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The Queensland

2295 West 40th Avenue, Vancouver

SOLD $2,088,000

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Price$2,175,000

Units11

Year built1954

Lot size67' x 118'

ZoningRM-3

Price/unit$197,727

Cap rate5.1%

GIM14.1

PID004-368-959

Legal descriptionLot C & D of 1, Block 5 of 17, DL 526, Dist 36, Plan 4496

Sale price$2,088,000

Sale date04/01/2004

Overview

The Queensland is a 11 suite walk-up apartment building in good condition on a quite cul-de-sac street in a prime Kerrisdale location. It is just one block North of the shopping corrider on West 41st and Vine Street.

Summary

– Rent includes heat, hot water & storage lockers
– Five covered parking spots around back
– Total net area is approx. 10,000 sq. ft.
– Oak hardwood floors

Recent Upgrades

– Newer boiler & hotwater tank (4 years old)
– Intercom replaced
– Approx. 70% of appliances replaced
– New hall carpets (1998)
– Most tubs retiled
– Main drain waterline replaced 10′-12′ section (2000)
– 1/3 of riser pipes replaced

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	No. units
Bachelor P/H	No. units1
One Bedroom	No. units3
Two Bedroom	No. units6
Three Bedroom	No. units1

Financials

Financing	1st mortgage of $1.3M @ 4.93% with State Street Trust. P.I. payments of $7509. Due June 30th, 2008.
Assessment 2004	Land Building Total	Land$1,062,000 Building$637,000 Total$1,699,000
Taxes 2003	$9,957.96
Income and expenses	Gross income Less Vacancy 1.5% Effective gross Actual Expenses 2003 Net operating income	Gross income$154,080 Vacancy(2,311) Effective gross$151,768 Operating expenses(40,589) Net operating income$111,179
Notes	Income annualized as of January 1, 2004. 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.