101 Royal Avenue, New Westminster

101 Royal Avenue, New Westminster

$13,400,000 - Sold

Sold on December 19, 2019
48 units ($279,167 per unit)
Sold for $13,400,000

Apartment with Full Suite Renovations on All 48 Suites
4.42% Cap Rate

The Location

Located in the serene neighbourhood of Queen’s Park, this 48-unit apartment building offers stunning views of the Fraser River. Scenic walkways, sports amenities, vagabond theatre and much more populate the Queen’s Park area. Within a 10-minute walk is Columbia SkyTrain Station and an abundance of amenities located on Columbia Street providing tenants with ease and convenience. The City of New Westminster has finalized a new Official Community Plan, which conceptualizes new amenities, development and business for this growing community.

The Building Improvements

$3.0 million has been spent on building improvements to Redwood Manor consisting of:

  • Full suite renovations on 48 suites
  • New stainless steel appliances in all suites consisting of fridges, stoves/ovens, dishwashers & over the range microwaves
  • New double paned windows
  • Building envelope/waterproofing
  • Exterior painting
  • New penthouse decks
  • New concrete driveway and parking lot asphalt
  • New hot water tank, gas line, venting and electrical
  • New boiler wiring and zone values throughout suites
  • Parkade lighting, painting and thermal insulation
  • Common area upgrades including new flooring, paint and lighting
  • New fire alarm control panel
  • Elevator modernization and new cab interior
  • Breakers in all units
  • Energy efficient lighting throughout building common areas & suites
  • Landscaping and irrigation system
  • Night lighting
  • New roof

Property Details
Number of Units 48
Lot Size 17,424 SF (132’ x 132’)
Corner lot
Zoning RM-2
Parking 15 surface and 33 underground spaces
Property Taxes (2019) $56,775

Suite Mix
One-Bedroom 37 units
Two-Bedroom 11 unit
Total 48 units

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.