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Elizabeth Manor

17700-58th Avenue, Surrey

Apartment Building
25 Suites

SOLD $1,500,000

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  

Summary

Price$1,550,000
Units25
Price/Unit$62,000
Cap Rate5.9%
GIM8.06
Year Built1965
Lot Size222.14 ft. x 122 ft.
ZoningRM-45
PID007-123-370
Sale Price$1,500,000
Sale Date11/01/2004

Suite Mix

 No. Units
BachelorNo. Units4
One BedroomNo. Units19
Two BedroomNo. Units2

Financials

FinancingClear 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
NotesIncome 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 HQ Commercial.

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