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The Manor Suites

1655 West 11th Avenue, Vancouver, BC

$2,090,000

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Price$2,090,000

Units11

Year built1960

Lot size50' x 125'

ZoningRM-3

Price/unit$190,000

Cap rate4.6%

GIM16

PID014-184-427

Legal descriptionLot 16, DL 526, LD 36, BLK 369, Plan 1949

Overview

The Manor Suites is an attractive 11 unit three storey frame apartment building in excellent condition located in the heart of Vancouver’s South Granville district. Features two furnished suites, parking, a large two-split penthouse with views and many upgrades.

Location

Located in the popular South Granville area, the subject property is situated west of Granville Street on West 11th Avenue, one and a half blocks East of Burrard Street. Steps away to shops, cafes, transportation and entertainment.

Improvements

– frame 3 storey building – stucco exterior
– large two-split penthouse with city & water views
– 2 suites completely furnished
– large suites with hardwood floors
– immaculate laundry area-1 washer/dryer owned by building
– all suites have new appliances & countertops
– approx. 6 cabinets replaced last 2 years
– gas fired boiler
– new sump pump 2003
– completely repiped in 2002
– sewer pipe replaced
– new bathroom in suite 2
– unit 3 can be reconfigured into a 2-Br with 2 bathrooms
– new furnace motor
– roof replaced 2003 – torch on
– windows replaced on south side 2004
– 1 balcony rebuilt 2005
– 5 parking stalls
– 2 suites have dishwashers
– building features free Telus wireless access

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	No. units	Average size
Bachelor	No. units2	Average size550 & 450 sq.ft.
1 Bedroom	No. units8	Average size760 sq.ft.
2 Bedroom P/H	No. units1	Average size1,150 sq.ft.

Financials

Financing	A first mortgage of approx. $900,000 with ING at 6% due 2013 with P.I.T payments of approx. $6864/month. Must be assumed.
Assessment 2005	Land Building Total	Land$665,000 Building$798,000 Total$1,463,000
Taxes 2005	$8,692.56
Income and expenses	Effective gross 2004 Expenses ($3080.81/unit) Net operating income	Effective gross$130,360 Operating expenses$33,889 Net operating income$96,471
Notes	Ann. as of October/05

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.