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Ridgeway Manor

150 East 14th Avenue, Vancouver

Apartment Building
34 Suites

SOLD $4,975,000

Overview

Ridgeway Manor is an attractive and exceptionally well maintained 34 unit low-rise rental apartment building located just west of the popular Main Street corridor of Mount Pleasant. Built in 1978, the property features beautiful landscaping, balconies, secure underground parking, in-suite storage, lockers, elevator and an ongoing program of upgrades. Tenants pay for electric heat.

Location

The subject property is located in the heart of Vancouver’s Main Street neighbourhood on the south side of East 14th Avenue between Quebec and Main Street. Three blocks west of Mt. St. Joseph Hospital, and just steps to shopping, cafes, bus transportation, schools and parks. A few minutes drive to Downtown Vancouver.

Improvements

– 34 unit, 3 storey frame building
– Balconies/patios for all suites
– Concrete skim coat on each floor (built under ARP program)
– Suites have in-suite storage lockers except six corner units
– Six full size storage lockers
– Workshop for caretaker
– Electric heat (paid by tenants)- 32 underground secured parking stalls (sprinklered)
– Annunciator panel at entrance
– 2 washers/2 dryers owned by building
– Attractive landscaping and foyer

Recent Upgrades

– All balconies repaired/replaced 5-10 years ago
– Hot water tanks replaced 2002 & 2003
– East side new roof 2005
– West side roof replaced 2000
– 33 fridges replaced
– Approximately 17 stoves replaced
– Intercom recently replaced
– Cedar siding east side replaced 2005
– Lino, carpeting & appliances continuously upgraded

Summary

Price$4,975,000
Units34
Price/Unit$146,323
Cap Rate4%
GIM16.1
Year Built1978
Lot Size138.6' x 121.89'
ZoningRM-4
PID007-317-476
Sale Price$4,975,000
Sale Date01/01/2007

Suite Mix

 No. Units
BachelorNo. Units3
One BedroomNo. Units31

Financials

FinancingTreat as clear title.
Assessment 2006
Land
Building
Total
Land$1,893,000
Building$1,373,000
Total$3,266,000
Taxes 2006
$17,725.45
Income and Expenses
Gross Income
Less Vacancy 1.5%
Effective Gross
2005 Expenses
Net Operating Income
Gross Income$308,268
Vacancy(4,624)
Effective Gross$303,644
Operating Expenses(106,858)
Net Operating Income$196,786
NotesIncome annualized as of October 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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