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Junette Apartments

1026 West 13th Avenue, Vancouver

Apartment Building
10 Suites

SOLD $1,768,000

Overview

Built in 1955, Junette Apartments is a 10 unit three storey frame apartment building in outstanding condition located in Vancouver’s popular South Granville district. Great suite mix. Large suites. There is a significant upside in rent levels. Tenants pay own electric heat.

Location

The subject property is located on the south 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

– extra large suites
– all units are corner suites
– garden level 2Br’s have large patios
– all units hardwood floors (some have carpets overtop)
– new double glazed windows
– 5 parking stalls
– building exterior just repainted
– laundry leased from Coinamatic (1 washer/dryer)
– pitched asphalt shingle roof replaced approx. 1995
– plumbing replaced approx. 1995
– all appliances, flooring, countertops, cabinets, kitchens, bathrooms all updated (not older than 10 yrs).

Summary

Price$1,795,000
Units10
Price/Unit$179,500
Cap Rate4.8%
GIM15
Year Built1955
Lot Size50' x 125'
ZoningRM-3
PID012-613-312
Sale Price$1,768,000
Sale Date11/03/2005

Suite Mix

 No. UnitsSq. Ft. Range
One BedroomNo. Units8Sq. Ft. Range750 - 800
Two BedroomNo. Units2 

Financials

FinancingTreat as clear title.
Assessment 2005
Land
Building
Total
Land$610,000
Building$723,000
Total$1,333,000
Taxes 2005
$7,895.97
Income and Expenses
Effective Gross
Current Expenses
Net Operating Income
Effective Gross$119,280
Operating Expenses(33,397)
Net Operating Income$85,883
NotesIncome annualized as of December 2005.

Rents are approx. 40% below market for three units based on recent rentals in the area including the subject property (a 1-Br was just rented for $1050/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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