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418 Apartments

418 East 44th Avenue, Vancouver

Apartment Building
16 suites

SOLD $4,950,000

Overview

Built in 1988, 418 Apartments is a clean and exceptionally well-maintained 16-suite wood-frame three-story apartment building located in Vancouver’s Fraser/Main neighborhood. It features large suites, balconies/patios, covered and uncovered parking and storage. Rental buildings are rarely available in this neighbourhood. Significant upside on rents. 

Features

  • Built in 1988; wood-frame three-storey building with stucco exterior
  • Beautiful tree-lined street with nice landscaping
  • Parking: 8 covered; 8 uncovered in rear of building (included in rent)
  • Laundry room: 1 washer/ 1 dryer owned by building (replaced Dec 2014)
  • Storage: 11 units feature in-suite storage; 5 tenants have separate full-size lockers
  • Secured bicycle room
  • New hot water tank (2014)
  • New roof (2004)
  • New main water line at $25k cost (2013)
  • Fiberglass balconies well maintained
  • Carpeted/linoleum floors in common areas & suites
  • Electric base-board heating paid by tenants
  • Energy efficient lighting in common areas & suites
  • Double glazed windows
  • Thermostats & intercom for each suite
  • 400 amp main electrical panel
  • Photo-cell controlled exterior building lighting
  • Anti-theft door plates both for exterior and suite doors
  • Noise reduction concrete sub-floors
  • Clean Stage 1 Environmental Report on file
  • Significant upside on rents; based on CMHC’s Fall 2015 Rental Market Report for Southeast Vancouver, the bachelor suites are 19% below market; the one bedroom suites are 14% below market; the two bedroom suites are 27% below market

Location

418 Apartments is centrally located in the Fraser/Main neighborhood of East Vancouver. Nestled in a quiet tree-lined pocket, only three blocks south of East 41st Avenue between Fraser Street to the east and Main Street to the west. One block southwest of John Oliver High school; a 5-minute walk to Memorial South Park and a 1-minute walk to MacDonald Park.
 
A wide range of retail amenities, supermarkets, community services, schools, restaurants, boutiques, trendy cafes and excellent bus transportation characterize this vibrant community. 

Summary

Price$4,995,000
Units16
Storeys3
Price/Unit$312,187
Cap Rate2.3%
GIM29.5
Year Built1988
Lot Size99’ x 122’ (12,078 SF)
ZoningRM-2
PID002-703-327; 004-249-071; 005-115-566
Sale Price$4,950,000
Sale Date06/30/2016

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units2Avg. Sq. Ft.600Avg. Rent763
1 bedroomNo. Units10Avg. Sq. Ft.650Avg. Rent870
2 bedroomNo. Units4Avg. Sq. Ft.725Avg. Rent975

Financials

FinancingTreat as clear title.
Assessment 2016
Land
Building
Total
Land$2,113,000
Building$1,198,000
Total$3,311,000
Taxes 2015
$10,377.14
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$171,095
Vacancy(1,711)
Effective Gross$169,384
Operating Expenses(55,325)
Net Operating Income$114,059
NotesFor a detailed rent roll and expense 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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