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Clovelly Apartments

2292 West 43rd Avenue, Vancouver

Apartment Building
12 Suites

SOLD $1,750,000

Overview

Clovelly Apartments is a 12 suite, 2 storey frame plus penthouse located in prime Kerrisdale, situated one block west of Kerrisdale Community Center. In immaculate condition.

Location

Clovelly Apartments is located in the heart of Kerrisdale, at the SE corner of W. 43 Ave. and Vine Street.  Situated only one block west of Kerrisdale Community Center.

Improvements

– Wood frame superstucture and part reinforced concrete
– Three storey including penthouse suite
– Gross floor area measuring 14,850 sq.ft.
– Roof is 5-ply built up tar and gravel on shiplap sheeting
– Painted stucco exterior finish: interior is drywall
– Wood frame windows, single glaze
– Hardwood flooring; vinyl in bathrooms and kitchen
– Kitchens equipped with electric stove and refrigerator
– Communal laundry room, two coin-operated machines
– Penthouse bachelor features 20 x 15′ deck
– Large lockers for each tenant
– Bike storage area 20 x 25′
– Five enclosed off-lane parking stalls

Recent Upgrades

– Interior painted (1998)
– Exterior painted (1997)
– New hall carpets (1998)
– Most tubs retiled
– Some piping renewed
– Ongoing replacement of most applicances (last 7-8 years)
– 5 of 12 bathroom vanities replaced

Summary

Price$1,795,000
Units12
Price/Unit$149,583
Cap Rate4.47%
GIM13.16
Year Built1954
Lot Size69.4' x 120.7'
ZoningRM-3
PID012-423-670, 012-423-688
Sale Price$1,750,000
Sale Date11/01/2002

Suite Mix

 No. Units
One BedroomNo. Units7
Two BedroomNo. Units4
Penthouse (Bachelor)No. Units1

Financials

FinancingTreat as clear title.
Assessment 2002
Land
Building
Total
Land$1,002,000
Building$428,000
Total$1,430,000
Taxes 2002
$9,872.09
Income and Expenses
Gross Income
Operating Expenses
Net Operating Income
Gross Income$136,352
Operating Expenses(56,110)
Net Operating Income$80,242

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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