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Huntington Court

1323 West 71st Avenue, Vancouver

Apartment Building
54 Suites

SOLD $7,475,000

Overview

Huntington Court is a superb 54 unit low-rise rental apartment building in fantastic condition located on a quiet street in Vancouver’s Marpole neighbourhood. Built in 1978, the property features attractive landscaping, balconies, secure underground parking, lockers, elevator, caretaker’s office and an ongoing program of upgrades. Tenants pay for electric heat.

Location

The subject property is located in Marpole on the north west corner of Hudson and West 71st Avenue. Granville Street is just 3 block to the west and Oak Street three blocks to the east, with easy access to Richmond and YVR. Conveniently situated near shopping on Granville and major bus routes (bus line across the street on Hudson).

Improvements

– 54 unit, 4 storey frame building
– Balconies/patios for all suites
– Concrete skim coat on each floor (built under ARP program)
– 44 suites have in-suite storage
– Locker room and bike storage
– Large office for caretaker
– Electric heat (paid by tenants)
– 56 underground secured parking stalls
– Annunciator panel at entrance
– 3 washers/3 dryers owned by building
– Attractive landscaping and foyer
– Sprinkler system in lawns

Recent Upgrades

– 2 new hot water tanks (2006 & 2001).
– New roof (2005)
– Balconies floors / membranes all repaired (2001)
– Newer appliances and flooring as required
– Elevator flooring re-tiled

Summary

Price$7,750,000
Units54
Price/Unit$143,518
Cap Rate4.5%
GIM15.6
Year Built1978
Lot Size200.04' x 129.96'
ZoningRM-3A
PID007-328-320
Sale Price$7,475,000
Sale Date01/01/2007

Suite Mix

 No. Units
BachelorNo. Units7
One BedroomNo. Units42
Two BedroomNo. Units5

Financials

FinancingTreat as clear title.
Assessment 2006
Land
Building
Total
Land$2,978,000
Building$1,915,000
Total$4,893,000
Taxes 2006
$27,027.76
Income and Expenses
Gross Income
Less 1.25% Vacancy Rate
Effective Gross
Less 2005 Expenses ($2,681 /unit)
Net Operating Income
Gross Income$495,624
Vacancy(6,195)
Effective Gross$489,429
Operating Expenses(144,754)
Net Operating Income$344,675
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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