Sold

1285 East 27th Street

North Vancouver

Development Site
Triplex

SOLD $1,050,000

Overview

Built in 1972, the subject property is an attractive and exceptionally well maintained two storey wood-framed triplex located in the Lynn Valley neighbourhood of North Vancouver. Each self contained unit features 3 bedrooms totalling approximately 1300 sq. ft., 5 appliances, parking, in suite laundry and fenced back yard. Tenants pay for individual gas & electricity. Low maintenance property with many upgrades and improvements. The subject lends itself well to future development opportunities as evidenced by Polygon Development’s new Branches condo project now under construction in Whitely Court, half a block to the west.

Location

The subject property is located in the District of North Vancouver, on the south side of East 27th Street across from the library and Lynn Valley Shopping Centre. Mountain Highway is just steps to the east and offers major north-south transportation, while the Upper Levels Highway provides east-west transportation with Lynn Valley Rd intersecting both routes. The area is characterized by single-family dwellings and multi-family developments with excellent access to urban amenities including public transportation, shopping and schools.

Improvements

The subject is a two storey wood-framed triplex with wood siding & asphalt shingles. The suites feature similar floor plans with newer standard appliances in the kitchen, arborite counters and linoleum flooring, living room with carpeted floors, eating area, 3 bedrooms up, 2 piece and 4 piece bathrooms, single glazed windows and all electric baseboard heating with gas fireplace. The asphalt (mansard) is approx 3 years old and torch-on (top) roof approx. 8 years old. Each unit is separately metered for gas and electricity, has its own laundry, dishwasher and hot water tank. There are three open parking stalls located in front of a 8303 sq. ft. north facing lot. The building shows extremely well with no deferred maintenance.

Recent Upgrades

– New torch-on flat roof – $13,000 (2000)
– New mansard duroid roof – $8,100 (2005)
– Unit 1289 completely renovated – $19,000 (2003)
– Unit 1287 completely renovated – $24,000 (2007)

Summary

Price$1,095,000
Lot Size62' x 133.72
ZoningRM-3
PID007-986-882
Sale Price$1,050,000
Sale Date01/01/2008

Financials

FinancingClear Title.
Assessment 2008
Land
Building
Total
Land$693,000
Building$179,000
Total$872,000
Taxes 2008
$5,561.12
Income and Expenses
Effective Gross
Operating Expenses
Net Operating Income
Effective Gross$57,060
Operating Expenses(10,696)
Net Operating Income$46,364
NotesIncome annualized as of October 2008.

For a 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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