Sold

St. Andrews Manor

215 St. Andrews Avenue, North Vancouver

Apartment Building
45 Suites

SOLD $3,500,000

Overview

St. Andrews Manor is situated at the northwest corner of East 2nd Avenue and St. Andrews Avenue, two blocks east of Lonsdale Avenue where Seabus and Lonsdale Quay are located.

Recent Upgrades

– Eight balconies repaired 2002
– Building power-washed and painted 2002
– Landscaping clean-up 2002
– Five new fridges (past 12 months)
– 15 suites re-carpeted 2002
– New hall carpets 2002
– Hall painted 2002
– New recirculation line 2nd floor 200

Summary

Price$3,850,000
Units45
Price/Unit$85,556
Cap Rate7.05%
GIM9.46
Year Built1974
Lot Size119.55 ft. x 199.83 ft.
ZoningMultifamily
Sale Price$3,500,000
Sale Date02/28/2003

Financials

FinancingSt. Andrews has a new first mortgage of $2,750,000.00 at 5%, on a three-year term (25 years), monthly P.I. $17,187.50, due April 2005.
Assessment 2002
Land
Building
Total
Land$1,887,000
Building$1,457,000
Total$3,344,000
Taxes 2002
$25,419.39
Income and Expenses
Gross Income
Operating Expenses
Net Operating Income
Gross Income$406,800
Operating Expenses(135,000)
Net Operating Income$271,800

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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