944 East 8th Avenue

Vancouver, BC

$989,000

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Price$989,000

Units6

Year builtapprox 1955

Lot size49.5' X 122'

ZoningRM-4

Price/unit$164,833

Cap rate4.8%

GIM15.8

PID015-065-146

Legal descriptionLot 7 AMD Blk 116 DL 264A LD 36 PL 899 & 1771

Overview

The subject property is a wood frame, 6 unit apartment building in great condition located in Vancouver’s emerging Mount Pleasant neighbourhood. Built in the mid 1950s, the property has been significantly upgraded in both the suites and common areas. Suites are very spacious and have open kitchens. The property is easy to manage and ideal for a first time buyer or owner occupier.

Location

The subject property is located in the Mount Pleasant area of East Vancouver. It is situated on East 8th Avenue, one block north of Broadway, between St. Catherines St. and Windsor St. One block south of China Creek North Park. Close to transportation, schools/universities. Stores and cafes minutes away on Broadway & Commercial Drive. See map link above.

Improvements

– 2 hot water tanks replaced in 2000
– One washer & one dryer leased from Phelps
– Interior & exterior repainted 2005
– Roof replaced with torch-on 2005
– Laminate flooring for 4 suites
– New carpet in suite 6
– All suites and common areas have new baseboards and light fixtures
– New switches & plugs for suites
– Kitchens have new tile and newer appliances 1-5 years old
– Plumbing: Hot & cold lines in all suites replaced
– Bathrooms have new tile, pressure valves and pedestal sinks
– Parking rear of building for approx. 4 cars

Rent Roll & Statements

For the current rent roll and statement, download PDF file above.

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	No. units
Bachelor (one unauthorized unit)	No. units1
1 Bedroom (one unauthorized unit)	No. units1
1 Bedroom + Den	No. units4

Financials

Financing	Treat as clear title.
Taxes 2006	$3,038.67
Income and expenses	Gross income Less Vacancy 1.0% Effective gross Actual Expenses Net operating income	Gross income$62,760 Vacancy$627 Effective gross$62,132 Operating expenses$14,343 Net operating income$47,789
Notes	Annualized as of September 2006

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