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Garden Apartments

2272 Franklin Street, Vancouver

Apartment Building
10 suites

SOLD $1,725,000

Overview

Garden Apartments is a well maintained three storey plus penthouse 10-suite apartment building located in Vancouver’s Grandview neighbourhood. The property has been significantly upgraded over the years and features balconies, parking, storage, great views from the 2 split-level penthouses and is situated directly across the street from Pandora Park.  Ideal for owner-occupier.  Rents significantly below market.

Location

The subject property is located on the south side of Franklin Street between Templeton and Garden drives, a block and half west of Nanaimo Street and one block north of Hastings. The building is situated directly across the street from Pandora Park in one of the nicest pockets of East Vancouver with tranquil surroundings and access to transportation and major arterial routes to the North Shore, Downtown, Burnaby and the TransCanada Highway.  Only a 2 minute drive to the trendy Commercial Drive corridor and 4 blocks to Templeton High School.

Highlights

  • Wood frame rental building plus two split-level penthouse units with great views
  • Very clean and well maintained with major capital upgrades
  • Located directly across the street from Pandora Park
  • Parking: 6 rear surface; 3 of which are secured
  • Balconies (8) and 2 roof-top decks for penthouse suites
  • Laundry Room: 1 washer/1 dryer leased
  • Storage Room: 10 lockers for tenants
  • Workshop area for owner
  • Nice landscaping with small trees and shrubbery
  • Rents approx. 30% below CMHC averages for the area

Upgrades

  • 2003 – Main roof replaced, penthouse decks and railings
  • 2005 – All suite windows replaced with double glazed
  • 2005 – Boiler replaced (Super Hot)
  • 2007 – Hot Water tank replaced
  • 2008 – All balcony sliding doors replaced with double glazed
  • 2009 – Exterior building repainted
  • 2011 – Roof replaced on penthouse units
  • 2011 – Thermostatic valves replaced in all units
  • 2012 – 3 bathrooms repaired
  • All fridges and stoves have been replaced

Summary

Price$1,850,000
Units10
Storeys3
Price/Unit$185,000
Cap Rate2.8%
GIM22
Year Built1965
Lot Size49.52' x 122' (6,042 sq. ft.)
ZoningRM-3A
PID015-667-839
Sale Price$1,725,000
Sale Date09/20/2013

Suite Mix

 No. UnitsAvg. Rent
StudioNo. Units1Avg. Rent$590
One BedroomNo. Units7Avg. Rent$673
Two Bedroom PHNo. Units2Avg. Rent$738

Financials

FinancingTreat as clear title.
Assessment 2012
Land
Building
Total
Land$963,000
Building$466,000
Total$1,429,000
Taxes 2012
$6,394.37
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$81,581
Vacancy(204)
Effective Gross$81,377
Operating Expenses(30,391)
Net Operating Income$50,986
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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