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Queens Park Flats 605 Third Av 17 Unit Apartment Building $6,250,000 CAD ($367,647 CAD/Unit) 5.40% Cap Rate New Westminster, BC V3M 1N4
Investment Highlights
- Nearby amenities including cafés, restaurants, retail shops, and essential services.
- Close to major transit options, including SkyTrain service via New Westminster Station.
- Convenient access to Uptown New Westminster.
Executive Summary
605 Third Avenue is a well-maintained wood frame apartment building comprising 20 residential suites and 2 commercial units. The property is situated on a 5,940 sq ft lot and offers a suite mix of 8 two bedrooms, 3 one bedrooms, 6 Bachelor units, and 3 additional vacant unauthorized units ( 2 one bedroom, 1 bachelor). The building has been consistently maintained and provides stable cash flow, making it an attractive holding property. The property has 9 covered parking stalls access through the laneway.
Property Facts
| Price | $6,250,000 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $367,647 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Cap Rate | 5.40% | Building Size | 16,600 SF |
| No. Units | 17 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1962 |
| Property Subtype | Apartment | ||
| Zoning | C-3 - C-3A (Mixed) | ||
| Price | $6,250,000 CAD |
| Price Per Unit | $367,647 CAD |
| Sale Type | Investment |
| Cap Rate | 5.40% |
| No. Units | 17 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 16,600 SF |
| No. Stories | 3 |
| Year Built | 1962 |
| Zoning | C-3 - C-3A (Mixed) |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 17 | - | - |
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Exceptionally walkable
100/100
Fairly drivable
50/100
Strong public transit
80/100
Moderately bikeable
60/100
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Queens Park Flats | 605 Third Av
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