The Opportunity
NAI Apartments is pleased to present the opportunity to acquire 516 Ash Street, a 28-unit apartment building located in New Westminster’s Brow of the Hill neighbourhood, near the Uptown commercial district.
Built in 1967, the three-storey wood-frame building is situated on an approximately 15,698 SF lot and offers a diverse suite mix of 6 bachelor, 18 one-bedroom, and 4 two-bedroom suites. The property features elevator access, balconies, secured tenant storage, and a combination of covered and surface parking.
The property has benefited from a number of capital improvements, including a roof replacement in 2023, re-piping, upgraded electrical breaker panels, a new intercom system in 2025, and elevator upgrades completed in 2021. The offering provides investors with the opportunity to acquire a well-located multifamily asset with a strong suite mix and convenient access to shopping, services, recreation, and transit.
Property Highlights:
- Roof – Replaced in 2023; new roof fan installed in 2023
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Plumbing – Partially Re-piped in 2005; Heatpex re-circulation line installed in 2011; main-floor hot and cold water supply lines upgraded
- Boiler & Hot Water – New hot water and circulation pumps installed in 2026; new boiler pressure reduction valves installed in 2026
- Electrical – Breaker panels in each suite
- Intercom – New system installed in 2025
- Elevator – New door operator and computer control unit installed in 2021
- Fire Protection – Underground parking sprinkler piping insulated with heat tape and foam insulation in 2022
- Suite Renovations – 14 suites (50%) renovated with improvements including laminate flooring, countertops, kitchen cabinets and appliances
- Balconies – New decking installed on 9 balconies
- Parking – 15 covered stalls and 11 surface stalls
- Storage – 28 secured tenant lockers plus a large owner-occupied storage unit
