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Garden Villa

2250 Dundas Street, Vancouver

Apartment Building
18 Suites

SOLD $1,700,000

Overview

Garden Villa is a well maintained 18 unit low-rise apartment building located in East Vancouver. Built in 1965, the property features hardwood floors, storage lockers, balconies, parking and a penthouse suite with great views of the North Shore. Rents significantly below market average.

Location

The subject property is located in East Vancouver on the south side of Dundas Street, one block west of Nanaimo Street. Close to major bus routes, shopping and Hastings Park.

Improvements

– Hardwood floors (beautifully restored)
– 2 washers/2 dryers leased from Engs
– 18 full size storage lockers
– 8 balconies
– 10 surface parking stalls
– Property fenced on both sides
– Annunciator panel in meter room
– Penthouse suite with great views of North Shore

Recent Upgrades

– 80% of windows replaced (front & back)
– First floor’s hot water line replaced (5 years ago)
– New hot water tank (2005)
– New roof and vents (2005)
– Appliances replaced as needed
– Intercom recently replaced

Summary

Price$1,995,000
Units18
Price/Unit$110,833
Cap Rate3.5%
GIM15.5
Year Built1965
Lot Size99' x 122'
ZoningRM-3A
PID015-684-199; 015-684-181
Sale Price$1,700,000
Sale Date01/01/2007

Suite Mix

 No. Units
BachelorNo. Units1
One BedroomNo. Units17

Financials

FinancingClear title.
Assessment 2006
Land
Building
Total
Land$1,189,000
Building$61,700
Total$1,250,700
Taxes 2006
$5,804.28
Income and Expenses
Gross Income
Less Vacancy 1.0%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$128,592
Vacancy(1,286)
Effective Gross$127,306
Operating Expenses(57,882)
Net Operating Income$69,424
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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