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Bay Crest Apartments

372 East 3rd Street, North Vancouver

Apartment Building
16 suites

SOLD $2,975,000

Overview

Bay Crest Apartments is a well maintained 16-suite wood frame walk-up apartment building located in North Vancouver’s popular Lower Lonsdale neighborhood. Built in 1950 and improved on a corner lot, the building features balconies, covered and uncovered parking and easy access to bus service on East 3rd Street. Great rental upside on turnover of suites.

Location

The subject is located in North Vancouver’s Lower Lonsdale neighbourhood, between St. Patricks & St. Georges Avenues on the north side of East 3rd Street. This location offers convenient access to Downtown Vancouver westbound on East 3rd to the Lions Gate Bridge via Marine Drive, as well as north access along Lonsdale Avenue to the Upper Levels Highway. The Lonsdale Quay Market and Sea Bus are all within walking distance.

Features

  • Walk-up 3 level wood frame apartment building
  • Attractive landscaping with mature trees and shrubbery
  • 2 storage room comprised of 15 storage lockers
  • Suites feature hardwood floors and balconies
  • New hot water tank 2011
  • 15 parking stalls (6 covered; 9 uncovered)
  • Brand new 16th suite added with new hardwood floors, cabinets, counter tops, stove, dishwasher, microwave and new bathroom (tub, vanity, flooring, etc). This suite is in the process of receiving a permit from the City of North Vancouver
  • Tar & gravel roof
  • Building to be painted in May 2011
  • 2 sets of washer/dryer (one machine owned; 3 leased)
  • Clean Stage 1 Environmental Report
  • Upside on rents upon turnover

Summary

Price$3,050,000
Units16
Price/Unit$190,625
Cap Rate4.3%
Year Built1950
Lot Size100' x 120' (12,000 sq. ft.)
ZoningRM-1
PID014-429-730
Sale Price$2,975,000
Sale Date06/25/2011

Suite Mix

 No. Units
BachelorNo. Units1
One BedroomNo. Units7
Two BedroomNo. Units8

Financials

FinancingA first CMHC insured mortgage with Industrial Alliance Pacific with an outstanding balance of approximately $941,718 at an interest rate of 4.25% due March 15th, 2013 with monthly payments of $5,503.
Assessment 2011
Land
Building
Total
Land$1,773,000
Building$621,000
Total$2,394,000
Taxes 2010
$13,338.79
2010 Income & Expenses
Gross Income
Less Vacancy of 1.1%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$186,072
Vacancy(2,047)
Effective Gross$184,025
Operating Expenses(53,274)
Net Operating Income$130,751
NotesIncome annualized as of August 2011.  For rent roll and income & 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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