Sold

The Florida

1170 Barclay Street, Vancouver

Apartment Building
16 Suites

SOLD $1,950,000

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

Summary

Price$2,050,000
Units16
Price/Unit$128,125
Cap Rate6.8%
GIM11.7
Year Built1926
Lot Size66 x 131 (8,646 sq.ft.)
ZoningRM-5B
PID004-753-143
Sale Price$1,950,000
Sale Date11/01/2002

Suite Mix

 No. Units
BachelorNo. Units11
1 BedroomNo. Units5

Financials

FinancingNone.
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 HQ Commercial.

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