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Junette Apartments

1026 West 13th Avenue, Vancouver

SOLD $1,768,000

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Price$1,795,000

Units10

Year built1955

Lot size50' x 125'

ZoningRM-3

Price/unit$179,500

Cap rate4.8%

GIM15

PID012-613-312

Legal descriptionLot 8 BLK 435 DL 526 LD 36 PL 1276

Sale price$1,768,000

Sale date11/03/2005

Overview

Built in 1955, Junette Apartments is a 10 unit three storey frame apartment building in outstanding condition located in Vancouver’s popular South Granville district. Great suite mix. Large suites. There is a significant upside in rent levels. Tenants pay own electric heat.

Location

The subject property is located on the south side of West 13th Avenue, a half block west of Oak Street and 4 blocks east of Granville Street. Close to Vancouver General Hospital, shopping, transportation, schools and parks.

Improvements

– extra large suites
– all units are corner suites
– garden level 2Br’s have large patios
– all units hardwood floors (some have carpets overtop)
– new double glazed windows
– 5 parking stalls
– building exterior just repainted
– laundry leased from Coinamatic (1 washer/dryer)
– pitched asphalt shingle roof replaced approx. 1995
– plumbing replaced approx. 1995
– all appliances, flooring, countertops, cabinets, kitchens, bathrooms all updated (not older than 10 yrs).

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	No. units	Size range
One Bedroom	No. units8	Size range750 - 800
Two Bedroom	No. units2

Financials

Financing	Treat as clear title.
Assessment 2005	Land Building Total	Land$610,000 Building$723,000 Total$1,333,000
Taxes 2005	$7,895.97
Income and expenses	Effective gross Current Expenses Net operating income	Effective gross$119,280 Operating expenses(33,397) Net operating income$85,883
Notes	Income annualized as of December 2005. Rents are approx. 40% below market for three units based on recent rentals in the area including the subject property (a 1-Br was just rented for $1050/month). All tenants rented month-to-month. For rent roll and income & 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.