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Laurel Apartments

275 East 13th Street, North Vancouver

SOLD $2,750,000

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Price$2,795,000

Units21

Year built1956

Lot size117.76' x 140'

ZoningRM-1

Price/unit$133,095

Cap rate5%

GIM13.7

PID009-708-201

Legal descriptionLot B, BLK 75, DL 549, NW Grp 1 LD, PL 9282

Sale price$2,750,000

Sale date01/01/2006

Overview

Laurel Apartments is a 21 unit frame apartment building in spectacular condition located in the City of North Vancouver. Built in 1956, the subject property features storage, hardwood floors, parking, an excellent suite mix including a 2-Br penthouse suite with fantastic views and many upgrades. Situated just off Lonsdale Ave. near the Lion’s Gate Hospital, cafes, Grouse Mountain, shopping and transportation.

Location

The subject property is located in North Vancouver, situated 2 blocks east of Lonsdale Avenue between St. Georges Ave. and St. Andrews Ave.

Recent Upgrades

Since 2001, the following improvements have been undertaken:
– New hallway & stair carpets
– 9 kitchens re-modelled (new cabinets & countertops)
– 6 hardwood floors refinished
– 12 suites have new fridges
– P/H totally updated: kitchens, floors, fridge, stove, dishwasher (in-suite laundry owned by tenant)
– New pipes run to all bathrooms & 17 of 21 kitchens
– Entrance retiled
– New mail boxes & intercom installed
– Siding on east & south side replaced
– Hot water tank, furnace and boiler replaced with Tekmar control
– Every 3 suites have 2 shut off valves
– Drain tiles cleaned and connected to storm sewer
– 4 1-bedroom suites have new countertops
– Building painted exterior/interior
– Hot/cold lines on main replaced
– 4 parking stalls added (totaling 16)

Show less

	No. units
Bachelor	No. units2
One Bedroom	No. units10
Two Bedroom	No. units8
Two Bedroom P/H	No. units1

Financials

Financing	Treat as clear title.
Assessment 2006	Land Building Total	Land$1,510,000 Building$570,000 Total$2,080,000
Taxes 2005	$12,176.79
Income and expenses	Gross income Less 0.7% Vacancy Rate Effective gross 2005 Actual Expenses Net operating income	Gross income$203,328 Vacancy(1,423) Effective gross$201,905 Operating expenses(63,047) Net operating income$138,858
Notes	Income annualized as of July 2006. Rents are approx. 10% below market based on the 2005 CMHC Apartment Survey. 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.