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Eton Apartments

2231 Eton Street, Vancouver

$5,850,000

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Price$5,850,000

Units16

Storeys3

Year built1967

Lot size10,858 SF

ZoningRM-3A

Price/unit$365,625

Cap rate2.71%

GIM26.6

PID015-694-291; 010-926-917

Legal descriptionLot A of Lots 20 and 21 and Lot 22 Block 7 DL 184 PL 178 and PL 6278

Overview

Eton Apartments is a well maintained and extensively updated 3-storey wood-frame rental apartment building comprising 16 suites. Constructed in 1967, the building is improved on a 10,858 SF lot in Vancouver’s Grandview neighbourhood. The property features balconies/patios, in-suite dishwashers, surface parking, storage lockers and great views of Burrard Inlet and the North Shore Mountains.

Due to the property’s inclusion in the Grandview-Woodland Community Plan, there is a future development opportunity (allows for a rental apartment building up to 6 storeys and a density up to 2.4 FSR).

Location

Eton Apartments is located in the northern most section of East Vancouver’s trendy Grandview-Woodland neighborhood, a block away from Vancouver Harbour, and only minutes to Downtown Vancouver, the Trans-Canada Highway and the North Shore.

The property is within walking distance to the ever-changing East Hastings Corridor, which offers direct bus access to UBC, SFU, the Canada Line, Expo Line and Millennium Line. The area is being rejuvenated with numerous planned mixed-use developments comprising a eclectic mix of residential, retail, shops and services. The property is also conveniently located just a few blocks from Commercial Drive with an eclectic mix of restaurants, specialty shops & services, grocery and many other tenant friendly amenities. Other notable location highlights include PNE/ Playland, Hastings Racetrack and Pacific Coliseum.

Highlights

Totally renovated (in 2008) wood-frame three-storey apartment building featuring 16 suites
Fenced back yard with rear covered and open surface parking (11 stalls)
Great views from five suites of Vancouver Harbour and North Shore Mountains
Suites feature contemporary open design with refinished hardwood floors or carpets
Professionally landscaped with manicured lawns, bushes, flowers and trees
Beautiful entrance way with tile and cultured stone
Two washer/dryer sets, dishwashers (all units except #103), storage lockers & bike storage room
Balconies/patios for all suites
Stage 1 Environmental Report available
Buyer has opportunity to buy the shares of the company holding title and save PTT
Significant upside on rents
Financing: A first CMHC-insured mortgage in favour of Peoples Trust, with a current outstanding balance of approximately $1,900,000 at an interest rate of 2.510%, 35-year amortization, and a maturity date of December 1, 2019. Monthly payments are $9596 per month. Preference will be given to Buyers willing to assume this existing first mortgage.

Renovation Summary (2008)

Windows

A-1 Double glazed Vinyl windows and patio doors
3mm annealed clear double glazing sealed units with Duraseal
Aluminum drip cap to window head

Plumbing

Whole building repiped with Wirsbo, new 21/2” copper main
Supply from building entry, shut off valve to each suite
New Raypac WHI-260A-N domestic hot water boiler with John Wood Cst 19 recirc storage tank
New acrylic bathtubs, denseshield tile backing, new shower valve assembly
New bathroom and kitchen sinks, fixtures and fittings

Cabinets: All new European style cabinets, laminate doors and counter, tile backsplash
Doors: All new clear finished suite entry doors, fire doors
Window Covering: 2” aluminum blinds
Heating

New zone valves & thermostats to each suite, reconditioned existing boiler with new outside temperature override control
New transformers and thermo couple
New override device to shut down furnace based on outside temperature (set at 17 C)

Decks

New 60 mil Vinyl Membrane and metal drip cap
New “Invisi Vent” vinyl soffit

Electrical: New grounded outlets, light fixtures
Stucco Paint: Glidden Elastomeric 20 year warranty
Roof: Arbutus Roofing 15 year warrenty Siplast 2 ply SBS roofing 2007
Washer/ Dryer: Four new (leased with Coinamatic)
Entry Stone: Cultured stone washer/dryer units supplied, serviced by Coinmatics
Fire Safety: Complete system service, carbon monoxide monitoring, new heat detectors and new fire alarm panel
Appliances: All new appliances including dishwashers
Flooring

All new commercial grade carpet and lino, refinished oak hardwood to some suites
New ceramic tile to entry foyer, painted baseboard

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	No. units	Average rent
Bachelor	No. units1	Average rent$746
1 bedroom	No. units12	Average rent$1,091
2 bedroom	No. units3	Average rent$1,396

Financials

Financing	A first CMHC-insured mortgage in favour of Peoples Trust, with a current outstanding balance of approximately $1,900,000 at an interest rate of 2.510%, 35-year amortization, and a maturity date of December 1, 2019. Monthly payments are $9596 per month. Preference will be given to Buyers willing to assume this existing first mortgage.
Assessment 2017	Land Building Total	Land$2,678,000 Building$1,764,000 Total$4,442,000
Taxes 2017	$11,644.89
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income $220,436 Vacancy(661) Effective gross $219,775 Operating expenses(61,278)  Net operating income $158,497
Notes	For 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 Goodman Commercial.