Sold

1510 East Pender Street

Vancouver

Apartment Building
6 suites

SOLD $1,000,000

Overview

Situated on a corner lot, the subject property is a 6-unit two level frame apartment block located in the Grandview neighbourhood of East Vancouver. The building is comprised of 1 two bedroom and 5 one bedroom suites and features 6 paved rear parking stalls and balconies/patios. Rents are below market rates for the area.

Location

Located on the southeast corner of Pender Street and Mclean Drive, the site is in close proximity to transportation routes one block south of East Hastings and two blocks west of Commercial Drive.

Comments

As the property was self managed, we estimated a caretaker expense of $3240/year and a repairs & maintenance expense of $3900 ($650/unit/year).

Summary

Price$1,000,000
Units6
Price/Unit$166,667
Cap Rate2.7%
GIM21
Year Built1967
Lot Size57.5' x 122' (7,105 sq. ft.)
ZoningRM-4
PID105-292-177
Sale Price$1,000,000
Sale Date01/01/2010

Suite Mix

 No. Units
One BedroomNo. Units5
Two BedroomNo. Units1

Financials

FinancingTreat as clear title.
Assessment 2009
Land
Building
Total
Land$918,000
Building$23,000
Total$941,000
Taxes 2009
$5,601.59
Income and Expenses
Effective Gross
Estimated Expenses
Net Operating Income
Effective Gross$47,500
Operating Expenses(20,666)
Net Operating Income$26,834
NotesIncome annualized as of November 2009.

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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