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Julie Apartments

840 East 6th Avenue, Vancouver

$2,550,000

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Price$2,550,000

Units11

Storeys3

Year built1966

Lot size60' x 122' (7,320 sq. ft.)

ZoningRM-4

Price/unit$231,818

Cap rate2.9%

GIM21.7

PID015-304-078

Legal descriptionAmended Lot 6 (See 176075L) Blk 98 DL 264A Plans 449 & 1771

Overview

Julie Apartments is an 11 suite three storey walk-up apartment building located in the Mount Pleasant area of East Vancouver. The property is well maintained and conveniently located close to transit and China Creek North Park.

Location

Located on the south side of East 6th and between Prince Albert and St. Catherine Streets, Julie Apartments is situated in the thriving cultural and artistic neighbourhood of Mount Pleasant.

This community has transformed into a hub for the creative sector in the city with the advent of the old Finning International site (19 acres), now converted into four academic institutions (UBC, SFU, BCIT & Emily Carr University). The subject property is also in very close proximity to VCC/Clark SkyTrain Station and the Centre of Digital Media.

Improvements

Three storey wood-frame rental building comprised of 11 suites
Majority of suites have been nicely updated with remodelled kitchens, bathrooms, flooring and newer appliances
Balconies have been beautifully restored
Suites facing northeast have views
Parking: 8 stalls around back that are not being charged to the tenants
Tar and gravel roof
Gas-fired furnace and two hot water tanks
One washer & one dryer (leased or owned?)
Storage lockers?

Show less

	No. units	Average rent
Bachelor	No. units4	Average rent$772
One Bedroom	No. units7	Average rent$980

Financials

Financing	Treat as clear title.
Assessment 2013	Land Building Total	Land$1,613,000 Building$208,000 Total$1,821,000
Taxes 2013	$6,764.51
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$120,703 Vacancy(3,072) Effective gross$117,631 Operating expenses(43,633) Net operating income$73,998
Notes	For an income & 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 Goodman Commercial.