The Opportunity

NAI Apartments is pleased to present the opportunity to acquire Key Manor, a 29 unit apartment building located on Blackford Street between Sixth and Seventh Streets in New Westminster. Built in 1968, the property is situated on a 17,820 square foot lot and offers a desirable suite mix consisting of 6 junior one bedroom suites, 16 one bedroom suites, and 7 two bedroom suites. Parking includes 20 underground stalls and 9 rear surface stalls. More than $500,000 has been invested in building improvements, including replacement of the mansard roof in January 2020, exterior painting, common area upgrades, and improvements to the boiler and hot water tank. Approximately 60% of the suites have been renovated with updated flooring, paint, lighting, and appliances, providing an opportunity for a purchaser to continue the renovation program across the remaining suites. Key Manor offers investors an opportunity to acquire a well located multifamily property with meaningful capital improvements already completed and further potential to increase rental income through continued suite renovations.