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Julie Apartments

840 East 6th Avenue, Vancouver

Apartment Building
11 Suites

SOLD $900,000

Overview

Julie Apartments is an 11 suite walk-up apartment building in the Mount Pleasant area of East Vancouver. It is in pristine condition and conveniently located close to transit and China Creek North Park.

Location

Located at East 6th and St. Catherines street, Julie Apartments will soon be taking advantage of the transformation of the Mount Pleasant area. This local is quickly being transformed by gentrification with the advent of the old Finning site, now converted into three university campuses (UBC, SFU & Emily Carr). Furthermore, a new skytrain station will be coming soon, and the possible relocation of St. Paul’s Hospital.

Improvements

The subject property is a three storey frame building with balconies that have been beautifully restored. There are some views from suites facing Northeast. Overall, the building is very well maintained, with ongoing suite upgrades in areas of appliances, carpeting, painting, bathroom, etc. There are 8 parking stalls around back that are not being charged to the tenants.

Summary

Price$959,000
Units11
Price/Unit$87,181
Cap Rate4.8%
GIM12.72
Year Built1966
Lot Size60' x 122'
ZoningRM-4
PID015-304-078
Sale Price$900,000
Sale Date05/25/2004

Suite Mix

 No. Units
BachelorNo. Units4
One BedroomNo. Units7

Financials

FinancingTreat as clear title.
Assessment 2003
Land
Building
Total
Land$457,000
Building$253,000
Total$710,000
Taxes 2003
$5,423.45
Income and Expenses
Gross Income
Less Vacancy 2%
Effective Gross
Normalized expenses
Net Operating Income
Gross Income$75,384
Vacancy(1,507)
Effective Gross$73,876
Operating Expenses(27,500)
Net Operating Income$46,377
NotesIncome annualized as of January 2004. Rents are approximately 7% under market for the one bedrooms and approx. 20% under market for the bachelors.   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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