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Huntington Court

1323 West 71st Avenue, Vancouver

SOLD $7,475,000

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Price$7,750,000

Units54

Year built1978

Lot size200.04' x 129.96'

ZoningRM-3A

Price/unit$143,518

Cap rate4.5%

GIM15.6

PID007-328-320

Legal descriptionLot 1 Blk 16 DL 318 LD 36 PL 16995

Sale price$7,475,000

Sale date01/01/2007

Overview

Huntington Court is a superb 54 unit low-rise rental apartment building in fantastic condition located on a quiet street in Vancouver’s Marpole neighbourhood. Built in 1978, the property features attractive landscaping, balconies, secure underground parking, lockers, elevator, caretaker’s office and an ongoing program of upgrades. Tenants pay for electric heat.

Location

The subject property is located in Marpole on the north west corner of Hudson and West 71st Avenue. Granville Street is just 3 block to the west and Oak Street three blocks to the east, with easy access to Richmond and YVR. Conveniently situated near shopping on Granville and major bus routes (bus line across the street on Hudson).

Improvements

– 54 unit, 4 storey frame building
– Balconies/patios for all suites
– Concrete skim coat on each floor (built under ARP program)
– 44 suites have in-suite storage
– Locker room and bike storage
– Large office for caretaker
– Electric heat (paid by tenants)
– 56 underground secured parking stalls
– Annunciator panel at entrance
– 3 washers/3 dryers owned by building
– Attractive landscaping and foyer
– Sprinkler system in lawns

Recent Upgrades

– 2 new hot water tanks (2006 & 2001).
– New roof (2005)
– Balconies floors / membranes all repaired (2001)
– Newer appliances and flooring as required
– Elevator flooring re-tiled

Show less

	No. units
Bachelor	No. units7
One Bedroom	No. units42
Two Bedroom	No. units5

Financials

Financing	Treat as clear title.
Assessment 2006	Land Building Total	Land$2,978,000 Building$1,915,000 Total$4,893,000
Taxes 2006	$27,027.76
Income and expenses	Gross income Less 1.25% Vacancy Rate Effective gross Less 2005 Expenses ($2,681 /unit) Net operating income	Gross income$495,624 Vacancy(6,195) Effective gross$489,429 Operating expenses(144,754) Net operating income$344,675
Notes	Income annualized as of October 2006. 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.