Overview
The subject property is a well maintained 4.5 level 6-suite wood frame apartment building located in the heart of Vancouver’s popular Commercial Drive neighbourhood. It features all large two bedroom suites, surface parking, garages and amazing views of the North Shore Mountains and Downtown Vancouver from the split-level 6th suite rooftop patio deck.
Location
The subject is located in arguably the hottest area off “The Drive” on the south-west corner of Woodland and William Streets, two blocks west of Vancouver’s popular Commercial Drive corridor. Just across the street to the north is Britannia Elementary School and two blocks to the east is Grandview Park.
The Drive has a distinct European ambiance that you can’t find anywhere else in the city. Sidewalk cafes, small boutiques, bakery and pastry shops, all mingle with the regular types of businesses such as banks, grocery stores, and hardware stores. The area is well serviced by public transit with both bus and Skytrain station nearby. With an increasing population base in the neighborhood, the area has grown to be a vibrant and desirable district.
Highlights
- Prime corner site with Commercial Drive two short blocks away
- Well maintained 4.5-level wood frame apartment building featuring 6 two bedroom suites
- Large balconies for each suite
- 5 storage lockers
- Sixth suite features split-level loft with rooftop deck offering amazing panoramic views of Downtown Vancouver & North Shore Mountains
- Perimeter fencing with attractive landscaping featuring matures trees and shrubbery
- Parking: 4 surface stalls; currently no charge
- 3 enclosed garages currently leased as long term storage
- Electric heat paid by tenants; 30amp breakers in each suite
- Domestic hot water (2 tanks) supplied by building
- One washer/one dryer leased
- Offered clear tile—buyer can take advantage of historically low interest rates
Suite mix
No. units | Average rent | |
---|---|---|
Two Bedroom | No. units5 | Average rent$1,158 |
Two Bedroom + Loft | No. units1 | Average rent$1,400 |
Financials
Financing | Treat as clear title. | |
---|---|---|
Assessment 2013 | Land Building Total | Land$1,162,000 Building$218,000 Total$1,380,000 |
Taxes 2012 | $6,068.72 | |
Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income$92,350 Vacancy(924) Effective gross$91,427 Operating expenses(25,533) Net operating income$65,894 |
Notes | 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.
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
John Moody
john.moody@hqreservices.com
778 837 3760
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
Mortgage calculator
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
John Moody
john.moody@hqreservices.com
778 837 3760
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3