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Londonderry Apartments

5550 Yew Street, Vancouver

Apartment Building
22 Suites

SOLD $4,400,000

Overview

Londonderry Apartments is a three-storey frame walk-up apartment building consisting of 22 units (20-1Br; 1-2Br; 1-1Br Penthouse) located in the heart of Vancouver’s popular Kerrisdale neighbourhood. Built in 1957 and situated on a large site (100′ x 110′), the property features big suites with hardwood floors, a penthouse unit, surface parking, laundry facilities and storage lockers.

Location

The subject property is situated on the east side of Yew Street, between Balsam and West Blvd. in prime central Kerrisdale. Only one and a half blocks north of West 41st Avenue, considered one of the best upscale shopping districts in the city. Minutes to Point Grey Highschool, bus transportation and restaurants.

Features

– Large, well configured suites
– 2 washers/2 dryers leased
– Lockers for each tenant
– Surface parking for 12 cars
– 2 new hot water tanks (2007)
– Hot water line (1996)
– Ongoing replacement of appliances as needed
– Hardwood floors in all suites
– Floor-to-ceiling tiling in bathrooms

Summary

Price$4,595,000
Units22
Price/Unit$208,864
Cap Rate3%
GIM21
Year Built1957
Lot Size100' x 110'
ZoningRM-3 (multi-family highrise)
PID011-280-093
Sale Price$4,400,000
Sale Date01/01/2008

Suite Mix

 No. Units
One BedroomNo. Units20
Two BedroomNo. Units1
One Bedroom P/HNo. Units1

Financials

FinancingClear title.
Assessment 2008
Land
Building
Total
Land$3,007,000
Building$559,000
Total$3,566,000
Taxes 2007
$14,497.64
Income and Expenses
Gross Income
Less Vacancy 0.5%
Effective Gross
Estimated Expenses
Net Operating Income
Gross Income$217,662
Vacancy(1,088)
Effective Gross$216,574
Operating Expenses(77,000)
Net Operating Income$139,574
NotesIncome annualized as of January 2008.

There is significant upside on the rents, as they are well below market levels for this prime location.

For a current 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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