Multifamily
Norge Apartments & Emerald Court
201 Carnarvon St, New Westminster, BC V3L 1B7
Listing Price: $9,800,000
Investment Overview
The McEvay Blair Multifamily Group of Marcus & Millichap is pleased to present the opportunity to acquire Norge Apartments and Emerald Court, a rarely-offered and primely located multifamily offering, in the heart of Downtown New Westminster.
Originally constructed in 1962, these two 17-unit apartment buildings present investors with a unique opportunity to acquire a great cash-flowing asset, with minimal required capital expenditures and future high density redevelopment potential. With a total of 34 units, the buildings boast an attractive suite mix of 6-bachelors, 23-1 Bedrooms and 5-2 bedrooms, in addition to the potential to add two extra suites in Emerald Court.
Situated in the northeast corner of the downtown core, the Property benefits from a quiet residential atmosphere, while being within immediate walking distance to endless amenities and transit options.
The Property also exhibits charming curb appeal, dual 4th storey penthouse suites in each building, and a carefully manicured lawn, displaying a clear pride of ownership.
Norge Apartments & Emerald Court
Investment Highlights
- The Properties are located in the downtown core of New Westminster, with immediate access to major thoroughfares, numerous amenities and rapid transit.
- The Properties are located less than 400 meters to Columbia SkyTrain Station and is designated for 4 FSR and up to 12-storeys under the Transit Oriented Development Areas policy
- Attractive suite mix with 4 top-floor "penthouse style" suites, significant rental upside on turnover, and an immediate opportunity to add two large additional suites in the Emerald Court building.
- Over the course of 18 years of ownership, the Vendor has taken a hands on approach to management maintenance of the property, with little to no deferred maintenance and tasteful renovations in almost all units.
Exclusively Listed By
Listing Price: $9,800,000
Investment Highlights
- The Properties are located in the downtown core of New Westminster, with immediate access to major thoroughfares, numerous amenities and rapid transit.
- The Properties are located less than 400 meters to Columbia SkyTrain Station and is designated for 4 FSR and up to 12-storeys under the Transit Oriented Development Areas policy
- Attractive suite mix with 4 top-floor "penthouse style" suites, significant rental upside on turnover, and an immediate opportunity to add two large additional suites in the Emerald Court building.
- Over the course of 18 years of ownership, the Vendor has taken a hands on approach to management maintenance of the property, with little to no deferred maintenance and tasteful renovations in almost all units.
Investment Overview
The McEvay Blair Multifamily Group of Marcus & Millichap is pleased to present the opportunity to acquire Norge Apartments and Emerald Court, a rarely-offered and primely located multifamily offering, in the heart of Downtown New Westminster. Originally constructed in 1962, these two 17-unit apartment buildings present investors with a unique opportunity to acquire a great cash-flowing asset, with minimal required capital expenditures and future high density redevelopment potential. With a total of 34 units, the buildings boast an attractive suite mix of 6-bachelors, 23-1 Bedrooms and 5-2 bedrooms, in addition to the potential to add two extra suites in Emerald Court. Situated in the northeast corner of the downtown core, the Property benefits from a quiet residential atmosphere, while being within immediate walking distance to endless amenities and transit options. The Property also exhibits charming curb appeal, dual 4th storey penthouse suites in each building, and a carefully manicured lawn, displaying a clear pride of ownership.
Exclusively Listed By
To view property details and documents, sign up for a free MyMMI account.
Explore exclusive listings, access research insights, and set up automated alerts for a personalized experience. Sign up now to elevate your property search.
