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Bridgeview Court

8666 Heather Street, Vancouver

Apartment Building
23 Suites

SOLD $1,930,000

Overview

Bridgeview Court is a 23 suite, 3 storey walk-up apartment building in good condition. Located in an attractive Marpole area, close to SW Marine Drive.

Improvements

This building features underground parking and balconies/patios for each tenant. There has been an ongoing and extensive schedule of improvements and repairs carried out as follows:

-20/23 suites have been completely renovated (arborite, carpets, appliances, toilets, cabinets, etc.)
-Approximately $9000 spent on each suite
-New roof in 2000
-Newer hot water tanks

Summary

Price$2,050,000
Units23
Price/Unit$89,130
Cap Rate5.7%
GIM11
Year Built1970
Lot Size14,000 sq. ft.
ZoningRM-3A
PID010-788-522; 010-788-557
Sale Price$1,930,000
Sale Date02/21/2004

Suite Mix

 No. Units
One BedroomNo. Units22
Two BedroomNo. Units1

Financials

FinancingClear title.
Assessment 2003
Land
Building
Total
Land$412,000
Building$1,033,000
Total$1,445,000
Taxes 2003
$9,825.39
Income and Expenses
Gross Income
Less Vacancy 2%
Effective Gross
Less Expenses
Net Operating Income
Gross Income$183,584
Vacancy(3,725)
Effective Gross$179,859
Operating Expenses(64,400)
Net Operating Income$115,459
NotesIncome annualized as of January 2004.

Tenants currently have free cable vision and do not pay for parking.  As a number of suites had extensive upgrading and were vacant, the income and expenses have been stabilized to reflect market.

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.

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