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Garden Villa

2250 Dundas Street, Vancouver

SOLD $2,745,000

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Price$2,895,000

Units18

Net rentable area10,586 sq. ft.

Year built1965

Lot size99' x 122'

ZoningRM-3A

Price/unit$160,833

Cap rate3.9%

GIM16.1

PID015-684-199; 015-684-181

Legal descriptionLot 4 & 5, Blk 24, Pln 178, D Lot 184, NWLD

Sale price$2,745,000

Sale date01/03/2012

Overview

Garden Villa is an exceptionally clean and well maintained 18 unit low-rise apartment building located in the Grandview neighbourhood of East Vancouver. Built in 1965, the property features hardwood floors, storage lockers, balconies, parking and a penthouse suite with great views of the North Shore.

Location

The subject property is located in East Vancouver on the south side of Dundas Street, one block west of Nanaimo Street. Close to major bus routes, shopping and Hastings Park.

Features

Hardwood floors
2 washers/2 dryers leased from Engs
Storage lockers
8 suites have balconies
13 surface parking stalls
Property fenced on both sides
All suites on breakers
Annunciator panel in meter room
Penthouse suite with great views of North Shore
Buyer may elect to purchase the shares of the company holding the asset, therbey saving property purchase tax

Recent Upgrades

Exterior repainted
Fence replaced on side and rear
Parking lines repainted
Balcony banisters repainted
All new landscaping
Fascia boards repainted
New lighting installed in halls
Exterior pressure washed
80% of windows replaced (front & back)
New hot water tank (2010)
New roof and vents (2005)
Appliances replaced as needed

Show less

	No. units	Average size	Average rent
Bachelor	No. units1	Average size439	Average rent$720
One Bedroom	No. units16	Average size607	Average rent$834
One Bedroom Penthouse	No. units1	Average size441	Average rent$725

Financials

Financing	Treat as clear title.
Assessment 2011	Land Building Total	Land$1,861,000 Building$24,800 Total$1,885,800
Taxes 2011	$8471.72
2011 Proforma	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$179,280 Vacancy(2,241) Effective gross$177,039 Operating expenses(62,927) Net operating income$114,112
Notes	Income annualized as of November 2011. For a current rent roll and 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.