Sold

3010 Ontario Street

Vancouver

Apartment Building
8 Suites

SOLD $1,600,000

Overview

STRATA BUILDING. The subject property is an 8 unit low-rise strata apartment building located on a quiet street in Vancouver’s Mount Pleasant neighborhood. Built in 1983, the property features an excellent suite mix (4-1Br; 4-2Br) with large, well configured 2-level suites, balconies/patios, in-suite laundry, secure underground parking and lockers. Tenants pay for electric heat.

Location

The subject property is centrally located in Mount Pleasant on the south east corner of Ontario Street and East 14th Avenue. Cambie Street is just 5 blocks to the west and Main Street two blocks to the east, with easy access to Richmond and Downtown Vancouver. Conveniently situated near shopping, entertainment and major bus routes. Mount Pleasant Park is just one block away.

Building Notes

A recent report by a building engineering company has recommended that the subject property be upgraded to correct a specific water ingress problem along the east elevation of the ground floor suites. The estimated budget would be in the order of $400,000 in construction costs. Alternatively, a complete rainscreen stucco system has been estimated to be $750,000 in construction costs, and would be a necessary option if a Buyer is intending to sell off the strata units.

Summary

Price$1,975,000
Units8
Price/Unit$246,938
Cap Rate3.6%
GIM20
Year Built1983
Lot Size49' x 132'
ZoningRM-4
PID006-438-106; 067; 083; 113; 156; 181; 199; 245
Sale Price$1,600,000
Sale Date01/01/2007

Suite Mix

 No. UnitsAvg. Sq. Ft.
One BedroomNo. Units4Avg. Sq. Ft.886
Two BedroomNo. Units4Avg. Sq. Ft.972

Financials

FinancingTreat as clear title
Assessment 2007
Land
Building
Total
Land$1,468,000
Building$722,600
Total$2,190,600
Taxes 2006
$7,493.39
Income and Expenses
Gross Income
Less Vacancy 0.3%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$98,484
Vacancy(295)
Effective Gross$98,189
Operating Expenses(26,334)
Net Operating Income$71,854
NotesIncome annualized as of July 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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