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Hudson Apartments

8638 Hudson Street, Vancouver

Apartment Building
10 suites

$3,900,000

Overview

Built in 1996, the subject property is an exceptionally well maintained three-storey 10-suite rental apartment building located in Vancouver’s Marpole neighbourhood. The property features balconies, in-suite laundry & storage, elevator service and parking. There is an ongoing program of capital upgrades throughout building. This is truly a turnkey property with a genuine pride of ownership. Significant upside on rents. For a virtual tour, click here.

Highlights

  • Well-maintained and modern wood-frame 3-storey rental apartment building built in 1996
  • Ongoing program of capital upgrades—see “Upgrades” tab
  • Parking: 9 stalls at rear
  • 9 balconies and 1 patio
  • Efficient suites with open kitchen layouts
  • In-suite storage, in-suite laundry (7 suites) and dishwashers (3 suites)
  • Additional common laundry room on main floor
  • In-suite electric heat and electric hot water tank paid by tenants
  • Double glazed windows
  • Large hydraulic elevator
  • Intercom system
  • Hardwired smoke/heat plus sprinklers
  • Significant upside on rents

Upgrades

The property is very well maintained and has featured a varied program of upgrades over the years to both the suites and common areas:

  • In the last 5 years, 7 suites have been fully renovated (3 suites partially) with new appliances, kitchen cupboards, counter tops, hot water tanks, in-suite laundry, toilets, sinks, paint, blinds, mirrors, laminate flooring and electrical fixtures
  • Complete landscaping upgrade (2012)
  • Common areas painted and new door numbers (2013)
  • Exterior restoration and painting (2014)
  • Security fence around unit #101 patio (2014)
  • New torch-on roof (2016)
  • New elevator cab and lobby tiles (2017)

Location

The subject is located mid-block on Hudson Street between West 70th and West 71st Avenue in Marpole. Only three blocks west of Oak street and 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$3,900,000
Units10
Storeys3
Net Rentable Area5,013 SF
Price/Unit$390,000
Cap Rate2.7%
GIM28.3
Year Built1996
Lot Size50' x 108' (5,400 sq. ft.)
ZoningRM-3A Multiple Family Dwelling
PID014-341-395
Sale Date05/23/2017

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
One bedroomNo. Units10Avg. Sq. Ft.501Avg. Rent$1,091

Financials

FinancingTreat as clear title
Assessment 2016
Land
Building
Total
Land$1,620,000
Building$848,000
Total$2,468,000
Taxes 2016
$8,426.87
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$138,556
Vacancy(831)
Effective Gross$137,725
Operating Expenses(32,940)
Net Operating Income $104,785
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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