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Cypress Gardens

2255 Cypress Street, Vancouver

Apartment Building
47 Suites

SOLD $7,500,000

Overview

Cypress Gardens is a 47 unit, 3 storey frame apartment building in good condition located in the beautiful Kitsilano area of Vancouver. Features elevator, balconies/patios, secure underground parking, views and many upgrades.

Location

Cypress Garden is located between West 6th & West 7th Avenue on the west side of Cypress Street in Vancouver. Just two blocks east of Arbutus Street and one block west of Burrard Street. Close to everything: shopping, cafes, transportation, parks, and Kits Beach.

Improvements

– Beautifully landscaped with attractive entrance
– Secure underground parking for 39 cars (garage has sprinkler system)
– Separate very clean laundry area
– Separate lockers (47)
– Some views of North Shore from third floor
– Lockers/patios for each suite
– Elevator services the basement, 2nd & 3rd floors
– Large lot: 200′ x 111.75′

Recent Upgrades

– Roof & flashings replaced 2005
– 2 newer hot water storage tanks
– 80% of appliances 7 years or less
– Ongoing schedule of upgrades for countertops, appliances, balconies, flooring, etc.

Summary

Price$7,995,000
Units47
Price/Unit$170,106
Cap Rate3.9%
GIM15.7
Year Built1970
Lot Size200' x 111.75'
ZoningRM-4
PID015-231-461
Sale Price$7,500,000
Sale Date01/01/2006

Suite Mix

 No. Units
BachelorNo. Units9
One Bedroom SuiteNo. Units37
Two Bedroom SuiteNo. Units1

Financials

FinancingTreat as clear title.
Assessment 2005
Land
Building
Total
Land$3,776,000
Building$2,344,000
Total$6,120,000
Taxes 2005
$33,636.31
Income and Expenses
Effective Gross
Operating Expenses
Net Operating Income
Effective Gross$506,896
Operating Expenses(197,169)
Net Operating Income$309,925
NotesIncome annualized as of Nov. 1/05

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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