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1265 Cardero Street

Vancouver

Apartment Building
26 Suites

SOLD $3,200,000

Overview

A 26-suite 6-storey concrete building built in 1955 in Vancouver’s West End.  In superb condition with rents well under market.

Location

Near Vancouver’s beautiful English Bay, the subject site is located on the west corner at the intersection of Burnaby Street and Cardero Street in Vancouver’s West End. Surrounding developments include a variety of older and newer low and high rise apartments. Shopping is very close by on Davie Street with a Safeway store just two blocks from the subject. There are additional commercial use properties along Davie Street and of course Denman Street which has a wide variety of commercial outlets including coffee shops, restaurants, stores, banks, and other service sector establishments. In conclusion, this fully serviced, and well located property by the beach and transit, provides the full appeal of prime Vancouver living.

Improvements

The subject building is a 6-storey concrete split level apartment known as Casa Del Vandt. It includes a roof-top penthouse suite and a manager’s unit plus parking for 12 vehicles at lane grade.
Recent improvements include two new gas fired domestic hot water tanks in the boiler room; all hallways, entryways, and parking lights changed to halogen, common hallway carpets replaced in 1998; plumbing restoration; new controls for automating heating system; roof replaced 4 years ago; and recently installed fire retardant walls in elevator. Overall, the subject building is considered to be in good condition and has been well maintained.

Summary

Price$3,350,000
Units26
Price/Unit$128,846
Cap Rate5.6%
GIM12.6
Year Built1955
Lot Size66 x 131 (8,646 sq.ft)
ZoningRM-5B
PID015-750-655
Sale Price$3,200,000
Sale Date12/30/2002

Suite Mix

 No. Units
StudioNo. Units1
One BedroomNo. Units12
Two BedroomNo. Units12
PenthouseNo. Units1

Financials

FinancingNone.
Assessment 2002
Land
Building
Total
Land$1,283,000
Building$1,393,000
Total$2,676,000
Taxes 2001
$17,722.67
Income and Expenses
Gross Income
Operating Expenses
Net Operating Income
Gross Income$265,000
Operating Expenses(78,000)
Net Operating Income$187,000

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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