Overview
The subject property is a three storey walk up apartment building of wood frame construction built in 1960 and located in the Grandview-Woodland area of Vancouver. There are a total of 6 suites (1-2Br; 4-1Br; 1 junior-1Br). Excellent opportunity for first time investor or owner-occupier.
Location
The subject property is located on the south side of Pandora Street, between Lakewood and Semlin Drives, in the Grandview-Woodland area of Vancouver. Just 3.5 blocks west of Nanaimo Street and a block east of Victoria Drive. The streets are lined with trees, restored Victorian houses and apartment buildings. Close to public transport, shopping, downtown and parks.
Highlights
- Three storey walk-up wood-frame apartment built in 1960
- 6 suites: 1-2Br; 4-1Br; 1 junior 1Br
- Two bedroom unit has undergone extensive renovations; includes a dishwasher and is estimated to be 1200 sq. ft. in size
- Torch-on roof replaced with 10-year warranty (2011)
- Balcony decks replaced (2011)
- Some suite upgrades; most in average condition
- Hot water tank replaced (2012)
- Common laundry free of charge (1 washer/1 dryer)
- City picks up garbage
- Suite #6 is unauthorized
- Parking: 5 stalls at rear of building (no charge)
Suite mix
| No. units | Average rent | |
|---|---|---|
| Junior One Bedroom | No. units1 | Average rent$570 |
| One Bedroom | No. units4 | Average rent$889 |
| Large Two Bedroom | No. units1 | Average rent$1,500 |
Financials
| Financing | Treat as clear title. | |
|---|---|---|
| Assessment 2013 | Land Building Total | Land$1,032,000 Building$10,000 Total$1,042,000 |
| Taxes 2013 | $3,875.11 | |
| Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income$67,500 Vacancy(338) Effective gross$67,163 Operating expenses(20,413) Net operating income$46,750 |
| 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
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
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
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