Sold

814 Nicola Street

Vancouver

Apartment Building
6 suites

SOLD $2,000,000

Overview

The subject property is a 6-suite wood-frame strata apartment building located in Vancouver’s West End. Built in 1980 and improved on a 66′ x 65′ site, the subject features an excellent suite mix with spacious suites (6-2Br), secure underground parking, balconies/patios, electric heat and hot water (paid by tenant). The property is located only half a block from Robson Street in the popular West End district, offering tenants immediate proximity to the employment, entertainment, shopping, beaches and recreational areas of Vancouver’s downtown.

Location

The subject is located on the south side of Nicola Street, with Haro Street to the west and Robson Street immediately to the east, in the heart of the popular West End District within the City of Vancouver. The West End District is one of the oldest and most densely populated areas of the City and is developed with a mixture of some its original single-family residences, low-rise apartment buildings as well as numerous high-rises. Considered one of the most sought after multi-residential areas in Vancouver, the West End offers residents immediate proximity to the employment, entertainment, shopping and recreational areas of Vancouver’s downtown core. Nearby are the popular pedestrian shopping areas of Robson Street (the pre-eminent fashion avenue is half a block away) and Denman Street (3 blocks away). Just two blocks to the east is Georgia Street, the financial district of Downtown. Moreover, the subject property is a short walk to the beaches of the English Bay waterfront, the lush greenery of the world famous thousand-acre Stanley Park and Coal Harbour. Access to a first-rate system of public and private transportation services is also readily available in the immediate vicinity of this property.

Features

– Strata titled building built in approx. 1980 of wood-frame construction
– Large suites: range from 883-1087 sq. ft.
– 6 two bedroom suites with 1 1/2 bathrooms
– Suites include stove, fridge, dishwashers, stacked washer/dryer, hot water tank, balconies/patios & wood burning fireplace
– Underground secure parking for 12 cars
– Roof is mixture of torch-on and tar & gravel
– 2 suites laminated floors, 4 suites carpet
– All appliances replaced in last 5 years
– Tenants pay for electric heat and hot water
– Intercom on contract

Summary

Price$2,295,000
Units6
Price/Unit$382,500
Cap Rate3.6%
GIM20.6
Year Built1980
Lot Size66' x 65' (4,290 sq. ft.)
ZoningRM-5
PID 006-195-989 / 997; 006-196-012/039/055/071
Sale Price$2,000,000
Sale Date07/01/2010

Suite Mix

 No. Units
Two BedroomNo. Units6

Financials

FinancingTreat as Clear Title.
Assessment 2010
Land
Building
Total
Land$1,311,000
Building$689,000
Total$2,000,000
Taxes 2009
$8,585.00
Income and Expenses
Gross Income
Less Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$111,480
Vacancy(1,115)
Effective Gross$110,365
Operating Expenses(27,961)
Net Operating Income$82,404
NotesIncome annualized as of April 2010.  For a current rent roll and income 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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