Sold

1678 - 1680 West 7th Avenue

Vancouver

Apartment Building
11 Suites

SOLD $2,250,000

Overview

The property is located in the South Granville area of Vancouver, British Columbia. Regarded as one of the more desirable residential areas within Vancouver.




Improvements

Built in 1996, the subject property is a newer development containing 11 suites (6-2Br & 4-3Br) including apartments, townhouses, and a single artist live-in studio. The complex consists of two wood frame buildings separated by a landscaped inner courtyard and secured parking for fifteen cars. The development has a gross building area of 11,400 square feet, which does not encompass the balconies and sundecks.

Features

The artist studio is at ground level and the apartment entrance lobby, facing West 7th Avenue, features a 15 car parking garage, mechanical room, electrical room, bicycle lockers, and storage lockers accessed from the rear lane. The front building contains 6 one and two level two bedroom units and is accessed from the inner courtyard.  The entrance lobby is equipped with intercom access. The floors are concrete topped for increased unit soundproofing. The building was designed by Hadfield Turner Architecture of Vancouver. 

The exterior of the building has a rough cut and painted stucco finish, wood fascia trim and aluminum frame double-glazed windows. The roof is flat built up tar and gravel. The grounds are landscaped and the courtyard features concrete paved walkways.

The interior of the building contains upscale finishes consisting of the follow features in all suites:

– Ceramic tile floors in entry foyers, kitchen and bathrooms
– Deluxe appliances including fridge, stove, dishwasher, garburetor, washer and dryer
– Double sink, microwave shelf, molded laminate kitchen countertops with a ceramic tile back-splash, skylights, custom window coverings and track lighting
– Natural gas fireplaces surrounded with a marble tiled hearth in all living rooms, porcelain tile surrounds and soaker tubs in the master bedrooms
– All units have been pre-wired for security systems.

Summary

Price$2,425,000
Units11
Price/Unit$220,456
Cap Rate6.6%
GIM11.88
Year Built1996
Lot Size58' x 110'
Sale Price$2,250,000
Sale Date01/01/2002

Suite Mix

 No. Units
Two BedroomNo. Units6
Three BedroomNo. Units4
StudioNo. Units1

Financials

FinancingTreat as clear title.
Assessment 2002
Land
Building
Total
Land$888,196
Building$1,052,300
Total$1,940,496
Taxes
$16,233.00
Income and Expenses
Gross Income
Operating Expenses
Net Operating Income
Gross Income$204,000
Operating Expenses(42,964)
Net Operating Income$161,035

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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