Sold

Forest Glen Apartments

8351 Bennett Road, Richmond

Apartment Building
38 Suites

SOLD $3,885,000

Overview

Forest Glen Apartments is a 38 suite, 4 storey frame building in excellent condition located in Richmond. It is just minutes to bus and excellent shopping on No. 3 Road.

Location

The subject is located in Richmond on the north side of Bennett Road, between No. 3 Road to the East and Granville Ave. to the North, and General Currie to the South. Just minutes to bus and excellent shopping on No. 3 Road.

Improvements

– 4 storey frame apartment building with elevator & balconies
– Constructed in 1979
– Electric heat paid by tenants
– Vinyl exterior, aluminium soffits
– Full laundry facilities (rented machines)
– Insuite storage and 24 full size lockers
– Covered grade parking for 28 cars and 20 unsecured

Recent Upgrades

– approx. 50% of stoves replaced
– Balconies renewed as required
– Vinyl siding applied in 1995
– Carpets, bath & kitchen floors replaced as needed
– 5 suites new counter tops
– Ongoing piping renewal
– 8 new tubs
– Roof replaced (1994)
– Window glass replaced & new seals(1998)
– All fridges replaced last 5 years
– Approx. 50% of bath tile renewed
– 2 new hot water tanks (2005)

Summary

Price$4,000,000
Units38
Price/Unit$105,131
Cap Rate5.61%
GIM12.39
Year Built1979
Lot Size137' x 270' (36,990 sq. ft.)
ZoningLand use contract #115 (site specific)
PID000-965-031
Sale Price$3,885,000
Sale Date01/01/2006

Suite Mix

 No. Units
BachelorNo. Units5
One BedroomNo. Units20
Two Bedroom + DenNo. Units1
Two BedroomNo. Units12

Financials

FinancingClear Title
Assessment 2003
Land
Building
Total
Land$1,553,000
Building$1,350,000
Total$2,903,000
Taxes 2004
$20,809.56
Income and Expenses
Gross Income
Less Vacancy 1%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$325,500
Vacancy(3,255)
Effective Gross$322,245
Operating Expenses(98,000)
Net Operating Income$224,245
NotesIncome annualized as of April 2005.

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)