The Florida

1170 Barclay Street, Vancouver

SOLD $1,950,000

Print options

Would you like to print the gallery images?

Yes No

Price$2,050,000

Units16

Year built1926

Lot size66 x 131 (8,646 sq.ft.)

ZoningRM-5B

Price/unit$128,125

Cap rate6.8%

GIM11.7

PID004-753-143

Legal descriptionLot 8 Blk 21 DL 185 Plan 92

Sale price$1,950,000

Sale date11/01/2002

Overview

This 16-suite apartment building was built in 1926 and today is in excellent condition throughout. Located in Vancouver’s West End District–near shopping and transportation.

Location

The Florida is situated mid-block on the west wide of the 1100 Block of Barclay Street between Thurlow and Bute Street. This very central West End location is just a few blocks to the Downtown amenities, including St. Paul’s Hospital, YMCA, Wall Centre, the Courthouse complex and Robson Street shopping strip. It offers many tenants the option of not needing a car and helps maximize the rental potential of the properties. Enjoying both quiet and convenience, all of these factors make this property’s location one of the best in the West End.

Improvements

The site is improved with a two-storey (plus basement) frame character building comprised of 16 units. The Florida was constructed in 1926 (approximately). It has a stucco exterior and has been beautifully refurbished to its original character offering tenants such features as hardwood floors, Murphy beds in 10 suites and gas fireplaces in eight suites. Almost 2/3 of the piping is galvanized and 1/3 is copper. The building includes a small storage area, an area for laundry (washer/dryer owned by building) and parking for eight cars at the rear of the building. The property has also been neatly landscaped.

Recent Upgrades

– Newer furnace
– Two hot water tanks
– Thermo windows
– New blinds
– Security systems and intercom for each suite
– New appliances in the past three to four years
– Installation of a low-maintenance, long wearing elasto-meric roof

Show less

	No. units
Bachelor	No. units11
1 Bedroom	No. units5

Financials

Financing	None.
Assessment 2002	Land Building Total	Land$907,000 Building$92,600 Total$999,600
Taxes 2001	$6,247.66
Income and expenses	Gross income Operating expenses Net operating income	Gross income$175,020 Operating expenses(34,947) Net operating income$140,073

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.