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Laurel Apartments

275 East 13th Street, North Vancouver

Apartment Building
21 Suites

SOLD $2,750,000

Overview

Laurel Apartments is a 21 unit frame apartment building in spectacular condition located in the City of North Vancouver. Built in 1956, the subject property features storage, hardwood floors, parking, an excellent suite mix including a 2-Br penthouse suite with fantastic views and many upgrades. Situated just off Lonsdale Ave. near the Lion’s Gate Hospital, cafes, Grouse Mountain, shopping and transportation.

Location

The subject property is located in North Vancouver, situated 2 blocks east of Lonsdale Avenue between St. Georges Ave. and St. Andrews Ave.

Recent Upgrades

Since 2001, the following improvements have been undertaken:
– New hallway & stair carpets
– 9 kitchens re-modelled (new cabinets & countertops)
– 6 hardwood floors refinished
– 12 suites have new fridges
– P/H totally updated: kitchens, floors, fridge, stove, dishwasher (in-suite laundry owned by tenant)
– New pipes run to all bathrooms & 17 of 21 kitchens
– Entrance retiled
– New mail boxes & intercom installed
– Siding on east & south side replaced
– Hot water tank, furnace and boiler replaced with Tekmar control
– Every 3 suites have 2 shut off valves
– Drain tiles cleaned and connected to storm sewer
– 4 1-bedroom suites have new countertops
– Building painted exterior/interior
– Hot/cold lines on main replaced
– 4 parking stalls added (totaling 16)

Summary

Price$2,795,000
Units21
Price/Unit$133,095
Cap Rate5%
GIM13.7
Year Built1956
Lot Size117.76' x 140'
ZoningRM-1
PID009-708-201
Sale Price$2,750,000
Sale Date01/01/2006

Suite Mix

 No. Units
BachelorNo. Units2
One BedroomNo. Units10
Two BedroomNo. Units8
Two Bedroom P/HNo. Units1

Financials

FinancingTreat as clear title.
Assessment 2006
Land
Building
Total
Land$1,510,000
Building$570,000
Total$2,080,000
Taxes 2005
$12,176.79
Income and Expenses
Gross Income
Less 0.7% Vacancy Rate
Effective Gross
2005 Actual Expenses
Net Operating Income
Gross Income$203,328
Vacancy(1,423)
Effective Gross$201,905
Operating Expenses(63,047)
Net Operating Income$138,858
NotesIncome annualized as of July 2006.

Rents are approx. 10% below market based on the 2005 CMHC Apartment Survey.

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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