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Monaco Apartments

130 East 17th Street, North Vancouver

$2,595,000

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Price$2,595,000

Units12

Storeys3

Year built1969

Lot size66' x 149' (9,806 sq. ft.)

ZoningRM-1 (Medium Density)

Price/unit$216,250

Cap rate3%

GIM20

PID013-295-063

Legal descriptionLot A of Lot 6 Block 18 District Lot 549 Plan 3036

Overview

Monaco Apartments is a clean and well maintained 12-suite wood frame three storey apartment building located in North Vancouver’s popular Central Lonsdale neighbourhood.

Location

Monaco Apartments is located in arguably the hottest area of North Vancouver in the heart of the Central Lonsdale corridor.
Situated on 17th Street one half block east of Lonsdale, this location offers convenient access to Downtown Vancouver via to the Lions Gate Bridge (5.4km) or Eastbound to the Ironworkers Memorial Bridge (5.1km).
The Lonsdale Quay Market and Sea Bus are within close proximity which connects to a 12 minute boat ride Downtown.
A few minutes’ walk to a wide range of retail amenities, supermarkets, community services such as the John Braithwaite Community Centre, restaurants, boutiques, trendy cafes and excellent bus transportation along Lonsdale.

Features

3-storey wood frame rental apartment building with stucco and brick trim exterior
Prime North Vancouver central Lonsdale location
Well maintained clean building with attractive landscaping
Excellent suite mix (6-1Br; 6-2Br)
Harwood floors throughout (10/12 suites have carpeting overtop)
All suites on breakers
12 separate storage lockers for tenants
Gas-fired furnace; hot water heat
Oil tank removed (2004)
Surface parking for 10 cars in rear of building
Laundry room: 1 washer/1dryer
New torch-on roof (2009)
Exterior paint (2009)
50% of appliances replaced (last 5 years)

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	No. units	Average rent
One Bedroom	No. units6	Average rent$783
Two Bedroom	No. units6	Average rent$934

Financials

Financing	Treat as clear title.
Assessment 2012	Land Building Total	Land$1,720,000 Building$351,000 Total$2,071,000
Taxes 2012	$11,443.12
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$124,426 Vacancy(622) Effective gross$123,804 Operating expenses(44,996) Net operating income$78,808
Notes	Income annualized as of August 2012. For a current rent roll & 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.