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Don Lynn Apartments

1025 West 13th Avenue, Vancouver

Apartment Building
9 Suites

SOLD $1,590,000

Overview

Built in 1952, Don Lynn Apartments is a 9 unit two storey frame apartment building in superb condition located in Vancouver’s popular South Granville area. Rents significantly below market–major upside!

Location

The subject property is located on the north side of West 13th Avenue, a half block west of Oak Street and 4 blocks east of Granville Street. Close to Vancouver General Hospital, shopping, transportation, schools and parks.

Improvements

– hardwood floors
– 5 parking stalls
– 9 full storage lockers
– laundry leased from Coinamatic (1 washer/dryer)
– intercom system to all suites
– roof replaced 1998
– plumbing completely replaced 2001
– appliances in good condition
– cabinets/countertops: 2 suites renued
– fridges: 6 recently replaced
– stoves: 3 recently replaced
– bathrooms: 3 recently upgraded
– dishwashers: 2 units
– aluminum siding-low maintenance
– Teckmar system in furnace room
– Unit 5 can be made into a 2 bedroom by adding door to enter into office

Summary

Price$1,590,000
Units9
Price/Unit$177,667
Cap Rate4.04%
Year Built1952
Lot Size50' x 125'
ZoningRM-3
PID014-674-793
Sale Price$1,590,000
Sale Date11/02/2005

Suite Mix

 No. Units
BachelorNo. Units1
One BedroomNo. Units7
Two BedroomNo. Units1

Financials

FinancingTreat as clear title.
Assessment 2005
Land
Building
Total
Land$610,000
Building$621,000
Total$1,231,000
Taxes 2005
$7,276.06
Income and Expenses
Effective Gross
Operating Expenses
Net Operating Income
Effective Gross$96,760
Operating Expenses(32,157)
Net Operating Income$64,563
NotesIncome annualized as of December 1, 2005.

Old rents are approx. 45% below market based on recent rentals in the area including the subject property (a 1-Br was just rented for $1100/month). All tenants rented month-to-month.

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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