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The Cambridge

125 East 5th Street, North Vancouver

Apartment Building
53 Suites

SOLD $4,800,000

Overview

Constructed in 1969, The Cambridge is a 53 unit, 3 storey frame apartment building featuring elevator, balconies and secure underground parking. It is situated one-half block east of Lonsdale Ave. on East 5th Street in the Lower Lonsdale area of North Vancouver. Many suites with southern exposure have panoramic views of the harbour and Vancouver.

Improvements

– building serviced with 4 stop Montgomery elevator (1500 lb capacity)
– secure underground parking for 64 vehicles
– balconies/patios for each suite
– lockers for each tenant
– 3 washers, 3 dryersroof is tar & gravel (replaced 2003)
– floor coverings

Building Notes

The Cambridge is in need of upgrades including piping, balconies, appliances, flooring, painting exterior/interior, minor roof repairs, bathroom upgrades, landscaping, etc.

Summary

Price$5,650,000
Units53
Price/Unit$106,603
Cap Rate3.9%
GIM13.7
Year Built1969
Lot Size200' x 140.17'
ZoningRM-2
PID007-200-935
Sale Price$4,800,000
Sale Date01/01/2006

Suite Mix

 No. UnitsAvg. Sq. Ft.
BachelorNo. Units6Avg. Sq. Ft.484
StudioNo. Units6Avg. Sq. Ft.572
One BedroomNo. Units38Avg. Sq. Ft.685
Two BedroomNo. Units3Avg. Sq. Ft.880

Financials

Financing$2.3M @ 6.75% with The Bank of Montreal due September 1, 2006. (Treat as clear title-to be paid off).
Assessment 2005
Land
Building
Total
Land$2,367,000
Building$2,428,000
Total$4,795,000
Taxes 2004
$27,235.17
Income and Expenses
Gross Income
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$411,507
Effective Gross$411,507
Operating Expenses(189,940)
Net Operating Income$221,567
NotesThere is approximately a 20% upside on rents once renovations have been completed. 2004 income includes laundry and parking.

For rent roll and 2003, 2004 & 2005 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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