Apartment Property For Sale

520 Eighth Street Apartments

Summary

CIVIC ADDRESS 520 Eighth Street, New Westminster
PID 013-606-476
YEAR BUILT 1969.  Improved: 35 out of 56 Units (2019 - 2021)
SUITE TOTAL 56 + Conditional City approval for 5 additional ground level suites
SIZE RANGE 457 sq. ft.  - 770 sq. ft.
SITE SIZE 31,632 sq. ft.
PARKING STALL 56
STABILIZED NOI $559,846
STATUS Sold

The Offering

The CBRE National Apartment Group – BC has been retained by the Owner on an exclusive basis to offer the 100% interest in the “Cedargrove Apartments”, a large scale, 3-storey, 56 suite rental apartment building prominently situated in New Westminster’s highly desirable Uptown neighborhood. The Cedargrove Apartments is conveniently located just steps from Moody Park’s 23-acres & recreational facilities and the Royal City Centre Mall providing tenants with immediate access to cross section of quality retailers such as Wal-Mart, Shoppers Drug Mart, Winners and Save-On-Foods. Tenants of Cedargrove Apartments enjoy the convenience of a Transit stop located just at the front of the building, and the Columbia SkyTrain Station is located within a short 15 minute walk from the property, providing fast and convenient access to Downtown Vancouver and areas throughout Metro Vancouver.

Investment Highlights

APARTMENT BUILDING OF SCALE
The Cedargrove Apartments represents a rare opportunity to acquire a large 56-suite apartment building providing investors with scale providing management & operational efficiencies.

TENANT FRIENDLY LOCATION
Prominently situated in the heart of Uptown New Westminster, tenants of the Cedargrove Apartments benefit from being adjacent to Moody Park, across the street from Royal City Centre Mall and just steps from transit and a host of tenant friendly amenities.

VALUE-ADD OPPORTUNITY
With many of the rents still significantly below market, the Cedargrove Apartments provides investors with a value-add opportunity to continue to update the property and renovate the suites through a renovation program and significantly improve the rental revenue by moving the rents to market on turnover.

STRONG MARKET FUNDAMENTALS
The Cedargrove Apartments is centrally located in Metro Vancouver and is well positioned to benefit from the regions low vacancy rates, growing population and upward pressure on rents.

CLEAR TITLE AND BARE TRUST
Title will be delivered free and clear of all financial encumbrances allowing prospective purchasers to capitalize on the current low interest rate environment, and the title to the property is held in a Bare Trust which may provide for significant tax savings

Property Photos

Address:
520 Eighth St, New Westminster, BC