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De La Rose Apartments

336 East 7th Avenue, Vancouver

Apartment Building
18 Suites

SOLD $2,200,000

Overview

Built in 1965, De La Rose Apartments is an exceptionally well maintained 18 unit frame apartment building located in East Vancouver, just off Main Street. Features balconies/patios & parking. Rents below market.

Location

The subject property is located 2 blocks East of Main Street and half a block West of Guelf Park. Conveniently situated close to shopping, cafes & transportation. Please see map link above.

Improvements

– hardwood floors
– balconies/patios for each suite
– 13 parking stalls
– roof approx. 8 years old
– 1 washer & 1 dryer-owned by building
– new hot water tank

Summary

Price$2,300,000
Units18
Price/Unit$127,777
Cap Rate4.5%
GIM14.7
Year Built1965
Lot Size99'x122'
ZoningRM-4
PID015-551-491 & 015-551-504
Sale Price$2,200,000
Sale Date01/01/2006

Suite Mix

 No. Units
BachelorNo. Units2
One BedroomNo. Units13
Two BedroomNo. Units3

Financials

FinancingTreat as clear title.
Assessment 2005
Land
Building
Total
Land$930,000
Building$547,000
Total$1,477,000
Taxes 2005
$8,607.00
Income and Expenses
Effective Gross
2004 Expenses ($2,988/unit; 35%)
Net Operating Income
Effective Gross$156,408
Operating Expenses(53,784)
Net Operating Income$102,624
NotesIncome annualized as of October 2005.

For detailed information package including rent roll and financial statement, download the De la Rose Apartment Executive Summary.

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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