323 Mountain Highway

North Vancouver

SOLD $508,500

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Price$535,000

Property typeOffice / Retail

Storeys2

Gross leasable area3,200 sq ft,

Year built1978

Lot size50 ft. x 120 ft. (6,000 sq.ft.)

ZoningC-2

Cap rate7.07%

PID009-027-581

Legal descriptionLot 3, Blk 23, DL 204, LD 37, Plan 11899

Sale price$508,500

Sale date01/01/2003

Overview

Offering good exposure and ample parking, the fully leased retail/office investment is in pristine condition with good signage owned by the building.

Location

Situated on Mountain Highway in North Vancouver, BC. It is just north of Main St, in between Bond St. and Rupert St. It is one block east of Park & Tilford Mall.

Description

The property is improved with a two-storey building constructed in circa 1978 and contains a total gross leasable area of 3,200 sq ft, including approximately 1,567 sq ft of second-floor office space. The building has been constructed using a structural steel frame with concrete block walls behind a stucco facade. The remainder of the property is comprised of an asphalt surface parking lot containing 13 spaces with one point of ingress and egress.

Upgrades

– Roof upgrade and flashings, two years old
– Repainted facade
– New carpets upstairs
– Banisters replaced
– Flooring repaired on upstairs balcony
– T-bars and blinds added in upstairs suite
– Replaced ballasts upstairs
– Bathroom flooring replaced
– Lines painted in car park

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Financing	Treat as clear title.
Assessment 2003	Land Building Total	Land$300,000 Building$135,000 Total$435,000
Taxes 2002	$12,064.73
Income and expenses	Gross income Operating expenses Net operating income	Gross income$53,315.52 Operating expenses(15,441.21) Net operating income$37,874.31

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