Sold

The Royal

1848 W. 3rd Avenue, Vancouver

Apartment Building
41 Suites

SOLD $5,275,000

Overview

The Royal is a 3 storey, 41 suite apartment building located in the heart of Kitsilano, minutes from shopping and Jericho Beach.

Improvements

Built in 1972, the subject property features an attractive brick and stucco exterior with balconies/patios, underground parking, elevator and in-suite storage for each suite. Tenants pay for electric heat.

Recent Upgrades

– Most stoves & fridges replaced last 6 years
– Roof repairs, $20,000 spent 10 years ago
– New intercom
– Piping renewal, $120,000 spent in 1999
– New domestic hot water boiler
– Balconies replaced
– Elevator motor rebuilt, $40,000 spent
– Carpets replaced as needed

Summary

Price$5,400,000
Units41
Price/Unit$131,707
Year Built1972
Lot Size162.5 ft. X 120 ft.
ZoningRM-4
PID015-260-828
Sale Price$5,275,000
Sale Date06/24/2004

Suite Mix

 No. Units
BachelorNo. Units12
One BedroomNo. Units28
Two BedroomNo. Units1

Financials

FinancingClear Title.
Assessment 2004
Land
Building
Total
Land$2,530,000
Building$1,762,000
Total$4,292,000
Taxes 2003
$26,577.00
Income and Expenses
Effective Gross
Expenses (32.8%)
Net Operating Income
Effective Gross$360,000
Operating Expenses(118,377)
Net Operating Income$241,623
Notes2003 Statement.

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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