Under Contract

Triumph Apartments

2115 Triumph Street, Vancouver

Apartment Building
18 suites

$5,390,000

$299,000 per unit

Overview

Triumph Apartments is a three-storey 18-suite rental apartment building located in the Grandview-Woodland neighbourhood of Vancouver. Built in 1964, the property is improved on a 99’ × 122’ (12,078 SF lot) RM-3A zoned lot. There has been an extensive capital upgrades program over the last few years with 5 of the suites totally renovated. The property features surface parking, 2 washer/dryer sets, tenant locker storage and balconies/patios.

The newly stamped Grandview-Woodland Community Plan indicates the property is in an area for 6-storey 100% rental developments. Additionally, there’s the opportunity to further enhance the rental revenue by updating the unrenovated suites as they turnover.

Location

Triumph Apartments is located on the north side of  Triumph Street between Lakewood Drive and Templeton Drive within East Vancouver’s trendy Grandview Woodland neighborhood. The subject property is just minutes from Downtown Vancouver, the Trans-Canada Highway, the North Shore and Vancouver Harbour. The property is within walking distance to the transforming East Hastings Corridor, which is being rejuvenated with numerous planned mixed-use developments comprising a complementary mix of residential, retail, shops and services. The property is also conveniently located just a few blocks from Commercial Drive featuring an eclectic mix of restaurants, specialty shops & services, grocery and many other tenant-friendly amenities.

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:

  • New premium composite cap sheet roofing with transferable warranty (Penfold’s) (2017)
  • New aluminum fascia covers and flashings (2017)
  • New re-piped Wirsbro/PEX plumbing complete to fixtures (2016)
  • Upgraded PRV pressure balancing with bypass system (2016)
  • All bathrooms new vinyl floor, bathtub, bath fixture, and toilets (2016)
  • Recently replaced mailboxes (2014)
  • Recently replaced carpeting (2014)
  • Recently replaced Enterphone: Linear AE500 intercom (2 yrs) (2016)
  • First floor ceiling contains pre-wiring for electronic card access system (2016)
  • New fire panel motherboard (2016)
  • HD security camera system with DVR (2016)
  • New hallway/stairwell light fixtures and LED lamps (2016)
  • New running man LED exit signs (2016)
  • Recently replaced side exit fire doors/frames (2016)

5 suites renovated:

  • Refinished hardwood floors
  • New IKEA kitchen cabinets
  • New refrigerator, stove, exhaust hood
  • New IKEA bathroom vanity
  • New vinyl floor kitchen and bathroom
  • New baseboard and trim
  • New blinds
  • Upgraded electrical panel

Summary

Price$5,390,000
Units18
Storeys3
Net Rentable Area10,617 SF
Price/Unit$299,000
Cap Rate3.0%
GIM23.7
Year Built1964
Lot Size99’ × 122’ (12,078 SF)
ZoningRM-3A
PID015-683-362, 015-683-346

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units1Avg. Sq. Ft.440 SFAvg. Rent$707
1 bedroomNo. Units16Avg. Sq. Ft.607 SFAvg. Rent$1,063
1 bedroom penthouseNo. Units1Avg. Sq. Ft.472 SF + 168 SF deckAvg. Rent$887

Financials

FinancingTreat as clear title.
Assessment 2017
Land
Building
Total
Land$4,601,000
Building$312,000
Total$4,913,000
Taxes 2017
$10,380
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income $227,940
Vacancy(684)
Effective Gross$227,256
Operating Expenses(66,297)
Net Operating Income$160,959
NotesFor a rent roll and income 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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