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Multifamily

Cypress Steps

425 12th St, New Westminster, BC V3M 4H7

Listing Price: $11,000,000

Cap Rate
3.35%
Number of Units
34
GRM
19.23
Price/Unit
$323,529
Price/Gross SF
$493.38
Gross SF
22,295

Investment Overview

The McEvay Blair Multifamily Group of Marcus & Millichap is pleased to present the opportunity to acquire Cypress Steps, a rarely-offered, stratified apartment building in the heart of New Westminster.

Originally constructed in 1999, Cypress Steps presents investors with a unique opportunity to acquire a condo-quality investment property of scale, comprised of a total of 34 units, and boasting an attractive suite mix of 22-1 bedrooms and 12-2 bedrooms. All suites offer a full appliance package including dishwasher and in-suite laundry along with open concept layouts, gas fireplaces and electric baseboard heating.

Situated in the quiet and quaint neighbourhood of Kelvin, the Property is just a short walk to Moody Park and tenants enjoy immediate access to 6th Avenue and Stewardson Way, allowing easy connectivity to neighbouring municipalities.

The Property also enjoys charming curb appeal, with a red brick entryway, accented by stone pillars and a carefully manicured lawn, displaying a clear pride of ownership.

Investment Highlights

  • 34 strata-titled units with a strong suite mix. All suites feature a full appliance package with dishwashers and in-suite laundry, gas fireplaces, individual hot water tanks, breaker panels, double-gl
  • There are two levels of secured underground parking with a total of 44 parking stalls. The building also features elevator service and a full security system with 15 cameras throughout the property.
  • There are two levels of secured underground parking with a total of 44 parking stalls. The building also features elevator service and a full security system with 15 cameras throughout the property.
  • Rents are well below market at $2.14 per square foot and offer a tremendous lift in revenue on turnover. The condo-quality suites are rarely available in an apartment building.

Exclusively Listed By

Multifamily

Cypress Steps

Listing Price: $11,000,000

Cap Rate
3.35%
Number of Units
34
GRM
19.23
Price/Unit
$323,529
Price/Gross SF
$493.38
Gross SF
22,295

Investment Highlights

  • 34 strata-titled units with a strong suite mix. All suites feature a full appliance package with dishwashers and in-suite laundry, gas fireplaces, individual hot water tanks, breaker panels, double-gl
  • There are two levels of secured underground parking with a total of 44 parking stalls. The building also features elevator service and a full security system with 15 cameras throughout the property.
  • There are two levels of secured underground parking with a total of 44 parking stalls. The building also features elevator service and a full security system with 15 cameras throughout the property.
  • Rents are well below market at $2.14 per square foot and offer a tremendous lift in revenue on turnover. The condo-quality suites are rarely available in an apartment building.

Investment Overview

The McEvay Blair Multifamily Group of Marcus & Millichap is pleased to present the opportunity to acquire Cypress Steps, a rarely-offered, stratified apartment building in the heart of New Westminster. Originally constructed in 1999, Cypress Steps presents investors with a unique opportunity to acquire a condo-quality investment property of scale, comprised of a total of 34 units, and boasting an attractive suite mix of 22-1 bedrooms and 12-2 bedrooms. All suites offer a full appliance package including dishwasher and in-suite laundry along with open concept layouts, gas fireplaces and electric baseboard heating. Situated in the quiet and quaint neighbourhood of Kelvin, the Property is just a short walk to Moody Park and tenants enjoy immediate access to 6th Avenue and Stewardson Way, allowing easy connectivity to neighbouring municipalities. The Property also enjoys charming curb appeal, with a red brick entryway, accented by stone pillars and a carefully manicured lawn, displaying a clear pride of ownership.

Exclusively Listed By

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