1015 West 13th Avenue

Vancouver, BC

$3,680,000

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Price$3,680,000

Units11

Year built1950s

Lot size59.51' x 99.2' (5,945 sq. ft.)

ZoningRM-3

Price/unit$334,545

Cap rate4.2%

GIM19

Overview

Totally renovated! The subject is a wood frame 11 unit low-rise apartment building in superb condition centrally located in Vancouver’s popular South Granville neighborhood, with easy access to local shops, restaurants bus transportation and VGH in close proximity.

Improvements

-Recently renovated three-storey apartment building constructed in 1950 featuring 11 suites -Excellent suite mix containing extra large 8 two-bedroom and 3 one-bedroom units -Suites feature refinished oak strip flooring in living room, dining area, hall

Recent Upgrades

2007/2008 Renovation Summary: -Tar and gravel roof -Upgraded landscaping -New plumbing fixtures -Painted stucco exterior on second/third floors with painted aluminum siding on the ground floor -Double-glazed vinyl-framed windows, low flush toilets, low-flow showerheads and low-flow faucet aerators provide energy and water usage savings -Lobby offers new slate flooring with new commercial grade carpeting in the balance of the common area hallways and stairs -Lighting is provided by new energy efficient ceiling light fixtures -Refinished hardwood floors and new blinds -Kitchens have been totally renovated with new cabinets, countertops, light fixtures, flooring, subway tile backsplash, sink, faucet and appliances -Kitchen appliance replacement includes range, hood-vent, dishwashers and fridges -Bathrooms have been totally renovated with new ceramic tub-surrounds (50% re-tiled), new toilets/bathtubs, updated breaker panels, new sinks set in wood vanity, new mirror and light fixture -Boiler serviced -New skylight for hallway -7 two-bedroom suites have dishwashers -New drain sump

Comments

Please note that the expenses do not reflect a management expense. Currently, one of the tenants receives a rent abatement for caretaking duties. All offers subject to inspection. For details on the property, please contact Mark Goodman.

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	No. units
1 Bedroom	No. units3
2 Bedroom	No. units8

Financials

Financing	A first mortgage with TD Bank with an outstanding balance of approximately $1,800,000 at an interest rate of 4.73% per annum due February 2013.
Assessment 2011	Land Building Total	Land$1,142,000 Building$1,689,000 Total$2,831,000
Taxes 2010	$10,765.00
Income and expenses	Effective gross Operating expenses Net operating income	Effective gross$193,070 Operating expenses-37,208 Net operating income$155,862
Notes	2011 Proforma

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.