525 Eleventh Street, New Westminster

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The subject property is a 9 storey, 73-suite concrete high-rise located in New Westminster. The entire building has undergone an extensive renovation program worth approximately $3.5M. Features include balconies with some views, secure underground and grade parking, twin elevators and security system. Situated two and a half blocks from the Royal City Centre Shopping Mall and one and a half blocks to Moody Park. Approximately a 5% cap rate.
SOLD $10,950,000

Civic Address: 525 Eleventh Street, New Westminster
Legal Description: LOT 25 SUBURBAN BLOCK 10 PLAN 36575
PID: 007-354-827
Lot Size: 247.44' frontage on 11th Ave. (0.61 acres)
Zoning: RM-4
Assessment (2009):
Land:
   $2,937,000.00
Building:
 $5,109,000.00
Total:
   $8,046,000.00
Taxes 2009: $49,372.67
Age: 1971
Suites: 73 Units
Financing: Clear Title
CAP: 5%
$/Unit: $150,685.00

Asking Price: $11,000,000.00

Suite Mix
10 Bachelor
53 One Bedroom
10 Two Bedroom
73 Total Suites






David Goodman 604.714.4778
Mark Goodman 604.714.4790

Macdonald Commercial Real Estate Services
301 - 1770 West 7th Avenue Vancouver BC V6J 4Y6
Phone: 604.736.5611 Fax: 604.736.7976
www.goodmanreport.com

Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission subject to prior sale or lease, change in price or terms and withdrawal without notice.