Sold

25 Garden Drive

Vancouver

Apartment Building
7 Suites

SOLD $695,000

Overview

A seven-suite strata titled apartment building in excellent condition.  25 Garden Avenue is located in Grandview, close to shopping and transportation.

Building Description

The subject property is a three-storey frame building built in 1970. It has recently undergone a complete renovation. Each suite includes its own hot water tank. Tenants pay own heat (electric). There is a parking area behind the building for six cars.

Improvements

– New carpet and linoleum in suites
– Balconies refurbished
– New carpet in common areas
– Exterior painted
– New toilets
– All suites and common areas painted
– New bathtub surrounds
– New bathroom sinks
– New arborite
– Electrical updated
– New fridges, stoves and overhead fans
– New windows – double pane
– Plumbing upgrade
– New lighting fixtures in suites

Summary

Price$725,000
Units7
Price/Unit$103,571
Cap Rate6%
GIM11.6
Year Built1970
Lot Size49.5' x 132'
ZoningRM-3A
Sale Price$695,000
Sale Date10/28/2003

Suite Mix

 No. Units
One BedroomNo. Units3
Two BedroomNo. Units4

Financials

FinancingTreat as clear title.
Assessment 2003
Land
Building
Total
Land$100,000
Building$309,000
Total$409,000
Taxes 2003
$4,041.60
Income and Expenses
Gross Income (inc. laundry)
Less Vacancy 2%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$62,496
Vacancy$1,250
Effective Gross$61,246
Operating Expenses(17,716)
Net Operating Income$43,530
NotesIncome and Expenses for year 2003.

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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