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Henry Manor

1306 Cardero Street, Vancouver

Apartment Building
23 Suites

SOLD $3,102,000

Overview

Henry Manor is a 23 suite apartment building located on the south east corner of Cardero and Harwood, situated in a prime West End area, only 1 block to Beach Avenue and English Bay. Minutes to Davie St., transportation and shopping. Excellent water views from roof decks and some suites.

Improvements

– 3 storey frame walk up apartment building
– Constructed in 1957 -4 roof deck patios (3 are private)
– Complete laundry & storage facilities
– Secured underground parking for 11 cars

Recent Upgrades

– Building repiped 2002
– Roof & decks replaced (torch on) 2000
– Intercom replaced 2003
– Newer hot water tank 2001
– Bike rack in laundry room
– 14 suites have undergone substantial upgrades including new blinds, mirrored doors, renewed hardwood, new kitchen floors, fridges/stoves, over head fans, cabinet facings, counter tops, sinks, toilets, floor to ceiling tile, medicine cabinets lighting, pedestal sinks, etc.

Summary

Price$3,495,000
Units23
Price/Unit$151,956
Cap Rate4.09%
GIM15.52
Year Built1957
Lot Size66' X 131 (8,646 sq. ft.)
ZoningRM-5A
PID009-180-371
Sale Price$3,102,000
Sale Date06/29/2004

Suite Mix

 No. Units
BachelorNo. Units4
One BedroomNo. Units14
Two Bedroom (incl 1 P/H)No. Units5

Financials

FinancingClear Title.
Assessment 2003
Land
Building
Total
Land$1,227,000
Building$902,000
Total$2,129,000
Taxes 2003
$13,740.93
Income and Expenses
Gross Income
Less Vacancy 3%
Effective Gross
Expenses
Net Operating Income
Gross Income$225,144
Vacancy(6,754)
Effective Gross$218,390
Operating Expenses(75,541)
Net Operating Income$142,849
NotesIncome annualized as of May 1, 2004.    The actual 2003 expenses are normalized and do not include property management. Also caretaker costs adjusted to $12,420. Rents approximately 15% under 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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