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Carlton House

1540 Burnaby Street, Vancouver

Apartment Building
22 Suites

SOLD $3,750,000

Overview

Carlton House is a clean and well maintained frame, 22 unit walk-up apartment building located in Vancouver’s popular West End. Built in 1967, the property features nice landscaping, 16 secure underground parking, storage lockers and double glazed windows. The property underwent a major upgrade in 1998.

Location

The site is located between Nicola Street and Cardero Street in the West End District of Vancouver, only two blocks from the beach. Adjacent properties include both high-rise and low-rise rental and condo buildings. The West End has an excellent recreational and commercial base of specialty retail stores, offices and financial institutions along Davie Street, Burrard Street and Robson Street.

Renovation History

In 1998, a major upgrade of the suites and roof took place which included total upgrades in the bathrooms and kitchens. A new boiler and hot water tank were replaced in 2000.

Summary

Price$4,095,000
Units22
Price/Unit$186,136
Cap Rate3.7%
GIM18
Year Built1967
Lot Size66' x 131'
ZoningRM-5A
PID008-601-330
Sale Price$3,750,000
Sale Date01/01/2007

Suite Mix

 No. UnitsAvg. Sq. Ft.
BachelorNo. Units5Avg. Sq. Ft.580 sq. ft.
One BedroomNo. Units16Avg. Sq. Ft.640 sq. ft.
Two BedroomNo. Units1Avg. Sq. Ft.800 sq. ft.

Financials

FinancingTreat as clear title.
Assessment 2007
Land
Building
Total
Land$1,724,000
Building$1,594,000
Total$3,318,000
Taxes 2006
$14,145.88
Income and Expenses
Effective Gross
Operating Expenses
Net Operating Income
Effective Gross$225,782
Operating Expenses(74,908)
Net Operating Income$150,874
NotesIncome annualized as of May 2007.  Rents average only $1.28/sq. ft. On turn-over, we are of the opinion that rents can be increased significantly. For rent roll and 2006 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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