Property Overview

  • Status
    Sold
  • Address
    Mandalay Terrace
    325 Ward Street
    New Westminster, BC
  • Neighbourhood
    Sapperton
  • # of Units
    57
  • Year Built
    1970
  • PID
    007-250-886
  • Lot Size
    32,276 SQFT
  • Zoning
    RM-2
  • Price
    Please Contact Listing Agents
  • Opportunity

    Mandalay Terrace is a very well-maintained 57-unit wood frame rental apartment building situated on a professionally landscaped 32,276 sq.ft. lot. The building is comprised of a desirable mix of fully rented bachelor, one, and two bedroom units including two oversized penthouse units with large rooftop patios.

    With over $1.25 Billion in infrastructure invested over the past 5 years, low vacancy rates, and continually increasing rental rates with value-add potential, New Westminster is a highly sought-after market for investors.

    Location

    Located in the heart of New Westminster, Mandalay Terrace is front and center in one of Metro Vancouver’s fastest growing cities. The Property
    is situated between Columbia Street and 8th Avenue in the revitalized Sapperton neighborhood giving tenants immediate access to frequent public transportation; both the Sapperton and Braid Skytrain stations are less than a 15 minute walk from the Property. Mandalay Terrace is just blocks away from the rapidly growing Brewery District which hosts an array of amenities, restaurants and stores. With the Royal Columbian Hospital around the corner and Douglas College just a short bus ride away, the Property is in an ideal neighborhood for young professionals, students, and families.

    Investment Highlights

    • 32,276 sq.ft. lot with approximately 268 feet of frontage on Ward Street P Large scale 57-unit apartment building, including 2 large penthouse units with rooftop patios
    • Excellent curb appeal with professional landscaping
    • New torch-on roof installed in March 2015
    • 2 bedroom units feature additional two-piece ensuite
    • All units have patios, many with south views overlooking the Fraser River
    • History of extremely low vacancy under full-time, on-site management
    • Opportunity to increase revenue with ample parking, on-site storage, and consistently growing rental rates
    David Venance
    Executive Vice President

    David Venance

    Property Location