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Cypress Steps

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Salient Details

  • Units 34
  • Suite Mix 22-1 Bedroom, 12-2 Bedroom
  • Lot Size 16,586 sf
  • Year Built 1999
  • Net Income $390,698
  • Cap Rate 3.55%

Cypress Steps

Rarely Offered, 1999-Built, 34-Unit Strata-Titled Apartment Building in New Westminster
425 Twelfth Street - Brochure
Download the Brochure
McEvay Blair Multifamily Group - Cypress Steps - 001 3

Investment Highlights

Strong Suite Mix
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, doubleglazed windows, and tenantpaid electric baseboard heating. All suites feature a balcony or patio.
Underground Parkade
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
Recent Upgrades
Brand new hallway and stairway carpets have been recently installed. The building is also fully sprinklered throughout and features a massive storage locker room with a full-size locker available for each suite. There is also an additional large office suite with patio acces
Tremendous Upside
Rents are well below market at $2.22 per square foot and offer a tremendous lift in revenue on turnover. The condoquality suites are rarely available in an apartment building.

Gallery

Contact us

James Blair

Managing Director

Personal Real Estate Corporation

(604) 790 7089

James.Blair@marcusmillichap.com

Email James

Patrick McEvay

Managing Director

Personal Real Estate Corporation

(604) 789 0720

Patrick.McEvay@marcusmillichap.com

Email Patrick

Adam Herman

Director

Personal Real Estate Corporation

(604) 652 3016

Adam.Herman@marcusmillichap.com

Email Adam

Suvarna Sunil

Associate Director

(778) 772 5133
Sunil.Suvarna@marcusmillichap.com

Email Sunil

Patrick Ferrie

Associate

(250) 793 3498
Patrick.ferrie@marcusmillichap.com
Email Patrick