Sold

275 N. Garden Drive

Vancouver

Apartment Building
12 suites

SOLD $1,760,000

Overview

Built in 1966, the subject property is a 12 unit frame 3-storey apartment building in good condition located on Vancouver’s Eastside near Burrard Inlet. The property features surface parking, hardwood floors, storage and many upgrades. Rents under market.

Location

The subject property is located on the north side of North Garden Dr. between Cambridge and Dundas streets near Burrard Inlet. The building is situated in one of the nicest pockets of East Vancouver with great water views, tranquil surroundings and access to transportation and major arterial routes to the North Shore, Downtown, Burnaby and the TransCanada Highway.

Features

– Suites have hardwood floors, tile floor in kitchen and bathroom
– 5 open surface parking
– Stucco exterior freshly painted
– New double glazed windows
– New commercial hot water
– New stoves and some new fridge
– New washer/dryer

Summary

Price$1,980,000
Units12
Price/Unit$165,000
Cap Rate3.7%
GIM17.1
Year Built1966
Lot Size6,039 sq.ft.
ZoningRM-3A (Multifamily)
PID015-693-066
Sale Price$1,760,000
Sale Date04/01/2011

Suite Mix

 No. Units
BachelorNo. Units1
1 BedroomNo. Units9
2 BedroomNo. Units2

Financials

FinancingTreat as clear title.
Assessment 2011
Land
Building
Total
Land$881,000
Building$512,000
Total$1,393,000
Taxes 2010
$7,550.82
Income and Expenses
Gross Income
Less vacancy 1%
Effective Gross
Normalized Expenses
Net Operating Income
Gross Income$115,820
Vacancy(1,158)
Effective Gross$114,662
Operating Expenses(41,250)
Net Operating Income$73,412
NotesIncome annualized as of Jan 2011.

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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