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Crown Court Apartments

8620 Heather Street, Vancouver

Apartment Building
35 Suites

SOLD $2,800,000

Overview

Built in 1965, Crown Court Apartments is a 35 suite frame apartment building centrally located in Marpole on the S.E. corner of Heather St. and West 70th Ave. Only minutes to Vancouver International Airport, and well situated for RAV transit line. Needs TLC.

Improvements

– parking for 26 cars (12 underground)
– 32 lockers, 3 in-suite balconies/patios for all suites
– roof replaced (1997)
– new hallway carpets (2002)
– new hotwater tank (Dec 1999)
– 8 fridges, 5 stoves replaced (last 3 yrs.)
– hardwood floors covered

Summary

Price$2,976,000
Units35
Price/Unit$85,028
Cap Rate5.1%
GIM11.1
Year Built1965
Lot Size162.47' x 120'
ZoningRM-3A
PID010-788-573, 010-788-581
Sale Price$2,800,000
Sale Date06/01/2005

Suite Mix

 No. Units
BachelorNo. Units5
One BedroomNo. Units22
One Bedroom + DenNo. Units1
Two BedroomNo. Units6
Two Bedroom P/HNo. Units1

Financials

FinancingFirst mortgage of $859,199 @ 4.59% with Sun Life. Due June 15, 2005.
Assessment 2005
Land
Building
Total
Land$1,922,000
Building$925,000
Total$2,847,000
Taxes 2004
$16,326.63
Income and Expenses
Effective Gross
Expenses 2004 (44%)
Net Operating Income
Effective Gross$268,795
Operating Expenses(117,053)
Net Operating Income$151,742
NotesFor February 2005 rent roll & 2004 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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