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The Kaleden

1015 W 13th Avenue, Vancouver

Apartment Building
11 suites

SOLD $3,700,000

Overview

The Kaleden is a wood frame 11 unit low-rise apartment building in superb condition centrally located in Vancouver’s popular South Granville neighborhood. The entire building has undergone an extensive renovation program including suites and common areas. The completely upgraded suites are extremely large and feature contemporary open design, refinished hardwood floors & new appliances including dishwashers. The subject also features an amazing suite mix (3-1Br; 8-2Br), storage lockers and ample in-suite storage. In conclusion, The Kaleden is a turn-key building with no deferred maintenance and offers tenants a stellar location with easy access to local shops, restaurants bus transportation and VGH one and one half blocks away. 

Location

The subject is located at the northwest corner of Oak Street and West 13th Avenue in the South Granville area of Vancouver. West Broadway and West 12th Avenue form the major east-west traffic arteries across the city, while Granville Street, Oak Street and Cambie Street are major north-south traffic corridors which provide access to and from the downtown core through the subject area to South Granville and Richmond. Access to the downtown core is via the Cambie Street Bridge, Granville Street Bridge and Burrard Street Bridge.

South Granville, characterized by a near-zero vacancy rate of 0.3%, remains one of the most popular and convenient locals for rental accommodation due to its proximity to the downtown core, major bus routes and shopping. It is also provided with a branch of the Vancouver Public Library and two clubs; The Vancouver Lawn, Tennis and Badminton Club and The Terminal City Lawn and Bowling Club located at West 15th Avenue and Fir. Many employers in the area include the Vancouver General hospital, the City of Vancouver and the office tower developments along the Broadway Corridor. The hospital is one and one-half blocks northeast of the subject property. Public transportation and shopping is available in the immediate area along West Broadway, Oak and Granville Street. 

Highlights

  • Recently renovated three-storey apartment building constructed in 1950 featuring 11 suites
  • Excellent suite mix containing extra large 8 two bedroom and 3 one bedroom units
  • Suites feature refinished oak strip flooring in living room, dining area, hallway and bedroom(s), with new ceramic tile flooring in the bathroom and kitchen
  • Suites offer ample in-suite storage with a large closet in the bedroom(s), as well as coat closet, broom closet and linen closet
  • Large skylight above stairwell provides natural light to the core of the building
  • Heat & smoke detectors and all fire safety equipment in common areas
  • Exterior metal fire escape ladders on the north, east and west sides of building
  • Ground floor: three residential suites, boiler room, electrical room, storage lockers, laundry room and bicycle storage room
  • Second/Third floors: each have four suites
  • Boiler room contains RBI natural gas-fired boiler that provides hot water for radiant hot water heat and a natural gas-fired hot water tank for domestic use
  • Electrical service is 400 amps, with individual units having new circuit breakers
  • Laundry room: One washer and one dryer owned by building

Upgrades

  • Tar and gravel roof
  • Upgraded landscaping
  • New plumbing fixtures
  • Painted stucco exterior on second/third floors with painted aluminum siding on the ground floor
  • Double-glazed vinyl-framed windows, low flush toilets, low-flow showerheads and low-flow faucet aerators provide energy and water usage savings
  • Lobby offers new slate flooring with new commercial grade carpeting in the balance of the common area hallways and stairs
  • Lighting is provided by new energy efficient ceiling light fixtures
  • Refinished hardwood floors and new blinds
  • Kitchen have been totally renovated with new cabinets, countertops, light fixtures, flooring, subway tile backsplash, sink, faucet and appliances
  • Kitchen appliance replacement includes range, hood-vent, dishwashers and fridges
  • Bathrooms have been totally renovated with new ceramic tub-surrounds (50% re-tiled), new toilets/bathtubs, updated breaker panels, new sinks set in wood vanity, new mirror and light fixture
  • Boiler serviced
  • New skylight for hallway
  • 7 two bedroom suites have dishwashers
  • New drain sump

Summary

Price$3,795,000
Units11
Storeys3
Price/Unit$345,000
Cap Rate3.9%
GIM19.9
Year Built1950
Lot Size59.51' x 99.2' (5,945 sf)
ZoningRM-3
PID008-630-208
Sale Price$3,700,000
Sale Date08/09/2013

Suite Mix

 No. UnitsAvg. Rent
One bedroomNo. Units3Avg. Rent$1,100
Two bedroomNo. Units8Avg. Rent$1,585

Financials

FinancingA CMHC insured first mortgage with TD Bank with an outstanding balance of $1,934,000 @ 3.35% maturing 2023 with monthly payments of $9,504.27.
Assessment 2013
Land
Building
Total
Land$1,476,000
Building$2,207,000
Total$3,683,000
Taxes 2013
$13,194
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$190,536
Vacancy(953)
Effective Gross$189,583
Operating Expenses(42,702)
Net Operating Income$146,881
NotesFor a current rent roll and 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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