Sold

Santa Monica Apartments

1546 West 12th Avenue, Vancouver

Apartment Building
13 suites

$7,595,000

Overview

Santa Monica Apartments is a 13-suite, 2-storey apartment building in outstanding condition located in the heart of Vancouver’s South Granville just west of Granville Street along West 12th Avenue.

Built in 1929, the apartment exudes the old-world charm that characterizes this popular rental neighbourhood. The property features an exquisitely renovated over-sized 1621 SF two-bedroom and 2-bath suite with direct access to the roof by way of an interior spiral staircase. Other highlights include surface parking, full-size lockers and hardwood floors. 

This is truly a turnkey property with a genuine pride of ownership situated just steps to Granville Street, considered one of the best upscale fashion and retail shopping districts in the City.

Highlights

  • Two-storey plus basement apartment building built in 1929 featuring 13 suites
  • Extensively updated “owners suite” of approx. 1621 SF with 2-br and 2-bath with direct access to roof 
  • Larger lot of 62.5′ x 125′ (7,813 SF) compared to more typical 50′ x 125′ (6,250 SF)
  • Perfectly situated by the proposed rapid transit line along the Broadway / Granville corridor
  • Favourable RM-3 zoning—potential to assemble with the corner site to the east for future redevelopment
  • Exercise room (suite 0) converted to an additional one-bedroom unit (no permits—currently unauthorized)
  • Oil tank removed with report
  • Large storage area (12 full-size lockers)
  • All suites feature hardwood floors
  • Mixture of gas and electric stoves
  • Electric fireplaces in-suite
  • Attractive hallway and entrance
  • Beautiful landscaping and distinctive wrought iron fence
  • Property held in a bare trustee—can purchase the shares of the company and save PTT
  • 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:

  • Hallway carpets (2013)
  • Windows replaced (2013)
  • Boiler and hot water tank (2013)
  • New motor pump (2016)
  • Suite 7 (two bedroom) exquisitely renovated
  • The building is going through a roof deck modification process with the City—once approved, unit 7 will feature enhanced access to the roof
  • New torch-on roof (2015)
  • Exterior stucco repainted (2015)
  • Plumbing replaced in boiler room (2013)
  • Unit #6 recently updated with new kitchen and flooring
  • Ongoing specialized preventative maintenance program of electrical/mechanical systems

Location

The subject property is located in a walker’s paradise just west of Granville Street on the south side of West 12th Avenue in the South Granville neighbourhood of Vancouver. West Broadway and West 12th Avenue form the major east-west traffic arteries across the city (direct bus access to UBC), while Granville Street is the major nearby north-south traffic corridor which provide access to and from the downtown core and South Richmond (YVR).

Public transportation and shopping is available in the immediate area just steps away along Granville Street and West Broadway. South Granville’s prime retail corridor is one of Vancouver’s trendiest shopping destinations and offers tenants easy access to numerous amenities, art galleries, coffee shops, restaurants, banks and theatre, to name a few.

Summary

Price$7,595,000
Units13
Storeys2 plus roof deck
Net Rentable Area8,613 SF
Price/Unit$584,231
Cap Rate2%
GIM36.9
Year Built1929
Lot Size62.5’ x 125’ (7,813 SF)
ZoningRM-3
PID014-176-599
Sale Date05/03/2017

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units7Avg. Sq. Ft.546Avg. Rent$1099
One bedroomNo. Units5Avg. Sq. Ft.634Avg. Rent$1236
Two bedroomNo. Units1Avg. Sq. Ft.1621Avg. Rent$3128

Financials

FinancingTreat as clear title.
Assessment 2016
Land
Building
Total
Land$2,952,000
Building$1,359,000
Total$4,311,000
Taxes 2016
$11,668.56
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$205,726
Vacancy(1,034)
Effective Gross$205,726
Operating Expenses(51,274)
Net Operating Income$154,452
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.

Mortgage Calculator

Mortgage
Interest rate
Amortized over
Your monthly payment is approximately

* Assumes constant interest rate throughout amortization period

%
year(s)