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Glen Apartments

8685 Osler Street, Vancouver

Apartment Building
13 suites

SOLD $4,400,000

Overview

Glen Apartments is a well maintained three-storey 13-suite rental apartment building located in the Westside of Vancouver’s Marpole neighbourhood.  Improved on a large 10,008 SF corner lot, the property features balconies/patios, lockers, storage and parking. Ongoing program of capital upgrades throughout building.

Highlights

  • Well-maintained wood-frame 3-storey rental apartment building built in 1969
  • Ongoing program of capital upgrades – see “Upgrades” tab
  • Large 72’ x 140’ (10,008 SF) corner lot
  • Parking: 11 stalls (3 covered)
  • Vinyl exterior and balconies/patios
  • 13 suites: 12 one-bedrooms; 1 two-bedroom
  • Two bedroom suite has second 2-piece bathroom
  • Storage: 2 locker rooms for tenants
  • Laundry: one washer/one dryer (owned)
  • Thermostat in each suite
  • Suite 302 contains a dishwasher

Upgrades

  • New torch-on roof (2011)
  • New Spectrum boiler (2003)
  • New Universal hot water tank (2013)
  • Building repiped (1996)
  • Heat, smoke detectors (2004)
  • Most suites have newer breaker panels
  • All but one suite have newer countertops, cabinet doors and appliances
  • Some bathrooms feature new upgraded vanity and toilets
  • All bathrooms have floor-to-ceiling tile

Location

Glen Apartments is located on the southeast corner of Osler Street and West 71st in Marpole. A 15-minute walk to the new rapid transit “Marine Drive Station” Canada Line, linking Richmond and the airport with Vancouver.

Conveniently situated near shopping and retail amenities on Granville and Cambie Street with access to major bus routes (bus lines on 70th and Oak, as well as Oak and SW Marine Drive). The subject is located only two blocks to Oak Street and within excellent proximity to the YVR and various highways connecting to the US and Fraser Valley.

Summary

Price$4,350,000
Units13
Storeys3
Price/Unit$334,615
Cap Rate2.24%
GIM31.3
Year Built1969
Lot Size72' x 140' (10,008 SF)
ZoningRM-3A
PID013-540-769; 012-040-606
Sale Price$4,400,000
Sale Date11/28/2016

Suite Mix

 No. UnitsAvg. Rent
One bedroomNo. Units12Avg. Rent$843
Two bedroomNo. Units1Avg. Rent$1,295

Financials

FinancingClear title.
Assessment 2016
Land
Building
Total
Land$3,054,000
Building$18,200
Total$3,072,200
Taxes 2015
$8,563.40
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$140,240
Vacancy(1,402)
Effective Gross$138,838
Operating Expenses(41,407)
Net Operating Income$97,431
NotesFor a detailed rent roll and expenses 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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