Sold

Makee Apartments

644 East 8th Avenue, Vancouver

Apartment Building
11 suites

SOLD $1,910,000

Overview

Built in 1960, Makee Apartments is an 11 unit frame 3-storey apartment building in good condition located on a quiet tree lined street of Vancouver’s Mount Pleasant neighbourhood. The property features an excellent suite mix (6-2Br 5-1Br suites) parking, electric heat paid by tenants, hardwood floors, storage and many upgrades. Rents significantly under market.

Location

The subject property is ideally located in Mount Pleasant just minutes away from Downtown Vancouver, Chinatown and the Broadway Business Corridor. The University of British Columbia (UBC) and British Columbia Institute of Technology (BCIT) plan to build new campuses nearby in the immediate future. Just half a block west of Fraser and one block north of Broadway, the subject is in close proximity to shopping, amenities, Skytrain and bus transportation.

Features

– Clean well maintained wood frame building which is sprinklered
– 11 spacious suites comprised of 6 two bedrooms & 5 one bedrooms
– Landscaped front lawn with shrubbery
– 5 surface parking stalls at rear of building with no charge to tenants
– One washer/one dryer owned by building
– Electrical heating system (tenants pay heat which is separately metered)
– Shared storage area for 11 lockers
– Suites have hardwood floors & breakers
– Torch on roof (2004)
– Double pane windows
– Fence built (2005)
– Appliances 5-6 years old
– Four suites extensively renovated with newer cabinets, counter tops, overhead fans, newer appliances, flooring, vanity, toilets, ceramic floors

Summary

Price$1,995,000
Units11
Price/Unit$181,364
Cap Rate4.2%
GIM18.9
Year Built1960
Lot Size49.5 x 122 (6,039 sq. ft.)
ZoningRM-4
PID010-519-017
Sale Price$1,910,000
Sale Date02/03/2011

Suite Mix

 No. Units
1 BedroomNo. Units5
2 BedroomNo. Units6

Financials

FinancingTreat as clear title.
Assessment 2010
Land
Building
Total
Land$790,000
Building$912,000
Total$1,702,000
Taxes 2010
$7,618.45
Income and Expenses
Gross Income
Less Vacancy 0.5%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$110,640
Vacancy(553)
Effective Gross$110,087
Operating Expenses(26,848)
Net Operating Income$83,239
NotesIncome annualized as of Dec 2010.  For 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.

Mortgage Calculator

Mortgage
Interest rate
Amortized over
Your monthly payment is approximately

* Assumes constant interest rate throughout amortization period

%
year(s)