Have you been looking for a “cash flow machine” in your life?
Well, there’s a New Westminster property on sale that’s just for you if you have $5.1 million.
The Kamloops Street property is 65 years old and houses a “rare” six-plex that is zone for medium rise at four to six storeys, according to the listing.
“Amazing opportunity for smart investors/developers,” the listing says. “Turnkey operation and cash flow machine, generating $140,000/year income in heart of booming New West.”
All units have been fully renovated with granite countertops and new flooring.
The Real Estate Board of Greater Vancouver's monthly report for March shows the cost to buy a single-family detached home, apartment, townhome or residential all increased last month.
The benchmark prices for a single-detached house in New Westminster in March was $1,230,700 – a 10.4% increase over the price from six months ago.
REBGV chair Daniel John said in the report when it comes to listings, there's less than half of what is needed to help shift the market into better conditions.
“We’re still seeing upward pressure on prices across all housing categories in the region. Lack of supply is driving this pressure.
"The number of homes listed for sale on our MLS system today is less than half of what’s needed to shift the market into balanced territory.”
The real estate board says sales last month were 25.5% above the 10-year March sales average.
Follow Chris Campbell on Twitter @shinebox44.
