418 Apartments
418 East 44th Avenue, Vancouver
Apartment Building
16 suites
SOLD $4,950,000
Overview
Built in 1988, 418 Apartments is a clean and exceptionally well-maintained 16-suite wood-frame three-story apartment building located in Vancouver’s Fraser/Main neighborhood. It features large suites, balconies/patios, covered and uncovered parking and storage. Rental buildings are rarely available in this neighbourhood. Significant upside on rents.
Features
- Built in 1988; wood-frame three-storey building with stucco exterior
- Beautiful tree-lined street with nice landscaping
- Parking: 8 covered; 8 uncovered in rear of building (included in rent)
- Laundry room: 1 washer/ 1 dryer owned by building (replaced Dec 2014)
- Storage: 11 units feature in-suite storage; 5 tenants have separate full-size lockers
- Secured bicycle room
- New hot water tank (2014)
- New roof (2004)
- New main water line at $25k cost (2013)
- Fiberglass balconies well maintained
- Carpeted/linoleum floors in common areas & suites
- Electric base-board heating paid by tenants
- Energy efficient lighting in common areas & suites
- Double glazed windows
- Thermostats & intercom for each suite
- 400 amp main electrical panel
- Photo-cell controlled exterior building lighting
- Anti-theft door plates both for exterior and suite doors
- Noise reduction concrete sub-floors
- Clean Stage 1 Environmental Report on file
- Significant upside on rents; based on CMHC’s Fall 2015 Rental Market Report for Southeast Vancouver, the bachelor suites are 19% below market; the one bedroom suites are 14% below market; the two bedroom suites are 27% below market
Location
418 Apartments is centrally located in the Fraser/Main neighborhood of East Vancouver. Nestled in a quiet tree-lined pocket, only three blocks south of East 41st Avenue between Fraser Street to the east and Main Street to the west. One block southwest of John Oliver High school; a 5-minute walk to Memorial South Park and a 1-minute walk to MacDonald Park.
A wide range of retail amenities, supermarkets, community services, schools, restaurants, boutiques, trendy cafes and excellent bus transportation characterize this vibrant community.
Summary
Suite Mix
| No. Units | Avg. Sq. Ft. | Avg. Rent | |
|---|---|---|---|
| Bachelor | No. Units2 | Avg. Sq. Ft.600 | Avg. Rent763 |
| 1 bedroom | No. Units10 | Avg. Sq. Ft.650 | Avg. Rent870 |
| 2 bedroom | No. Units4 | Avg. Sq. Ft.725 | Avg. Rent975 |
Financials
| Financing | Treat as clear title. | |
|---|---|---|
| Assessment 2016 | Land Building Total | Land$2,113,000 Building$1,198,000 Total$3,311,000 |
| Taxes 2015 | $10,377.14 | |
| Income and Expenses | Gross Income Vacancy Effective Gross Operating Expenses Net Operating Income | Gross Income$171,095 Vacancy(1,711) Effective Gross$169,384 Operating Expenses(55,325) Net Operating Income$114,059 |
| Notes | For a detailed rent roll and expense statement, please click here. | |
The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.
