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Regent Manor

1626 West 12th Avenue, Vancouver

Apartment Building
11 Suites

SOLD $2,390,000

Overview

Totally renovated! Regent Manor is a wood frame, 11 unit, low-rise apartment building in outstanding condition located in Vancouver’s desirable South Granville neighborhood. Built in 1961, the property features balconies, parking, storage lockers, dishwashers and an excellent suite mix including a 2 level, 2 bath penthouse suite with a huge deck, in-suite laundry and panoramic views.

Location

The subject property is located in the heart of South Granville on the south side of 12th Avenue between Burrard and Granville Streets. Close to Vancouver General Hospital, shopping, cafes, bus transportation, schools, parks and Downtown Vancouver.

Improvements

– Three storey wood frame building
– 11 bright suites with excellent layouts, hardwood floors (all corner units)
– All suites have balconies or patios (except for small, ground floor 1 bedroom)
– Penthouse suite is a two level, two bath with balcony, large deck with views and in-suite laundry
– Original boiler in good working order
– Newer hot water tank
– 5 rear parking
– 11 storage lockers
– 1 washers/1 dryer leased from Coinamatic
– Windows are double-glazed in good condition (patio doors are single glazed)
– Suites have smoke/heat detectors
-Unit 100 is unauthorized

Renovations

All newly renovated in past 3 months

Common areas:
– Torch-on Roof
– Plumbing for entire building (hot/cold main lines and suites)
– Carpets
– Lighting
– Tile entry
– Mailboxes
– Baseboard moldings
– Paint (interior and exterior)
– Drain tiles redone

General to all suites:
– Refinished hardwood floors
– Plugs, switches, lighting, paint (interior & exterior)
– 2″ faux-wood blinds (no bending or breaking as w. cheaper 1″ aluminum)   

Kitchens:
– Tile floors
– Stylish counters
– New sinks and faucets
– Maple kitchen cabinets
– Appliances – fridges, stoves, dishwashers, overhead fans  

Bathrooms:
– Sinks
– Toilets
– Mirrors
– Re-glazed tubs
– Tile around tubs  

Summary

Price$2,495,000
Units11
Price/Unit$226,818
Cap Rate5.3%
GIM14.7
Year Built1961
Lot Size50' x 125'
ZoningRM-3
PID014-176-815
Sale Price$2,390,000
Sale Date01/01/2006

Suite Mix

 No. Units
BachelorNo. Units1
One BedroomNo. Units8
Two BedroomNo. Units2

Financials

FinancingTreat as clear title.
Assessment 2006
Land
Building
Total
Land$704,000
Building$836,000
Total$1,540,000
Taxes 2006
$8,293.39
Income and Expenses
Gross Income
Less Vacancy 0.5%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$169,440
Vacancy(847)
Effective Gross$168,593
Operating Expenses(36,873)
Net Operating Income$131,720
NotesIncome annualized as of September 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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