Under Contract

Walnut Court

8770 Selkirk Street, Vancouver

Apartment Building
26 suites in Marpole

$8,750,000

17,076 SF corner lot

Overview

Walnut Court is a 26-suite three-storey (plus penthouse) rental apartment building located in Vancouver’s Marpole neighbourhood and situated directly across from Ebisu Park. Constructed in 1964, the property is improved on a large 17,076 SF corner lot and features a suite mix of 5 over-sized bachelors, 16 one-bedrooms and 5 two-bedrooms. The building offers balconies or patio decks, storage lockers for all tenants, two sets of washers/dryers, bike room/workshop and surface parking for 19 cars in the rear. 

The property has undergone some updates over the years such as hot water tank (2017), boiler (2011); piping replacement for main lines (2019) and torch-on roof (2019).

Location

The subject is located on the northeast corner of Selkirk Street and West 72nd Avenue in Marpole. Only two blocks west of Oak street and close to the new rapid transit “Marine Drive Station” Canada Line, linking Richmond and the airport with Vancouver and various highways connecting to the US and Fraser Valley. Conveniently situated near shopping and retail amenities on Granville and Cambie Street with access to major bus routes (bus lines on 70th and Oak, as well as Oak and SW Marine Drive).

Summary

Price$8,750,000
Units26
Storeys3
Price/Unit$336,538
Cap Rate2.4%
GIM27
Year Built1964
Lot Size101’ × 169.07’ (17,076 SF)
ZoningRM-3A
PID014-216-159,014-216-175,014-216-191

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units5Avg. Rent$846
1 bedroomNo. Units16Avg. Rent$999
2 bedroomNo. Units4Avg. Rent 1,289
2 bedroom penthouseNo. Units1Avg. Rent$1,260

Financials

FinancingTreat as clear title.
Assessment 2018
Land
Building
Total
Land$8,876,000
Building$981,000
Total$9,857,000
Taxes 2018
$19,642
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income326,157
Vacancy(1,631)
Effective Gross$324,526
Operating Expenses(111,072)
Net Operating Income$213,454
NotesFor 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.

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