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1209 Woodland Drive

Vancouver

Apartment Building
6 suites

SOLD $1,675,000

Overview

The subject property is a well maintained 4.5 level 6-suite wood frame apartment building located in the heart of Vancouver’s popular Commercial Drive neighbourhood.  It features all large two bedroom suites, surface parking, garages and amazing views of the North Shore Mountains and Downtown Vancouver from the split-level 6th suite rooftop patio deck.

Location

The subject is located in arguably the hottest area off “The Drive” on the south-west corner of Woodland and William Streets, two blocks west of Vancouver’s popular Commercial Drive corridor.  Just across the street to the north is Britannia Elementary School and two blocks to the east is Grandview Park.

The Drive has a distinct European ambiance 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.

Highlights

  • Prime corner site with Commercial Drive two short blocks away
  • Well maintained 4.5-level wood frame apartment building featuring 6 two bedroom suites
  • Large balconies for each suite
  • 5 storage lockers
  • Sixth suite features split-level loft with rooftop deck offering amazing panoramic views of Downtown Vancouver & North Shore Mountains
  • Perimeter fencing with attractive landscaping featuring matures trees and shrubbery
  • Parking: 4 surface stalls; currently no charge
  • 3 enclosed garages currently leased as long term storage
  • Electric heat paid by tenants; 30amp breakers in each suite
  • Domestic hot water (2 tanks) supplied by building
  • One washer/one dryer leased
  • Offered clear tile—buyer can take advantage of historically low interest rates

Summary

Price$1,695,000
Units6
Storeys4.5
Price/Unit$282,500
Cap Rate3.9%
GIM18.3
Year Built1979
Lot Size50' x 125' (6,250 sq.ft.)
ZoningRM-4
PID015-303-713
Sale Price$1,675,000
Sale Date03/21/2013

Suite Mix

 No. UnitsAvg. Rent
Two BedroomNo. Units5Avg. Rent$1,158
Two Bedroom + LoftNo. Units1Avg. Rent$1,400

Financials

FinancingTreat as clear title.
Assessment 2013
Land
Building
Total
Land$1,162,000
Building$218,000
Total$1,380,000
Taxes 2012
$6,068.72
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$92,350
Vacancy(924)
Effective Gross$91,427
Operating Expenses(25,533)
Net Operating Income$65,894
NotesFor a current rent roll and 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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