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Forest Glen Apartments

8351 Bennett Road, Richmond

SOLD $3,885,000

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Price$4,000,000

Units38

Year built1979

Lot size137' x 270' (36,990 sq. ft.)

ZoningLand use contract #115 (site specific)

Price/unit$105,131

Cap rate5.61%

GIM12.39

PID000-965-031

Legal descriptionLot 374 Sec 16 Blk 4N LD36 R6W Plan 55806

Sale price$3,885,000

Sale date01/01/2006

Overview

Forest Glen Apartments is a 38 suite, 4 storey frame building in excellent condition located in Richmond. It is just minutes to bus and excellent shopping on No. 3 Road.

Location

The subject is located in Richmond on the north side of Bennett Road, between No. 3 Road to the East and Granville Ave. to the North, and General Currie to the South. Just minutes to bus and excellent shopping on No. 3 Road.

Improvements

– 4 storey frame apartment building with elevator & balconies
– Constructed in 1979
– Electric heat paid by tenants
– Vinyl exterior, aluminium soffits
– Full laundry facilities (rented machines)
– Insuite storage and 24 full size lockers
– Covered grade parking for 28 cars and 20 unsecured

Recent Upgrades

– approx. 50% of stoves replaced
– Balconies renewed as required
– Vinyl siding applied in 1995
– Carpets, bath & kitchen floors replaced as needed
– 5 suites new counter tops
– Ongoing piping renewal
– 8 new tubs
– Roof replaced (1994)
– Window glass replaced & new seals(1998)
– All fridges replaced last 5 years
– Approx. 50% of bath tile renewed
– 2 new hot water tanks (2005)

Show less

	No. units
Bachelor	No. units5
One Bedroom	No. units20
Two Bedroom + Den	No. units1
Two Bedroom	No. units12

Financials

Financing	Clear Title
Assessment 2003	Land Building Total	Land$1,553,000 Building$1,350,000 Total$2,903,000
Taxes 2004	$20,809.56
Income and expenses	Gross income Less Vacancy 1% Effective gross Operating expenses Net operating income	Gross income$325,500 Vacancy(3,255) Effective gross$322,245 Operating expenses(98,000) Net operating income$224,245
Notes	Income annualized as of April 2005. 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.