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2274 Oxford Street

Vancouver

SOLD $2,360,000

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Price$2,690,000

Units8

Storeys3

Year built1966

Lot size49.5’ x 122’ (6,039 sq. ft.)

ZoningRM-3A

Price/unit$336,250

Cap rate2.0%

GIM32.3

PID003-641-121

Legal descriptionLot 7 BLK 21 DL 184 PL 178

Sale price$2,360,000

Sale date03/27/2017

Overview

2274 Oxford Street is a three-storey 8-suite rental apartment building located in East Vancouver. Built in 1966, the property is improved on a 49.5’ x 122’ (6,039 sq. ft.) RM-3A zoned lot. The newly stamped Grandview-Woodland plan indicates the property is in an area for 6-storey 100% rental developments. Rents are significantly under market, providing investors an opportunity to further enhance the revenue by completing a comprehensive renovation plan as suites turnover.

Highlights

Three-storey wood-frame walk-up rental building
7 one-bedroom units and one two-bedroom unit
Roof replaced (approx 2014)
6 tenant storage lockers
2 exit stairways
Single-glazed original windows
Laminate flooring and/or original hardwood in suites
Each unit has a balcony (suite 7 has enclosed balcony)
4 car parking at rear of the building
Hot water heat (original gas furnace)
1 washer and 1 dryer – leased
Significant rental upside on suite turnover
Clean Stage 1 Environmental Report available

Location

The subject is situated on the south side of Oxford Street between N. Garden Drive and N. Templeton Drive in the Cedar Cove area of the Grandview Woodland Plan. Located in a quiet tree-lined street with excellent bus transportation on Nanaimo St. and to Downtown along Dundas St. A few minutes’ walk to Donald’s Market, restaurants, Pandora Park and the commercial corridor along Hastings St.

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	No. units	Average rent
One Bedroom	No. units7	Average rent$822
Two Bedroom	No. units1	Average rent$1,025

Financials

Financing	Treat as clear title.
Assessment 2016	Land Building Total	Land$1,239,000 Building$257,000 Total$1,496,000
Taxes 2016	$4,845
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$83,401 Vacancy(500) Effective gross$82,900 Operating expenses(29,873) Net operating income$53,027
Notes	For a current rent roll and expense statement, please 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.