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Carlton House

1540 Burnaby Street, Vancouver

SOLD $3,750,000

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Price$4,095,000

Units22

Year built1967

Lot size66' x 131'

ZoningRM-5A

Price/unit$186,136

Cap rate3.7%

GIM18

PID008-601-330

Legal descriptionLot 8, Block 51, DL 185, PL 192

Sale price$3,750,000

Sale date01/01/2007

Overview

Carlton House is a clean and well maintained frame, 22 unit walk-up apartment building located in Vancouver’s popular West End. Built in 1967, the property features nice landscaping, 16 secure underground parking, storage lockers and double glazed windows. The property underwent a major upgrade in 1998.

Location

The site is located between Nicola Street and Cardero Street in the West End District of Vancouver, only two blocks from the beach. Adjacent properties include both high-rise and low-rise rental and condo buildings. The West End has an excellent recreational and commercial base of specialty retail stores, offices and financial institutions along Davie Street, Burrard Street and Robson Street.

Renovation History

In 1998, a major upgrade of the suites and roof took place which included total upgrades in the bathrooms and kitchens. A new boiler and hot water tank were replaced in 2000.

Show less

	No. units	Average size
Bachelor	No. units5	Average size580 sq. ft.
One Bedroom	No. units16	Average size640 sq. ft.
Two Bedroom	No. units1	Average size800 sq. ft.

Financials

Financing	Treat as clear title.
Assessment 2007	Land Building Total	Land$1,724,000 Building$1,594,000 Total$3,318,000
Taxes 2006	$14,145.88
Income and expenses	Effective gross Operating expenses Net operating income	Effective gross$225,782 Operating expenses(74,908) Net operating income$150,874
Notes	Income annualized as of May 2007. Rents average only $1.28/sq. ft. On turn-over, we are of the opinion that rents can be increased significantly. For rent roll and 2006 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.