Overview
Garden Villa is an exceptionally clean and well maintained 18 unit low-rise apartment building located in the Grandview neighbourhood of East Vancouver. Built in 1965, the property has undergone a significant renovation program and features hardwood floors, storage lockers, balconies, parking and a penthouse suite with great views of the North Shore.
Location
The subject property is located in East Vancouver on the south side of Dundas Street, one block west of Nanaimo Street. Close to major bus routes, shopping and Hastings Park.
Features
- Hardwood floors
- 2 washers/2 dryers leased from Engs
- Storage lockers
- 8 suites have balconies
- 13 surface parking stalls
- Property fenced on both sides
- All suites on breakers
- Annunciator panel in meter room
- Penthouse suite with great views of North Shore
- Buyer may elect to purchase the shares of the company holding the asset, thereby saving property purchase tax
- Significant renovation program for suites and common area upgrades in the amount of $252,200 (2012/13). See “Upgrades” tab for more details.
- Significant upside on 4 suites
Upgrades
- Exterior repainted
- Fence replaced on side and rear
- Parking lines repainted
- All new landscaping
- Fascia boards repainted
- New lighting installed in halls
- Exterior pressure washed
- 80% of windows replaced (front & back)
- New hot water tank (2010)
- New roof at $51,200 (2013)
- Common area upgrades @ $2,500 (2013)
- New windows @ $8000 (2013)
- New mailboxes @ $1200 (2013)
- New balconies/railings @ $7000 (2013)
- Boiler system upgrade @ $30,000 (2013)
- 12 of the 18 suites totally renovated @ $154,100 (2012/13)
Suite mix
| No. units | Average size | Average rent | |
|---|---|---|---|
| Bachelor | No. units1 | Average size439 | Average rent$850 |
| One Bedroom | No. units16 | Average size607 | Average rent$941 |
| One Bedroom Penthouse | No. units1 | Average size441 | Average rent$1,100 |
Financials
| Financing | Treat as clear title. | |
|---|---|---|
| Assessment 2013 | Land Building Total | Land$2,181,000 Building$676,000 Total$2,857,000 |
| Taxes 2013 | $9,893.04 | |
| Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income$208,520 Vacancy(2,607) Effective gross$205,914 Operating expenses(58,759) Net operating income$147,155 |
| 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.
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
Mortgage calculator
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
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