golden Ears Bridge, southwest of the property connects to the Trans- Canada Highway in a quick 15-minute drive.


Building Description


Cypress Apartments is a three-storey, wood-frame building constructed by the current owner in 1969. Building amenities include common laundry room (one washer & one dryer) in each floor and tenant storage lockers.

The following is a list of improvements:

  • One elevator has been upgraded for new safety code regulation costing over $60,000
  • The plumbing system has been completely repiped 15 years ago
  • Newer torch-on roof (50% has been replaced in 2013 and other 50% replaced in 2010)
  • Two, new hot water domestic tanks
  • The building is heated by radiant hot water supplied by two, Multi-Temp boilers
  • 50% of the in-suite carpet have been replaced

Property Details
Number of units 43
Stabilized net operating income $214,448
Capitalization rate 3.35%
Price per unit $148,837
Lot size 32,757 square feet
Zoning RM-3
Parking 39 underground parking

Suite Mix
One bedrooms 30 units
Two bedrooms 13 units
Total 43 units
Property Information Package
Property Map

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