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Garden Drive Court

376 North Garden Drive, Vancouver

Apartment Building
19 Suites

SOLD $1,500,000

Overview

Built in 1960, Garden Drive Court is a clean, 19 suite, 3 storey frame apartment building. It is located on a quiet corner lot in East Vancouver, just west of Nanaimo St. on the south-east corner of McGill St. and North Garden Drive.

Features

-Hardwood floors in most suites
-All common areas tiled
-Ceramic tile flooring in most bathrooms/kitchens
-Newer hallway carpets
-Newer intercom system
-New hot water tank June 2004
-Ongoing appliance and counter top renewal
-12 full storage lockers (includes bike racks)
-Double pane windows throughout
-Metal awnings over windows
-One suite unauthorized

Summary

Price$1,595,000
Units19
Price/Unit$83,947
Cap Rate5.5%
GIM11.6
Year Built1960
Lot Size83.75' x 122'
ZoningRM-3A
PID015-694-721
Sale Price$1,500,000
Sale Date01/02/2005

Suite Mix

 No. Units
BachelorNo. Units1
One BedroomNo. Units18

Financials

FinancingFirst mortgage of $922,000 @ 5.22% with P.I. payments of $5,484/month due September 10, 2015 with Industrial Alliance Pacific Life Insurance Co. (Must be assumed).
Assessment 2004
Land
Building
Total
Land$693,000
Building$548,000
Total$1,241,000
Taxes 2004
$8,746.52
Income and Expenses
Gross Income
Less Vacancy 1%
Effective Gross
Expenses (35.3%)
Net Operating Income
Gross Income$137,380
Vacancy(1,372)
Effective Gross$136,008
Operating Expenses(48,560)
Net Operating Income$87,448
NotesProforma Sept. 1/04 - Aug. 30/05.

Please note there were rent increased for 10 of 19 suites  commenced November 1st, 2004. This increased the gross income by $3000 to $137,380. Laundry income estimated at $3700 for the year, based on previous year's income. Expenses have been stabilized to $48,560, or $2,555 per suite (35.3%).

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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