St. Andrews Manor

215 St. Andrews Avenue, North Vancouver

SOLD $3,500,000

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Price$3,850,000

Units45

Year built1974

Lot size119.55 ft. x 199.83 ft.

ZoningMultifamily

Price/unit$85,556

Cap rate7.05%

GIM9.46

Sale price$3,500,000

Sale date02/28/2003

Overview

St. Andrews Manor is situated at the northwest corner of East 2nd Avenue and St. Andrews Avenue, two blocks east of Lonsdale Avenue where Seabus and Lonsdale Quay are located.

Recent Upgrades

– Eight balconies repaired 2002
– Building power-washed and painted 2002
– Landscaping clean-up 2002
– Five new fridges (past 12 months)
– 15 suites re-carpeted 2002
– New hall carpets 2002
– Hall painted 2002
– New recirculation line 2nd floor 200

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Financing	St. Andrews has a new first mortgage of $2,750,000.00 at 5%, on a three-year term (25 years), monthly P.I. $17,187.50, due April 2005.
Assessment 2002	Land Building Total	Land$1,887,000 Building$1,457,000 Total$3,344,000
Taxes 2002	$25,419.39
Income and expenses	Gross income Operating expenses Net operating income	Gross income$406,800 Operating expenses(135,000) Net operating income$271,800

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.