Sold

The Queensland

2295 West 40th Avenue, Vancouver

Apartment Building
11 Suites

SOLD $2,088,000

Overview

The Queensland is a 11 suite walk-up apartment building in good condition on a quite cul-de-sac street in a prime Kerrisdale location. It is just one block North of the shopping corrider on West 41st and Vine Street.

Summary

– Rent includes heat, hot water & storage lockers
– Five covered parking spots around back
– Total net area is approx. 10,000 sq. ft.
– Oak hardwood floors

Recent Upgrades

– Newer boiler & hotwater tank (4 years old)
– Intercom replaced
– Approx. 70% of appliances replaced
– New hall carpets (1998)
– Most tubs retiled
– Main drain waterline replaced 10′-12′ section (2000)
– 1/3 of riser pipes replaced

Summary

Price$2,175,000
Units11
Price/Unit$197,727
Cap Rate5.1%
GIM14.1
Year Built1954
Lot Size67' x 118'
ZoningRM-3
PID004-368-959
Sale Price$2,088,000
Sale Date04/01/2004

Suite Mix

 No. Units
Bachelor P/HNo. Units1
One BedroomNo. Units3
Two BedroomNo. Units6
Three BedroomNo. Units1

Financials

Financing1st mortgage of $1.3M @ 4.93% with State Street Trust. P.I. payments of $7509. Due June 30th, 2008.
Assessment 2004
Land
Building
Total
Land$1,062,000
Building$637,000
Total$1,699,000
Taxes 2003
$9,957.96
Income and Expenses
Gross Income
Less Vacancy 1.5%
Effective Gross
Actual Expenses 2003
Net Operating Income
Gross Income$154,080
Vacancy(2,311)
Effective Gross$151,768
Operating Expenses(40,589)
Net Operating Income$111,179
NotesIncome annualized as of January 1, 2004.   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)