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Elizabeth Manor

17700-58th Avenue, Surrey

SOLD $1,500,000

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Price$1,550,000

Units25

Year built1965

Lot size222.14 ft. x 122 ft.

ZoningRM-45

Price/unit$62,000

Cap rate5.9%

GIM8.06

PID007-123-370

Legal descriptionLot 137 Sec 8 TWP 8 PL 34975

Sale price$1,500,000

Sale date11/01/2004

Overview

Elizabeth Manor is a 25 suite frame apartment building in excellent condition located in Cloverdale. It is beautifully landscaped and close to shopping.

Improvements

The subject property is well maintained featuring large suites with balconies/patios, full size lockers and 2 sets of washers & dryers owned by the building. There are 18 parking stalls (12 uncovered, 6 covered).

Recent Upgrades

The exterior of the building was soft washed and painted along

with all the wood trim, fascia and the balcony doors;

The carport was also painted;
Three balcony floors were replaced;
Baseboards were installed in all common area hallways;
The back lane has been repaired and 5 inch asphalt was poured in two layers to strengthen its endurance to the weight of the garbage trucks;
One quarter of the units have been renovated upon turnover, by having new carpets installed, and where necessary new linoleum and complete repairs of the bathtub enclosing walls done;
Roof repaired 10 years ago;
Original piping except newer lines on main floor

Show less

	No. units
Bachelor	No. units4
One Bedroom	No. units19
Two Bedroom	No. units2

Financials

Financing	Clear Title
Assessment 2004	Land Building Total	Land$282,000 Building$972,000 Total$1,254,000
Taxes 2003	$9,427.76
Income and expenses	Gross income Less Vacancy 4% Effective gross Actual Expenses 2003 Net operating income	Gross income$192,264 Vacancy(7,690) Effective gross$184,573 Operating expenses(92,649) Net operating income$91,924
Notes	Income annualized as of July 2004. Parking estimated at $300 and laundry estimated at $3600 for the year. The expenses have been stabalized from the 2003 statement. For rent roll and 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 Goodman Commercial.