A 32-unit rental apartment building in Burnaby’s Metrotown neighbourhood sold in May 2026 for $10,500,000.
Key Details:
- Sale Price: $10,500,000
- Price/Unit: $328,125
- Cap Rate: 4.8%
- Number of Units: 32
- Lot Size: 20,569 SF lot
The property at 5087 Irving Street is a three-storey, wood-frame apartment building constructed in 1969, situated on a 20,560 SF corner lot fronting both Irving Street and Newton Street in Burnaby’s Metrotown neighbourhood. The building contains 9 bachelor, 16 one-bedroom, and 7 two-bedroom suites averaging 629 SF, with one level of underground parking and 32 stalls. The net operating income at the time of sale was $500,528, reflecting a going-in yield of 4.77% on the purchase price.
The sale was brokered by Simon Lim, James Lang, and Jessica Hathaway of Colliers, who had marketed the property at an asking price of $12,800,000.
Beyond its income characteristics, the site carries significant redevelopment potential. Under Burnaby’s 2050 OCP draft, the property is designated High-Rise Apartment 1, permitting up to 30 storeys with the ability to increase to 40 storeys through density bonusing — a designation that attracted considerable developer interest during the marketing campaign. The property is within walking distance of both Metrotown and Royal Oak SkyTrain Stations on the Expo Line.
At $328,125 per unit, the sale sits modestly above the Burnaby apartment average tracked on this site, reflecting the transit proximity and redevelopment upside of the Metrotown location.
The property is located in Burnaby, on the north side of Irving Street between Marlborough Avenue and Royal Oak Avenue in the Metrotown neighbourhood.
