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Investment signal

$5,800,000

317 THIRD AVENUE

Beds

—

Baths

—

Sqft

—

Year

1925

Location

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About this home

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. (id:65958)

Subtype: Multi-family
Living area: 21,619 square feet
Lot size: 23,925 square feet
Lot dimensions: 23925
On market: Apr 14, 2026
Status changed: Apr 15, 2026
Annual tax: $44,694 (2025)
Zoning: RS-4
Photos: 4
MLS#: C8077829
Area: NEW_WESTMINSTER

Features and systems

Lot

Lane

Utilities

SewerNatural GasElectricityCableTelephone

Negative cash flow ~$10,904/mo at these assumptions

Monthly rent (CAD)Adjust to your local market estimateDown payment (%)Investment props typically 20-25%Mortgage rate (% annual)2026 default 5.49% — adjust to your rate holdAmortization (years)

Cash on cash

-11.28%

Cap rate

3.63%

GRM

16.7

Break-even rent

$40,478

Financing

Down payment$1,160,000

Loan amount$4,640,000

Mortgage$28,466/mo

Operating expenses (monthly)

Property tax(est. 0.55%/yr (AB avg))$2,658

Insurance$80

Maintenance$4,833

CapEx reserve$2,417

Vacancy loss$1,450

Estimates only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 5% vacancy, 1%/yr maintenance, 0.5%/yr CapEx reserve, $80/mo insurance. Property tax estimated at 0.55%/yr where not provided. Talk to a mortgage broker before relying on these numbers.

Lifestyle nearby

Nearby school, halal, mosque, grocery, park, and transit layers are still being built for New Westminster. The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.

Mortgage estimate

Estimated $28,466/mo at 5.49% with 20% down, 25-yr amortization.Estimate only — actual payment varies by qualification + insurance.

Listing brokerage

Listing brokerage on file

Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Apr 15, 2026.