Sold

Greenwood Manor

254 West 3rd Street, North Vancouver

Apartment Building
30 Suites

SOLD $4,785,500

Overview

Greenwood Manor reflects a genuine pride of ownership throughout as evidenced by the many upgrades, long term tenants and ongoing schedule of improvements. Built in 1973, the property is improved with a four-storey, frame, 30 unit rental apartment building located in the Lower Lonsdale neighbourhood of North Vancouver. Features secure parking, balconies or private patios, elevator, two locker rooms, in-suite storage and water views from the fourth floor. SOLD $4,785,500

Location

Greenwood Manor is strategically located in the Lower Lonsdale area of North Vancouver, British Columbia in excellent proximity to transportation, shopping and the Lonsdale Quay. It is situated on the north side of West 3rd Street, between Mahon and Chesterfield Avenues. This location offers convenient access to Downtown Vancouver westbound on West 3rd to the Lions Gate Bridge via Marine Drive, as well as north access along Lonsdale Avenue to the Upper Levels Highway and southbound access to the Lonsdale Quay/SeaBus Station. A bus stop is located directly across the street. Greenwood Manor offers Vancouver and water views from the fourth floor.

Improvements

Greenwood Manor reflects a genuine pride of ownership throughout as evidenced by the many upgrades, long term tenants and ongoing schedule of improvements. Built in 1973, the property is improved with a three-storey, frame, 30 unit rental apartment building. The building is constructed over one level of secure ground level parking for 30 cars with an additional 4 unsecured stalls. The parking area contains a sprinkler system (dry) and two entry points fronting West 3rd Street. Each suite has a balcony or private patio. The roof is tar & gravel featuring a mansard tiled roof trim. The building’s exterior features a stucco finish. The building is serviced by an elevator that stops on all three residential floors and ground level. There are 2 washers and 2 dryers owned by the building. Heating is provided by a gas hot water boiler with separate domestic holding tank. The building features a dry sauna with shower facilities and washroom as well as two locker rooms containing a total of 30 full size lockers. The suites are attractively updated and feature excellent in-suite storage. The property is nicely landscaped with various trees and shrubbery.

Recent Upgrades

The suite renovations over the last few years include major kitchen and bathroom upgrades such as cabinets, countertops, bathtubs, tiling and some plumbing. The hallway carpets were replaced in approximately 2000, the lobby carpets were replaced in 2006 and all lino and carpets in the suites have been replaced as required. A new washer (2006), dryer (2004) and Super Hot boiler (2003) were installed. The hot water returns on the main floor including shut off valves were replaced in 2005. The exterior of the building was repainted in 2006.

Summary

Price$4,995,000
Units30
Price/Unit$166,500
Cap Rate4.1%
GIM16
Year Built1973
Lot Size150' x 120'
ZoningRM-1
PID007-712-073
Sale Price$4,785,500
Sale Date01/01/2007

Suite Mix

 No. UnitsAvg. Sq. Ft.
One BedroomNo. Units18Avg. Sq. Ft.680
Two BedroomNo. Units12Avg. Sq. Ft.860

Financials

FinancingClear Title.
Assessment 2007
Land
Building
Total
Land$2,488,000
Building$1,716,000
Total$4,204,000
Taxes 2006
$16,623.00
Income and Expenses
Gross Income
Less Vacancy 0.5%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$311,810
Vacancy(1,559)
Effective Gross$310,251
Operating Expenses(105,908)
Net Operating Income$204,343
NotesIncome annualized as of May 2007.

For detailed information package, download the Greenwood Manor Executive Summary.

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.

Mortgage Calculator

Mortgage
Interest rate
Amortized over
Your monthly payment is approximately

* Assumes constant interest rate throughout amortization period

%
year(s)