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The Lexington

3777 Cambie Street, Vancouver

Apartment Building
25 Suites

SOLD $3,675,000

Overview

The Lexington is a 25 unit, 3 storey frame apartment building in good condition located in the developing Cambie corridor of Vancouver. Features large units, excellent suite mix, hardwood floors and many upgrades.

Location

The Lexington is a high profile corner property located on Cambie Street and 22nd Avenue. It is situated on the future RAV line, and provides excellent access to shopping, restaurants and transit.

Improvements

– Beautifully landscaped with very attractive lobby and garden entranceway
– The 1 br suites are 15-20% larger than average
– Large laundry room (machines leased)
– Hardwood floors (beautifully restored)
– Lockers for each suite (25)

Recent Upgrades

– Newer intercom
– Roof & flashings replaced 2004
– All new stoves and fridges in last 5 years
– 2 New hot water tanks 2003/2004
– All tubs floor to ceiling tile
– 5-6 suites new windows
– New piping 2000
– 1/2 suites newer kitchen and bathrooms floors
– Approximately four new kitchen counter tops
– Attractive, clean laundry area

Summary

Price$3,850,000
Units25
Price/Unit$154,000
Cap Rate4.4%
GIM14
Year Built1945
Lot Size13,966 sq. ft. (irregular)
ZoningRM-3A
PID013-275-933; 013-275-941; 013-276-042
Sale Price$3,675,000
Sale Date01/01/2006

Suite Mix

 No. Units
BachelorNo. Units3
One BedroomNo. Units17
Two BedroomNo. Units5

Financials

FinancingTreat as clear title.
Assessment 2005
Land
Building
Total
Land$1,552,000
Building$1,157,000
Total$2,709,000
Taxes 2005
$15,864.56
Income and Expenses
Effective Gross
Operating Expenses
Net Operating Income
Effective Gross$273,598
Operating Expenses(103,884)
Net Operating Income$169,714
NotesIncome annualized as of November 2005.  For rent roll, 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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