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The Oak Lodge

1111 W. 16th Avenue, Vancouver

Apartment Building
9 suites

SOLD $2,162,000

Overview

The Oak Lodge is a beautifully landscaped 9-suite revenue property in outstanding condition located in Vancouver’s very desirable South Granville/Fairview neighbourhood. The property is improved on a 72′ x 101.6′ lot and is zoned RT-2. It features great suite layouts, balconies, parking, storage, dishwashers, electric heat (paid by tenants), sprinklers and 4 garages. Oak Lodge reflects a genuine pride of ownership throughout and was totally renovated approximately 20 years ago.

Summary

Price$2,275,000
Units9
Price/Unit$252,778
Cap Rate3.8%
GIM20.2
Lot Size72' x 101.6' (7,315.2 sq. ft.)
ZoningRT-2
PID004-824-288
Sale Price$2,162,000
Sale Date06/01/2010

Suite Mix

 No. Units
BachelorNo. Units4
1 BedroomNo. Units4
2 BedroomNo. Units1

Location

The subject property is located in the Fairview/South Granville neighbourhood on the north side of West 16th Avenue, just west of Oak Street and a block away from the heart of the prestigious Shaughnessy neighbourhood. Close to Vancouver General Hospital, shopping, cafes, bus transportation, schools, parks and Downtown Vancouver.

Features

– Electric heat paid by tenants
– Vinyl exterior
– Tiled entrance
– Beautifully landscaped
– Sprinklered inside
– Fireplace for 3 suites (2 electric & 1 wood-burning)
– 1 washer/1 dryer coin operated
– Most suites feature small dishwashers
– 72′ x 101.6′ lot (7,315.2 sq. ft.)
– Zoning: RT-2
– Suite mix: 4 bachelor; 4-1Br; 1-2Br (total 9 suites)
– 4 garages: includes 3 used for leased storage & 1 divided for laundry & owner’s storage

Renovation History

– Property totally renovated 20 years ago; floors, cabinets, windows, bathrooms, electrical, piping
– Every suite updated every 5 years
– Duroid roof (2 years ago) with 25 year warrenty, gutters, downspouts, etc
– Appliances recently replaced, hallway carpets, lighting, pavement tiles around property
– New hot water tank

Financials

FinancingTreat as clear title.
Assessment 2010
Land
Building
Total
Land$1,310,000
Building$560,000
Total$1,870,000
Taxes 2009
$7,957.77
Income and Expenses
Effective Gross
Operating Expenses
Net Operating Income
Effective Gross$112,380
Operating Expenses-26,787
Net Operating Income$85,593
NotesIncome annualized as of Sept 2010.  For a current rent roll and operating 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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