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Home / Apartment buildings / Past sales / Don Lynn Apartments – 1025 West 13th Avenue, Vancouver

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Don Lynn Apartments

1025 West 13th Avenue, Vancouver

SOLD $1,590,000

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Price$1,590,000

Units9

Year built1952

Lot size50' x 125'

ZoningRM-3

Price/unit$177,667

Cap rate4.04%

PID014-674-793

Legal descriptionLot 13 BLK 415 DL 526 LD 36 PL 1276

Sale price$1,590,000

Sale date11/02/2005

Overview

Built in 1952, Don Lynn Apartments is a 9 unit two storey frame apartment building in superb condition located in Vancouver’s popular South Granville area. Rents significantly below market–major upside!

Location

The subject property is located on the north side of West 13th Avenue, a half block west of Oak Street and 4 blocks east of Granville Street. Close to Vancouver General Hospital, shopping, transportation, schools and parks.

Improvements

– hardwood floors
– 5 parking stalls
– 9 full storage lockers
– laundry leased from Coinamatic (1 washer/dryer)
– intercom system to all suites
– roof replaced 1998
– plumbing completely replaced 2001
– appliances in good condition
– cabinets/countertops: 2 suites renued
– fridges: 6 recently replaced
– stoves: 3 recently replaced
– bathrooms: 3 recently upgraded
– dishwashers: 2 units
– aluminum siding-low maintenance
– Teckmar system in furnace room
– Unit 5 can be made into a 2 bedroom by adding door to enter into office

Show less

	No. units
Bachelor	No. units1
One Bedroom	No. units7
Two Bedroom	No. units1

Financials

Financing	Treat as clear title.
Assessment 2005	Land Building Total	Land$610,000 Building$621,000 Total$1,231,000
Taxes 2005	$7,276.06
Income and expenses	Effective gross Operating expenses Net operating income	Effective gross$96,760 Operating expenses(32,157) Net operating income$64,563
Notes	Income annualized as of December 1, 2005. Old rents are approx. 45% below market based on recent rentals in the area including the subject property (a 1-Br was just rented for $1100/month). All tenants rented month-to-month. 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.