4
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$5,800,000
Est. payment /mo
0.55 Acres Lot
New
317 Third AVE New Westminster, BC V3L 1M5
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Key Details
Property Type Commercial
Sub Type Multi Family
Listing Status Active
Purchase Type Asset
MLS Listing ID C8077829
Year Built 1925
Lot Size 0.550 Acres
Property Sub-Type Multi Family
Property Description
Carlton Court is a well-maintained 26-suite apartment building in the highly sought-after Queen's Park neighbourhood of New Westminster. Built in 1925, this heritage property offers strong in-place income with significant upside potential. The property generates approximately $37,300 per month with a 5.53% cap rate and clear opportunity for growth as rents are brought toward market levels, with increases already implemented effective June 1, 2026. The suite mix includes 21 one-bedroom units, 1 two-bedroom unit, and 4 bachelor units, with all tenancies on a month-to-month basis and consistently low vacancy. A new boiler system (2025) qualifies for RTB-approved rent recovery and is expected to significantly reduce heating expenses, enhancing overall operating efficiency. Features include hardwood flooring, a central courtyard, on-site laundry, storage, and 13 enclosed garages.
Location
Province BC
Community Queens Park
Area New Westminster
Zoning RS-4
Interior
Heating Hot Water
Appliance Common Water Heater
Exterior
Utilities Available Cable Connected, Curb/Gutter, Electricity Connected, Garbage Collection, Natural Gas Connected, Phone Connected, Street Lighting, Sidewalk
Roof Type Torch On
Street Surface Paved
Total Parking Spaces 13
Building
Story 3
Sewer Public Sewer, Sanitary Sewer, Storm Sewer
Water Public
Others
Restrictions None Known
Ownership Freehold
Security Features Secured Garage/Parking,Secured Yard
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