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Beverly Manor

1190 West 10th Avenue, Vancouver

Apartment Building
35 suites

SOLD $12,000,000

Overview

Beverly Manor is a very well-maintained 35-suite wood frame rental apartment building located in Vancouver’s popular South Granville neighbourhood.  Built in 1969, the property is improved on a large 150′ x 125′ RM-3 zoned corner lot and features secure underground parking, balconies/patios and elevator. Rents significantly under market. 

Highlights

  • Large 150′ x 125′ (18,750 sf) RM-3 zoned corner lot in prime South Granville/Fairview
  • Three storey wood-frame construction built in 1969
  • Original owners since built — very well-maintained
  • Ongoing program of capital upgrades — see “Upgrades” tab
  • 35 suites featuring balconies & patios
  • Brick and stucco exterior
  • Secured underground parking for 32 cars plus 4 surface stalls
  • Bike storage in parkade
  • Beautifully landscaped front entrance and side yards with a variety of mature trees
  • Elevator service
  • Mail delivered to suites
  • Two-bedroom units on the main floor have dishwashers
  • One-bedroom suites feature walk-in closets
  • Laundry: washer/dryer on each floor (leased)
  • Tenant storage lockers on each floor
  • Cable TV included in rent
  • Rents significantly under market

Upgrades

  • 85% of suites have had significant upgrades including kitchen cabinets, countertops, appliances, doors, light fixtures, bathroom vanities, toilets, floor-to-ceiling tiling, renewed parquet flooring, laminate flooring and added baseboards
  • Upgraded intercom
  • Drain tiles (lip up to wall) upgraded (2013)
  • Hallway lights modernized
  • Hall and stairwell carpets replaced (2011)
  • New double-pane windows in suites with dining rooms and in most bedroom windows
  • Roof access modernized
  • Original boiler
  • New roof (2009)
  • Breakers added (2007)
  • Piping renewed (2002) and improved further (2010)
  • Most patios and balconies upgraded over last 2 to 3 years
  • Light switches modernized
  • Newly added cedar box enclosures for flower and trees in rear yard

Location

Located on the southeast corner of W. 10th Avenue and Alder Street in the Fairview/South Granville area of Vancouver, with the Vancouver General Hospital situated only two blocks east. West Broadway and West 12th Avenue form the major east-west traffic arteries across the city, while Granville Street, Oak Street and Cambie Street are major nearby north-south traffic corridors which provide access to and from the downtown core through the subject area to South Granville and Richmond. Access to the downtown core is via the Cambie Street Bridge, Granville Street Bridge and Burrard Street Bridge.

Fairview remains one of the most popular and convenient neighbourhoods due to its proximity to the downtown core, major bus routes and shopping. It is also provided with a branch of the Vancouver Public Library and two clubs; The Vancouver Lawn, Tennis and Badminton Club and The Terminal City Lawn and Bowling Club located at West 15th Avenue and Fir. Many employers in the area include the Vancouver General Hospital, City Hall and the office tower developments along the Broadway Corridor.

Public transportation and shopping is available in the immediate area one block away along West Broadway, Oak and Granville Street and include major retailers such as Shoppers Drug Mart, IGA, Chapters, Canadian Tire, Save On Foods and London Drugs. Only 8 blocks to Cambie SkyTrain Station and three blocks from South Granville Street’s prime retail corridor, one of Vancouver’s trendiest shopping destinations.

Summary

Price$12,500,000
Units35
Storeys3
Price/Unit$357,143
Cap Rate2.5%
GIM26.2
Year Built1969
Lot Size150’ x 125’ (18,750 sf)
ZoningRM-3
PID015-014-711; 015-014-754; 015-014-509
Sale Price$12,000,000
Sale Date12/10/2015

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units7Avg. Rent$890
1 BedroomNo. Units24Avg. Rent$1,125
2 BedroomNo. Units4Avg. Rent$1,430

Financials

FinancingTreat as clear title.
Assessment 2015
Land
Building
Total
Land$7,734,000
Building$361,000
Total$8,095,000
Taxes 2015
$29,105.67
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income $479,796
Vacancy(2,399)
Effective Gross $477,397
Operating Expenses (164,037)
Net Operating Income $313,360
NotesFor detailed rent roll and financial statement, please 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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