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2274 Oxford Street

Vancouver

Apartment Building
8 suites

SOLD $2,360,000

Overview

2274 Oxford Street is a three-storey 8-suite rental apartment building located in East Vancouver. Built in 1966, the property is improved on a 49.5’ x 122’ (6,039 sq. ft.) RM-3A zoned lot. The newly stamped Grandview-Woodland plan indicates the property is in an area for 6-storey 100% rental developments. Rents are significantly under market, providing investors an opportunity to further enhance the revenue by completing a comprehensive renovation plan as suites turnover. 

Highlights

  • Three-storey wood-frame walk-up rental building
  • 7 one-bedroom units and one two-bedroom unit
  • Roof replaced (approx 2014)
  • 6 tenant storage lockers
  • 2 exit stairways
  • Single-glazed original windows
  • Laminate flooring and/or original hardwood in suites
  • Each unit has a balcony (suite 7 has enclosed balcony)
  • 4 car parking at rear of the building
  • Hot water heat (original gas furnace)
  • 1 washer and 1 dryer – leased
  • Significant rental upside on suite turnover
  • Clean Stage 1 Environmental Report available

Location

The subject is situated on the south side of Oxford Street between N. Garden Drive and N. Templeton Drive in the Cedar Cove area of the Grandview Woodland Plan. Located in a quiet tree-lined street with excellent bus transportation on Nanaimo St. and to Downtown along Dundas St. A few minutes’ walk to Donald’s Market, restaurants, Pandora Park and the commercial corridor along Hastings St.

Summary

Price$2,690,000
Units8
Storeys3
Price/Unit$336,250
Cap Rate2.0%
GIM32.3
Year Built1966
Lot Size49.5’ x 122’ (6,039 sq. ft.)
ZoningRM-3A
PID003-641-121
Sale Price$2,360,000
Sale Date03/27/2017

Suite Mix

 No. UnitsAvg. Rent
One BedroomNo. Units7Avg. Rent$822
Two BedroomNo. Units1Avg. Rent$1,025

Financials

FinancingTreat as clear title.
Assessment 2016
Land
Building
Total
Land$1,239,000
Building$257,000
Total$1,496,000
Taxes 2016
$4,845
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$83,401
Vacancy(500)
Effective Gross$82,900
Operating Expenses(29,873)
Net Operating Income$53,027
NotesFor a current 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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