Sold

2125-2135 Munster Ave.

North Vancouver

Townhouses
6 Suites

SOLD $1,650,000

Overview

A rare offering! The subject property is an attractive and exceptionally well maintained 6 unit, frame row townhouse complex located in the Maplewood neighborhood of North Vancouver. Each unit features three levels, 3 bedrooms and basement totaling 1800 sq. ft., 5 appliances, parking, in suite laundry and fenced back yard. Tenants pay for individual gas & electricity. Low maintenance property with many upgrades and improvements.

Location

The subject property is located in the District of North Vancouver, just off the Iron Workers Memorial Second Narrows Bridge between Dollarton Hwy. and Mt Seymour Pky. Close to shopping, restaurants, movies (Park & Tilford Centre) & transportation (bus loop).

Features

– 3 level row townhouse complex
– 3 bedroom, 1.5 bathrooms
– Brick, stucco & wood panel exterior
– Each suite has approx. 1200 sq. ft. on upper two floors & 600 sq.  ft. high ceiling basement
– 15 parking stalls (2 stalls for each suite & 3 visitor parking)
– Each suite has balcony & fenced back yard
– Each suite has hot water tank & furnace (heat, hot water, electricity & cable paid by tenants).
– In suite washer/dryer, dishwasher

Recent Upgrades

All suites were completely renovated between 1993-1995 which included new kitchen and bathroom cabinets, appliances, sinks, toilets, tubs, new flooring and mini blinds. Three of the six units have entry hall tile in place of carpeting. The roof was replaced in 1993 (tar & gravel). The parking lot was paved and lines painted in 2003. Suite 2135 has new carpet, tile, hot water tank (2003); suite 2127 has new carpet & tile (2004) and hot water tank (2005) and suite 2129 has a new hot water tank (2004). All suites recently had furnaces serviced & duct cleaning and the water service line from the street to building was replaced (2005).

Summary

Price$1,749,000
Units6
Price/Unit$291,500
Cap Rate4.5%
GIM17.4
Year Built1969
Lot Size150' x 110'
ZoningRM-3
PID010-713-514
Sale Price$1,650,000
Sale Date03/27/2006

Suite Mix

 No. Units
Three Level, 3 Bedroom T/HNo. Units6

Financials

FinancingClear title
Assessment 2006
Land
Building
Total
Land$870,000
Building$226,000
Total$1,096,000
Taxes 2005
$5,906.00
Income and Expenses
Gross Income
Less Vacancy 0.5%
Effective Gross
2005 Expenses
Net Operating Income
Gross Income$100,260
Vacancy(501)
Effective Gross$99,759
Operating Expenses(21,858)
Net Operating Income$77,901
NotesIncome annualized as of April 2006. For a rent roll and 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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