Sold

1575 West 13th Avenue

Vancouver

Apartment Building
9 Suites

SOLD $1,235,000

Overview

A nine-suite strata apartment building, 14 years old featuring an elevator. Each suite has fireplace and washer/dryer. Located in Vancouver’s prime South Granville location.

Location

The subject property is located mid-block on the north side of the 1500 Block of West 13th Avenue, between Granville and Fir Street. It is also located in very close proximity to Granville Street’s outstanding shopping and restaurants as well as highly accessible to bus transportation. It takes only five minutes to arrive in downtown Vancouver and 15 minutes to Richmond and the airport.

Building Description

The subject property is comprised of a nine-suite, four-storey frame strata apartment building built in 1988. The building features an elevator, a built-in vacuum (common areas), gas fireplace and balconies/patios for each suite. The roof is a flat tar and gravel, the exterior is stucco and parking is available in the rear off the lane for nine cars.

The suites, which feature both a fireplace and washer/dryer are well configured and have been well maintained. Each suite is supplied with a GE dishwasher, 30″ fridge and 24″ stove. A further highlight in all the suites are bay windows in the living room and eating area. Electric heat is supplied to each suite (paid by tenants). The main floor also houses the meter, elevator, telephone and locker areas.

Tenancy

The entire building (nine suites) is leased to Bodwell College to May 31, 2003 at an annual rent of $93,500. Under the terms of the existing lease, the tenant also pays taxes, electricity, gas, insurance, cleaning, suite painting, carpet replacement, repairs, etc. The Landlord is responsible for plumbing, heating, roof, appliance repairs, and replacement and the external structure (approximate landlord expense, $6,500 yearly).

Summary

Price$1,340,000
Units9
Net Rentable Area5,264 sq. ft.
Price/Unit$148,888
Cap Rate6.5%
Year Built1988
Lot Size50 x 125 (6,250 sq.ft.)
ZoningRM-3
Sale Price$1,235,000
Sale Date07/01/2002

Suite Mix

 No. UnitsSq. Ft. Range
StudioNo. Units2Sq. Ft. Range433 - 484
One BedroomNo. Units7 

Financials

FinancingA first mortgage of $677,000 at 8.45% PI $5,867.46 due March 1, 2004 with Bank of Montreal.
Assessment 2002
Land
Building
Total
Land$322,400
Building$589,300
Total$911,700
Taxes 2001
$5,912.85
Income and Expenses
Gross Income
Operating Expenses
Net Operating Income
Gross Income$93,500
Operating Expenses(6,500)
Net Operating Income$87,000

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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