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Pandora Apartments

2067 Pandora Street, Vancouver

Apartment Building
8 suites

SOLD $1,525,000

Overview

Pandora Apartments is a three storey walk up apartment building of wood frame construction built in 1966 and located in the Grandview-Woodland area of Vancouver. There are a total of 8 suites (7-1Br; 1-2Br) that feature contemporary open design with refinished hardwood floors, many of which have panoramic views. The entire building has been totally renovated including suites and common areas. Features balconies or patios, secured parking, landscaped fenced yard & storage lockers.

Location

The subject property is located on the north side of Pandora Street, between Lakewood and Semlin Drives, in the Grandview-Woodland area of Vancouver. Just 3 blocks west of Nanaimo St. and a block east of Victoria Drive. The streets are lined with trees, restored Victorian houses and apartment buildings. Close to public transport, shopping, downtown and parks.

Recent Upgrades

The suites have been extensively remodeled recently, including new carpeting and vinyl floor covering, refurbished hardwood floors, new wood-grain laminate cabinets, laminate counter tops, kitchen appliance package including a refrigerator, dishwasher, stove-top oven and exhaust fan in each unit, and plumbing and light fixtures. In addition, the common areas were updated; the boiler was reconditioned, new double glazed, vinyl frame windows were installed, the balconies were repaired, the exterior siding and stucco were painted, some exterior stone veneer was added, the rear parking area was paved with new asphalt, the landscaping was enhanced, and new perimeter fencing and a bicycle storage shed were added. The roof was replaced in 2004.   For a detailed summary of the work completed to date, download “List of Renovations”.

Summary

Price$1,575,000
Units8
Price/Unit$196,875
Cap Rate5.1%
GIM15.1
Year Built1966
Lot Size49.5' X 122' (6,039 sq. ft.)
ZoningRM-3A
PID015-678-792
Sale Price$1,525,000
Sale Date01/01/2008

Suite Mix

 No. Units
One BedroomNo. Units7
Two BedroomNo. Units1

Financials

FinancingTreat as clear title.
Assessment 2007
Land
Building
Total
Land$790,000
Building$291,000
Total$1,081,000
Taxes 2007
$3,377.95
Income and Expenses
Gross Income
Less Vacancy 0.5%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$104,160
Vacancy(521)
Effective Gross$103,639
Operating Expenses(23,262)
Net Operating Income$80,377
NotesIncome annualized as of March 2007.

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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