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Mark Elle Apartments

1030 West 14th Avenue, Vancouver

Apartment Building
32 Suites

SOLD $8,500,000

Overview

Mark Elle Apartments in an exceptionally clean and well maintained 3-storey wood-frame apartment building comprised of 32 suites located in Vancouver’s popular South Granville neighbourhood.  Improved on a large 18,750 sq. ft. lot, the subject features ample storage, parking, balconies/patios, hardwood floors and an ongoing program of upgrades.  Exceptionally located within walking distance to local amenities, Vancouver General Hospital, shopping, transportation and the West Broadway corridor.

Location

Mark Elle Apartments is extraordinarily well located in Vancouver’s South Granville. It is situated on the south side of West 14th Avenue between Oak and Spruce Streets; one-half block west of Oak Street. While in a quiet area, the subject property is only a few minutes walk to Vancouver General Hospital, transportation, shopping, and the popular West Broadway and South Granville corridors.

Highlights

–  24 parking stalls (8 covered & 16 uncovered)
–  Hardwood floors
–  Full & half-size storage lockers
–  Elevator
–  Patios/balconies
–  Brick and stucco exterior
–  Washer/dryer area on the 2nd and 3rd floors (machines leased)
–  Attractive modern lobby
–  Gas fired furnace and hot water tank
–  Suites on breakers

Upgrades

  • Approx. $200,000 spent on building over past few years
  • Approx. 70% of suites have newer toilets, countertops, appliances, flooring, etc
  • Balconies have been redone with vinyl membrane and new banisters  (2006)
  • Recently repainted
  • Newer intercom
  • New hallway carpets (2011)
  • Plumbing: Hot and cold distribution pipes were recently replaced with shut off valves to all stacks (2011)
  • Roof is approximately 14 years old

Summary

Price$8,450,000
Units32
Price/Unit$264,063
Cap Rate3.3%
GIM20.8
Year Built1966
Lot Size150' x 125' (18,750 sq. ft.)
ZoningRM-3
PID014-662-973; 014-662-981; 014-662-965
Sale Price$8,500,000
Sale Date12/12/2011

Suite Mix

 No. Units
One BedroomNo. Units29
Two BedroomNo. Units3

Financials

FinancingTreat as clear title.
Assessment 2011
Land
Building
Total
Land$5,470,000
Building$46,400
Total$5,516,400
Taxes 2011
$22,471.74
2011 Proforma
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$411,564
Vacancy(2,058)
Effective Gross$409,506
Operating Expenses(129,108)
Net Operating Income$280,398
NotesIncome annualized as of February 2012.  For a current rent roll and expense statement, please click here.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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