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Julie Apartments

840 East 6th Avenue, Vancouver

SOLD $900,000

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Price$959,000

Units11

Year built1966

Lot size60' x 122'

ZoningRM-4

Price/unit$87,181

Cap rate4.8%

GIM12.72

PID015-304-078

Legal descriptionLot 6, Blk 98, DL 264A, Plans 449 & 1771

Sale price$900,000

Sale date05/25/2004

Overview

Julie Apartments is an 11 suite walk-up apartment building in the Mount Pleasant area of East Vancouver. It is in pristine condition and conveniently located close to transit and China Creek North Park.

Location

Located at East 6th and St. Catherines street, Julie Apartments will soon be taking advantage of the transformation of the Mount Pleasant area. This local is quickly being transformed by gentrification with the advent of the old Finning site, now converted into three university campuses (UBC, SFU & Emily Carr). Furthermore, a new skytrain station will be coming soon, and the possible relocation of St. Paul’s Hospital.

Improvements

The subject property is a three storey frame building with balconies that have been beautifully restored. There are some views from suites facing Northeast. Overall, the building is very well maintained, with ongoing suite upgrades in areas of appliances, carpeting, painting, bathroom, etc. There are 8 parking stalls around back that are not being charged to the tenants.

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	No. units
Bachelor	No. units4
One Bedroom	No. units7

Financials

Financing	Treat as clear title.
Assessment 2003	Land Building Total	Land$457,000 Building$253,000 Total$710,000
Taxes 2003	$5,423.45
Income and expenses	Gross income Less Vacancy 2% Effective gross Normalized expenses Net operating income	Gross income$75,384 Vacancy(1,507) Effective gross$73,876 Operating expenses(27,500) Net operating income$46,377
Notes	Income annualized as of January 2004. Rents are approximately 7% under market for the one bedrooms and approx. 20% under market for the bachelors. 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.