Garden Drive Court
376 North Garden Drive, Vancouver
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.
-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
|One Bedroom||No. Units18|
|Financing||First 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).|
|Income and Expenses|
Less Vacancy 1%
Net Operating Income
|Notes||Proforma 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.