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Britannia View Apartments

1150 Cotton Drive, Vancouver

Apartment Building
16 suites

SOLD $3,300,000

Overview

Britannia View Apartments is an exceptionally clean and well maintained 16-suite wood frame apartment building located in the heart of Vancouver’s popular Commercial Drive neighbourhood.  It features balconies, parking, storage and amazing views of the North Shore Mountains and Downtown Vancouver.  

Location

Britannia View Apartments is located on the corner of Cotton Drive and William Street, a short block west of Vancouver’s popular Commercial Drive corridor.  The property is situated in arguably the hottest area off “The Drive”, bounded by a cul-de-sac on both the south side and west side of the property keeping traffic and noise to a minimum.  Just across the street to the south is Grandview Park, and to the north, Britannia Elementary School.

The Drive has a distinct European flavour that you can’t find anywhere else in the city. Sidewalk cafes, small boutiques, bakery and pastry shops, all mingle with the regular types of businesses such as banks, grocery stores, and hardware stores. The area is well serviced by public transit with both bus and Skytrain station nearby. With an increasing population base in the neighborhood, the area has grown to be a vibrant and desirable district.

Features

  • Prime corner lot in a cul-de-sac with Commercial Drive a short block away
  • Well maintained 3-level wood frame apartment building featuring 16 suites
  • Penthouse with rooftop deck offers amazing panoramic views of Downtown Vancouver & North Shore Mountains (most suites have views)
  • Large common area roof top deck for all tenants to enjoy
  • Attractive landscaping with matures trees, flowers, shrubbery & manicured lawn
  • Eight balconies (including 4 “Juliet”)
  • Parking: 5 surface stalls at rear of building
  • Heating controlled by thermostat on second floor
  • Gas-fired hot water heat supplied by owner
  • Offered clear tile—buyer can take advantage of historically low interest rates
  • Suites feature breakers and hard wood floors
  • Secure bike storage room
  • Owners workshop
  • 14 full size storage lockers
  • Master keys for roof top deck, locker room, laundry room and bike storage
  • Oil tank removed with clean report

Upgrades

Overall, the building is exceptionally well maintained.  Over the years, the owner has put in place an ongoing program of renewal:

  • New asphalt for rear surface parking
  • Exterior paint
  • Approx half of the hardwood floors have been refinished
  • All appliances have been replaced over the last 10 years
  • Window & balcony doors replaced with double pane & tempered glass for main floor (approx. 2007)
  • Plumbing has been totally replaced right to the “kitchen sink”
  • Torch-on roof replaced (approx. 2000)
  • Rooftop deck, flashings & decks (2012)
  • Approx 30% of countertops have been replaced
  • Furnace replaced (approx. 2007)
  • Hot water tank (appox 2010)

Summary

Price$3,288,000
Units16
Storeys3
Price/Unit$205,500
Cap Rate4.6%
GIM15.9
Year Built1961
Lot Size66' x 122' (8,052 sq. ft.)
ZoningRM-4 Multiple Dwelling
PID014-206-285; 014-206-293
Sale Price$3,300,000
Sale Date10/04/2012

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units5Avg. Rent874
One BedroomNo. Units9Avg. Rent1149
Two BedroomNo. Units1Avg. Rent1385
Penthouse (Bachelor)No. Units1Avg. Rent960

Financials

FinancingTreat clear as title.
Assessment 2012
Land
Building
Total
Land$1,164,000
Building$1,202,000
Total$2,366,000
Taxes 2012
$10,574.86
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$206,880
Vacancy(1,034)
Effective Gross$205,846
Operating Expenses(53,161)
Net Operating Income$152,685
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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