Sold

The Poplars

8680 Laurel Street, Vancouver

Apartment Building
28 Suites

SOLD $2,453,500

Overview

The Poplars is a 28-suite apartment building in excellent condition with no deferred maintenance, situated in an attractive area of Marpole, close to SW Marine Drive.

Improvements

The subject property is a 3-storey frame walk-up building built in 1966. It includes 28 parking stalls (13 surface, 13 underground), large balconies or patios and hardwood floors. The property has been beautifully landscaped.

Upgrades

– 8 newer stoves
– 30″ models -20 new fridges
– Furnace “Superhot”
– New roof (2002)
– New kitchen/bathroom flooring
– All bathrooms have floor to ceiling tiles
– Newer hot water tanks
– Exterior painted (1996)
– Sidewalk behind building redone (2002)

Summary

Price$2,550,000
Units28
Price/Unit$91,071
Cap Rate5.24%
GIM11.67
Year Built1966
Lot Size150' x 109' (16,350 sq. ft.)
ZoningRM-3
PID014-249-910; 014-249-979; 014-250-039
Sale Price$2,453,500
Sale Date03/01/2004

Suite Mix

 No. Units
BachelorNo. Units5
One BedroomNo. Units17
Two BedroomNo. Units6

Financials

FinancingTreat as clear title.
Assessment 2003
Land
Building
Total
Land$1,461,000
Building$621,000
Total$2,082,000
Taxes 2003
$17,905.00
Income and Expenses
Gross Income
Less Vacancy 1.5%
Effective Gross
2002 Expenses
Net Operating Income
Gross Income$218,460
Vacancy(3,276)
Effective Gross$215,184
Operating Expenses(81,551)
Net Operating Income$133,633
NotesIncome annualized as of August 3, 2003.  Parking revenue included in rent. Also, caretaker is paid $11,500 per year plus pays only $100 for their two-bedroom unit.

For rent roll and income & expense statement, click here.

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

Mortgage Calculator

Mortgage
Interest rate
Amortized over
Your monthly payment is approximately

* Assumes constant interest rate throughout amortization period

%
year(s)