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Queen's Gates Apartments

1171 West 12th Avenue, Vancouver

Apartment Building
22 Suites

SOLD $4,795,000

Overview

Totally renovated in prime South Granville! Queen’s Gate Apartments is a wood frame, 22-suite, low-rise apartment building in superb condition located in Vancouver’s desirable South Granville neighborhood. Built in 1954, the property features large trees, covered parking, storage lockers, dishwashers and an excellent suite mix including a penthouse suite with a large deck and panoramic views.

Location

The subject property is located in the heart of South Granville on the north side of 12 Avenue between Granville and Oak Street. Close to Vancouver General Hospital, shopping, cafes, bus transportation, schools, parks and Downtown Vancouver.

Improvements

– Three storey wood frame building
– Bright suites with excellent layouts, hardwood floors &separate dining areas
– Original boiler in good working order
– Newer hot water tank
– 8 covered parking
– 22 storage lockers
– 2 washers/2 dryers leased
– Tar & gravel roof approx. 8-10 years old
– Plumbing approx. 8-10 years old

Renovations

 Common areas
– Carpets
– Lighting
– Tile entry
– Mailboxes
– Awning at front
– Double-glazed windows
– Oil tank removed from rear
– Paint (interior and exterior) General to all suites:
– Refinished hardwood floors
– Double-glazed vinyl windows
– Plugs, switches, lighting, paint (interior & exterior)
– 2 faux-wood blinds (no bending or breaking as w. cheaper 1 aluminum)

General to all suites
-Refinished hardwood floors
-Double-glazed vinyl windows
-Plugs, switches, lighting, paint (interior & exterior)
-2 ” faux-wood blinds (no bending or breaking as w. cheaper 1″ aluminum)

Kitchens
– Tile floors
– Stylish counters
– Maple kitchen cabinets
– New Appliances: fridges, stoves, dishwashers Bathrooms:
– Sinks
– Toilets
– Mirrors
– Shelving
– Tile floors
– Re-glazed tubs
– Tile around tubs

Bathrooms
-Sinks
-Toilets
-Mirrors
-Shelving
-Tile floors
-Re-glazed tubs
-Tile around tubs

Summary

Price$4,995,000
Units22
Price/Unit$227,995
GIM14.9
Year Built1954
Lot Size100' x 125'
ZoningRM-3
PID014-684-608; 014-684-595
Sale Price$4,795,000
Sale Date12/01/2006

Suite Mix

 No. UnitsAvg. Sq. Ft.
Two BedroomNo. Units6Avg. Sq. Ft.1,100
One BedroomNo. Units15Avg. Sq. Ft.750
One Bedroom P/HNo. Units1 

Financials

FinancingTreat as clear title.
Assessment 2006
Land
Building
Total
Land$1,884,000
Building$613,000
Total$2,497,000
Taxes 2006
$12,961.00
Income and Expenses
Gross Income
Less Vacancy 0.5%
Effective Gross
Less Expenses ($3347/unit)
Net Operating Income
Gross Income$334,200
Vacancy(1,671)
Effective Gross$332,529
Operating Expenses(73,642)
Net Operating Income$258,887
NotesIncome annualized as of August 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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