Sold

7915 Knight Street

Vancouver

Apartment Building
12 suites

SOLD $1,820,000

Overview

The subject property is a clean and well maintained 12-suite three storey wood frame rental apartment building located at the foot of the Knight Street Bridge in Southeast Vancouver.

Location

The subject is located on the southwest corner of Knight Street and 63rd Avenue in Southeast Vancouver, at the foot of Knight Street Bridge. The location offers convenient access to Richmond via the bridge and Burnaby eastbound on SE Marine Drive.

Highlights

  • Clean and well maintained rental property featuring 12 suites
  • Suite mix: 1 bachelor; 9 one-bedroom; 3 two-bedroom
  • Laundry room: 1 washer/1 dryer (leased)
  • Suites feature hardwood floors
  • Parking: 4 covered & 7 surface stalls at rear
  • Stucco and vinyl exterior
  • Heavily treed out front and side yards
  • New torch-on roof (2009)
  • Furnace replacement (approx. 10 years old)
  • Ongoing piping replacement and appliance renewal (approx. 90% replaced over last 10 years)
  • Oil tank removal/Stage 1 Environmental Report underway
  • Hot water tank replaced (2014)

Summary

Price$1,895,000
Units12
Storeys3
Price/Unit$157,917
Cap Rate3.6%
GIM16.9
Year Built1950
Lot Size86.72' x 120' (10,407 sq. ft.)
ZoningRM-2
PID002-960-966
Sale Price$1,820,000
Sale Date11/03/2014

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units1Avg. Rent$640
One BedroomNo. Units8Avg. Rent$759
Two BedroomNo. Units3Avg. Rent$832

Financials

FinancingTreat as clear title
Assessment 2013
Land
Building
Total
Land$1,054,000
Building$962,000
Total$2,016,000
Taxes 2013
$7,109.07
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$112,740
Vacancy(564)
Effective Gross$112,176
Operating Expenses(44,022)
Net Operating Income$68,154
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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