Overview
The Inverness is an exceptionally well maintained 21-suite two storey plus basement wood frame apartment building located in Vancouver’s popular West End neighbourhood.
Location
The subject is extraordinarily well located in the heart of the West End on the north side of Pendrell Street between Jervis and Broughton Streets, only one short block to Davie Street, a trendy shopping district in the City. Nearby are the popular pedestrian shopping areas of Robson and Denman Street. Georgia Street, the financial district of Downtown is also a few minutes’ walk. Situated close to the beaches of the English Bay waterfront, the lush greenery of the world famous thousand-acre Stanley Park and Coal Harbour.
Highlights
- Well maintained heritage-style rental building built in the 1928
- Excellent curb appeal highlighted by three Camellia trees, an elegant entrance and fencing along the north side of the property extending to the parking area
- Suites are well apportioned, with lots of natural light, high ceilings and functional layouts
- Abundance of closet space; bachelor suites feature Murphy beds
- Three suites significantly under market
- Suites are continuously updated as needed with appliances, counter tops, flooring (80% of appliances replaced over last 5 years)
- Gas fireplaces in 12 of the units
- Most suites feature China tubs and hardwood floors
- Wiring replaced to 600 amp service (1976)
- Plumbing replaced (1986) and continually updated as needed
- Suites 19, 20, 21 pay for their own electric heat
- Bathrooms feature floor-to-ceiling tile
- Lower level contains an office which could potentially be converted to a non-conforming suite (approx. 310 sq. ft.)
- Lower level also features laundry room, furnace room and workshop area
- Laundry room: one washer/one dryer leased
- Parking: 8 surface stalls at rear
- New Teledyne Laars boiler (2001)
- Roof replaced (2008)
- Built-in vacuum on all floors
- Oil tank decommissioned (2004)
- One unauthorized suite currently used as an office
Suite mix
| No. units | Average size | Average rent | |
|---|---|---|---|
| Bachelor | No. units14 | Average size411 | Average rent$880 |
| One Bedroom | No. units7 | Average size627 | Average rent$1,191 |
Financials
| Financing | Treat as clear title | |
|---|---|---|
| Assessment 2013 | Land Building Total | Land$2,593,000 Building$1,435,000 Total$4,028,000 |
| Taxes 2013 | $11,661.21 | |
| Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income$252,660 Vacancy(1,263) Effective gross$251,397 Operating expenses(64,169) Net operating income$187,228 |
| Notes | For 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 Goodman Commercial.
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
Mortgage calculator
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
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