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Maple Leaf Apartments

1876 West Broadway, Vancouver

Apartment Building
21 Suites

SOLD $3,000,000

Overview

Rebuilt in 1991, Maple Leaf Apartments is a wood frame, 21-suite apartment building located in Vancouver’s popular Kitsilano neighbourhood. Zoned C-3A Commercial District; conditional use allows for bed & breakfast accommodation and furnished suites. Tenants pay electric heat. Excellent suite mix.

Location

The subject property is located on the south side of West Broadway between Burrard and Cypress Streets, in the Kitsilano neighbourhood of Vancouver. Close to shopping, cafes, restaurants, bus transportation and entertainment. Five minutes to Downtown Vancouver and 10 minutes to UBC.

Improvements

– 3 levels (ground, 1st and 2nd floors) with ground floor approx. half below ground
– beautifully retiled entrance
– 7 counter tops replaced with granite
– 3 carpets replaced (2005)
– tar and gravel roof
– electric baseboard heating (tenants pay heat)
– 175 litre electric hot water heater (2002) in each suite
– 270 litre electric hot water tank (2002) in laundry room
– two pairs of coin operated washers/dryers (owned) in laundry room
– 200-amp service. Suites separately metered except suite G03 (on house meter).
– Fire Protection: alarm system, smoke detectors, emergency lighting and sprinklers
– storage lockers and bike storage
– Floor areas: 4,595 sq. ft. per floor; 13,782 sq. ft. total

Summary

Price$3,195,000
Units21
Building Size13,782 sq. ft.
Price/Unit$152,143
Cap Rate4.4%
GIM15.3
Year BuiltRebuilt 1991
Lot Size50' x 125' (6,250 sq. ft.)
ZoningC-3A Commercial District
PID012-345-377
Sale Price$3,000,000
Sale Date01/01/2006

Suite Mix

 No. Units
One BedroomNo. Units13
Two BedroomNo. Units6
Two Bedroom + DenNo. Units2

Financials

FinancingA CMHC insured mortgage of approx. $2,050,000 @ 5.4% with ING. P.I. payments of $12,447.07/month. Due July 2014.
Assessment 2006
Land
Building
Total
Land$1,375,000
Building$1,004,000
Total$2,379,000
Taxes 2006
$12,728.00
Income and Expenses
Gross Income
Less Vacancy 2%
Effective Gross
2005 Expenses
Net Operating Income
Gross Income$209,500
Vacancy(4,190)
Effective Gross$205,310
Operating Expenses(65,090)
Net Operating Income$140,220
NotesIncome annualized as of June 2006.

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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