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Windsor Arms Apartments

1016 East 8th Avenue, Vancouver

SOLD $4,180,000

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Price$4,495,000

Units35

Year built1978

Lot size131.97' x 121.95'

ZoningRM-4

Price/unit$128,429

Cap rate4.3%

GIM15.4

PID007-316-208

Legal descriptionLot B, Block 115, DL 264A, PL 17146

Sale price$4,180,000

Sale date01/01/2006

Overview

Pride of ownership! Built in 1978, Windsor Arms Apartments is a 35 unit, 4 storey frame apartment building in pristine condition located in Vancouver’s emerging Mount Pleasant area. Features balconies, secure parking, elevator, views, surveillance system and many upgrades. Tenants pay for electric heat.

Location

The subject property is located in the Mount Pleasant area of Vancouver. It is situated between Windsor Street and Glen Drive on the south side of East 8th. One block South of China Creek North Park. Close to transportation and shopping on Broadway & Commercial Drive; 1/2 block west of Vancouver Community College and only few minute walk to the new Skytrain station at Great Northern Way and Clark Dr.

Improvements

– Roof replaced (1993)
– Exterior painted (2003)
– East & south siding replaced (1999)
– Main line from furnace replaced
– 2 newer hot water tanks (2003 & 2005)
– 33 suites re-carpeted
– 4 suites new cabinets
– Most fridges/overhead fans replaced
– Main hot water line replaced on main floor
– Isolation valves installed on hot water risers
– Secure underground parking for 36 cars (incl. 3 stalls used for storage)
– Surveillance system
– Balconies for all suites
– Tenants pay electric heat and cable
– Laundry room (2 washers/2 dryers leased from Phelps)
– 3 ft. crawl space
– Spectacular views of North Shore
– Power smart hall lighting
– Most suites have in suite storage
– Concrete in floors
– Back yard fenced
– Meticulous landscaping
– Attractive tiled lobby
– One unauthorized bachelor unit

Show less

	No. units
Bachelor	No. units8
One Bedroom	No. units27

Financials

Financing	Treat as clear title.
Assessment 2006	Land Building Total	Land$1,240,000 Building$1,351,000 Total$2,591,000
Taxes 2005	$15,985.95
Income and expenses	Gross income Less Vacancy 1.2% Effective gross Stabilized 2005 Expenses ($2782/unit; 33%) Net operating income	Gross income$292,560 Vacancy(3,510) Effective gross$289,050 Operating expenses(97,379) Net operating income$191,671
Notes	Income annualized as of March 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.