The Opportunity
1222 Fifth Avenue is ideally situated on a quiet residential street at Fifth Avenue and Thirteenth Street in New Westminster. The property benefits from proximity to Columbia Square Plaza, 12th Street retail amenities, bus transit one block away, and both 22nd Street and New Westminster SkyTrain stations within a five minute drive. Originally built in 1977 and substantially renovated in 2016, the building offers investors a turnkey 21 unit apartment property with updated building systems, renovated suites and future income stability.
Building Description
Enjoy a turnkey 21 unit apartment building that was substantially rebuilt from the studs up in 2016 at a gross cost of approximately $800,000. The upgrades included new windows, plumbing, balconies, updated kitchens, renovated lobby, vinyl flooring, 2016 appliances, and in suite washer and dryer for 18 units. All suites have electric heating, helping keep utility costs minimal. Many suites offer views of the Fraser River, and all units include balconies.
