Six Twenty Six Apartments
626 East 44th Avenue, Vancouver
SOLD $3,220,000
Overview
Six Twenty Six Apartments is a clean and well maintained 18-suite wood frame three storey apartment building located in Vancouver’s Fraser/Main neighbourhood. It features balconies/patios, covered and uncovered parking and storage. Rental buildings are rarely available for sale in this area. Huge upside on rents.
Location
Six Twenty Six Apartments is located in the Fraser/Main neighbourhood of East Vancouver. Only three blocks south of East 41st Avenue; a half block west of Fraser Street; one block south of John Oliver Highschool and a 5 minute walk to Memorial South Park.
A wide range of retail amenities, supermarkets, community services, schools, restaurants, boutiques, trendy cafes and excellent bus transportation characterize this vibrant community.
Features
- Wood frame three level building with stucco exterior
- Beautiful tree-lined street with nice landscaping
- Parking: 8 covered; 8 uncovered in rear of building (included in rent)
- Laundry room: 1 washer/1 dryer owned by building
- Locker room for tenant storage
- Two separate boilers (approx. 10 years old)
- Roof approx. 15 years old
- Fibreglass balconies well maintained
- Carpeted floors in common areas & suites
- One large 100 gallon hot water tank
- Thermostat & intercom for each suite
- 400 amp main electrical panel
- Significant upside on rents; based on CMHC’s 2012 Rental Market Report for Southeast Vancouver, the bachelor suites are 10% below market; the one bedroom suites are 20% below market; the two bedroom suites are 35% below market
Suite mix
No. units | Size range | Average rent | |
---|---|---|---|
Bachelor | No. units4 | Size range480 | Average rent673 |
One Bedroom | No. units12 | Size range570 - 620 | Average rent769 |
Two Bedroom | No. units2 | Size range700 - 735 | Average rent920 |
Financials
Financing | Treat clear as title. | |
---|---|---|
Assessment 2012 | Land Building Total | Land$1,201,000 Building$1,371,000 Total$2,572,000 |
Taxes 2012 | $10,801.56 | |
Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income$163,320 Vacancy($1,633) Effective gross$161,687 Operating expenses($53,360) Net operating income$108,327 |
Notes | For a current rent roll & expense statement, click here. |
The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
Mortgage calculator
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3