Bay Crest Apartments

372 East 3rd Street, North Vancouver

SOLD $2,975,000

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Price$3,050,000

Units16

Year built1950

Lot size100' x 120' (12,000 sq. ft.)

ZoningRM-1

Price/unit$190,625

Cap rate4.3%

PID014-429-730

Sale price$2,975,000

Sale date06/25/2011

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

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	No. units
Bachelor	No. units1
One Bedroom	No. units7
Two Bedroom	No. units8

Financials

Financing	A 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
Notes	Income 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 Goodman Commercial.