Condo
$308,000
27% less per sq ft225 8120 COLONIAL DRIVE
Richmondlisted today
MLS® R3174180
1 / 17
2 bed · 1 bath · 690 sq ft · 1 parking
Condo · Single Family · built 1977 · 38 days on market
Listed by Simon Zhu, Interlink Realty
Realtor's description
$90,600 below gov't assessed value! Most affordable 2 bed condo in Richmond! Discover this quiet and bright Penthouse 2-bedroom 1 bath home with insuite laundry at Cherry Tree Place, ideally located near schools, parks, and everyday conveniences. Overlooking the scenic Railway Greenway walking trail, this home offers a peaceful, nature-filled setting right outside your window. Inside, you'll find a functional and well-laid-out floor plan, complete with the convenience of in-suite laundry. Upgrades to the unit: Brand new hot water tank, 2 years old carpet, quartz countertop in Kitchen and Bathroom. Move in as-is or bring your renovation ideas to life-this home is a perfect canvas to create your own style and add value. Enjoy the ideal combination of comfort, location, and potential!
Property details
- Type
- Condo, Single Family
- Bedrooms
- 2
- Bathrooms
- 1
- Living area
- 690 sq ft
- Parking
- 1
- Year built
- 1977
- Property tax
- $1,608 / yr
- Strata fee
- $390 / mo ($0.57 / sq ft)
- Strata rules
- Pets Allowed With Restrictions, Rentals Allowed With Restrictions
- Days on market
- 38
- MLS®
- R3160407
Features
- Central location
- Treed
- Elevator
- Pets Allowed With Restrictions
- Rentals Allowed With Restrictions
- All
Monthly cost
$2,071/mo
Mortgage $1,547 · Tax $134 · Strata $390
20% down at 4.34% fixed (Ratehub.ca), 25 years; tax from the listing; strata fee from the listing.
If you rented it out
- Rent
- $2,046/mo
- After all costs
- −$223/mo
- Cap rate
- 4.5%
- yearly net rent ÷ price
Costs: mortgage $1,547 · tax $134 · strata $390 · insurance ~$35 · vacancy 3% · upkeep 5%.
Rent starts at CMHC's average for a 2-bedroom in Richmond (CMHC Rental Market Survey, October 2025). Averages include long-time tenants, so new leases usually ask more; houses usually rent for more than apartments. 25-year mortgage; rental purchases need at least 20% down.
BC rules for landlords
- Short-term rentals are limited to the host's principal residence in most communities. gov.bc.ca
- Rent increases are capped once a year at the province's set amount. gov.bc.ca
- The speculation and vacancy tax applies in many areas to homes not lived in or rented out. gov.bc.ca
- Selling within two years of buying can trigger the BC home flipping tax. gov.bc.ca
Location
RichmondGoogle Maps ↗
Schools
Catchment schools, Richmond School District 38
- Elementary R M Grauer Elementaryhomes in this catchment
300 m away · 4440 Blundell Rd, Richmond · 604-668-6547
- Secondary Hugh Boyd Secondaryhomes in this catchment
1.2 km away · 9200 No. 1 Rd, Richmond · 604-668-6615
From the Richmond School District 38's published catchment maps. A catchment gives priority, not a guaranteed seat, and French immersion and choice programs work differently. The district confirms catchment: check with its school locator.
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