275 East 13th Street, North Vancouver
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.
The subject property is located in North Vancouver, situated 2 blocks east of Lonsdale Avenue between St. Georges Ave. and St. Andrews Ave.
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)
|One Bedroom||No. Units10|
|Two Bedroom||No. Units8|
|Two Bedroom P/H||No. Units1|
|Financing||Treat as clear title.|
|Income and Expenses|
Less 0.7% Vacancy Rate
2005 Actual Expenses
Net Operating Income
|Notes||Income 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.