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Marine Tower

755 West 70th Avenue, Vancouver

Apartment Building
13 Suites

SOLD $1,300,000

Overview

Marine Tower is a 13 suite, frame walk-up apartment building strategically located in Marpole for the proposed RAV Transit Line. Extensively renovated with spectacular views of the Fraser River.

Improvements

– Balconies/patios redone 2002
– Hardwood floors-all suites refinished except 3 units
– New hallway carpets
– Hallways painted
– Glass replaced for 8 windows
– New hot water tank 2002
– Eves painted 2003
– 11 fridges/9 stoves replaced 2004
– 13 lockers

Summary

Price$1,375,000
Units13
Price/Unit$105,769
Cap Rate5.8%
GIM12.3
Year Built1950
Lot Size66' x 122.90'
ZoningRM-3A
PID010-534-628
Sale Price$1,300,000
Sale Date01/01/2005

Suite Mix

 No. Units
BachelorNo. Units2
One BedroomNo. Units9
One Bedroom P/HNo. Units1
Two BedroomNo. Units1

Financials

FinancingClear Title
Assessment 2004
Land
Building
Total
Land$669,000
Building$306,000
Total$975,000
Taxes 2004
$6,162.17
Income and Expenses
Effective Gross
2003 Expenses
Net Operating Income
Effective Gross$111,480
Operating Expenses(31,865)
Net Operating Income$79,615
NotesIncome annualized as of September 1, 2004.

Please note that income includes $2400/year for laundry and $720/year for parking.

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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