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Six Twenty Six Apartments

626 East 44th Avenue, Vancouver

Apartment Building
18 suites

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

Summary

Price$3,295,000
Units18
Storeys3
Price/Unit$183,055
Cap Rate3.3%
GIM20.2
Year Built1972
Lot Size99' x 122' (12,078 sq. ft.)
ZoningRM-2
PID013-909-487; 013-909-509; 013-909-452
Sale Price$3,220,000
Sale Date10/25/2012

Suite Mix

 No. UnitsSq. Ft. RangeAvg. Rent
BachelorNo. Units4Sq. Ft. Range480Avg. Rent673
One BedroomNo. Units12Sq. Ft. Range570 - 620Avg. Rent769
Two BedroomNo. Units2Sq. Ft. Range700 - 735Avg. Rent920

Financials

FinancingTreat 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
NotesFor 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 HQ Commercial.

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