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2038 Pandora Street

Vancouver

Apartment Building
6 suites

SOLD $1,200,000

Overview

The subject property is a three storey walk up apartment building of wood frame construction built in 1960 and located in the Grandview-Woodland area of Vancouver. There are a total of 6 suites (1-2Br; 4-1Br; 1 junior-1Br). Excellent opportunity for first time investor or owner-occupier.

Location

The subject property is located on the south side of Pandora Street, between Lakewood and Semlin Drives, in the Grandview-Woodland area of Vancouver. Just 3.5 blocks west of Nanaimo Street and a block east of Victoria Drive. The streets are lined with trees, restored Victorian houses and apartment buildings. Close to public transport, shopping, downtown and parks.

Highlights

  • Three storey walk-up wood-frame apartment built in 1960
  • 6 suites: 1-2Br; 4-1Br; 1 junior 1Br
  • Two bedroom unit has undergone extensive renovations; includes a dishwasher and is estimated to be 1200 sq. ft. in size
  • Torch-on roof replaced with 10-year warranty (2011)
  • Balcony decks replaced (2011)
  • Some suite upgrades; most in average condition
  • Hot water tank replaced (2012)
  • Common laundry free of charge (1 washer/1 dryer)
  • City picks up garbage
  • Suite #6 is unauthorized
  • Parking: 5 stalls at rear of building (no charge)

Summary

Price$1,245,000
Units6
Price/Unit$207,500
Cap Rate3.8%
GIM18.5
Year Built1960
Lot Size49.5' x 122' (6,039 sq. ft.)
ZoningRM-3A
PID015-680-801
Sale Price$1,200,000
Sale Date04/28/2014

Suite Mix

 No. UnitsAvg. Rent
Junior One BedroomNo. Units1Avg. Rent$570
One BedroomNo. Units4Avg. Rent$889
Large Two BedroomNo. Units1Avg. Rent$1,500

Financials

FinancingTreat as clear title. 
Assessment 2013
Land
Building
Total
Land$1,032,000
Building$10,000
Total$1,042,000
Taxes 2013
$3,875.11
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$67,500
Vacancy(338)
Effective Gross$67,163
Operating Expenses(20,413)
Net Operating Income$46,750
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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