329 Seventh Street, New Westminster

329 Seventh Street | New Westminster, BC

329 Seventh Street For Sale

Property Overview

NAI Apartments is pleased to offer the opportunity to acquire a 21-unit apartment building in New Westminster on Seventh Street, between Fourth Avenue and Blackford Street. The St. Michelle building is professionally managed and has undergone several renovations throughout recent years totalling over $300,000.

Investment Highlights and Building Upgrades

  • Full suite renovations
  • Exterior refurbishment and painting
  • Lobby renovation
  • Breaker panels in each suite
  • Energy efficient lighting throughout building common areas & suites
  • Landscaping
  • New appliances in renovated suites

Suite Renovations

St. Michelle has implemented its suite renovation program on 14 out of 21 suites (67% of total suites). The purchaser has an opportunity to renovate the balance of 7 suites.

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The Suite Mix

# of Units Average Size
Studio4
1-Bedroom17
Total21

The Key Details

Price$6,250,000 ($297,619/unit)
Lot Size12,956 SF
Year Built1969
Property Taxes (2023)$15,656
ZoningRM-2
Parking21 underground stalls
FinancingAssumable CMHC mortgage of approx. $2M at 4.14% interest, maturing June 1, 2028.
Sale TypeAsset or Share Sale. Property is held in a bare trust, offering potential property transfer tax savings.

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.

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