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Halidane House

918 East 8th Avenue, Vancouver, BC

$2,425,000

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Price$2,425,000

Units19

Year built1967

Lot size99' x 122'

ZoningRM-4

Price/unit$127,632

Cap rate4.1%

GIM16.2

PID012-521-639

Legal descriptionLots 2-4, Blk 116, DL 264A, Plans 889 & 1771

Overview

Halidane House is a 3 storey, 19 unit frame apartment building in excellent condition located in the Mount Pleasant area of East Vancouver. Features balconies, hardwood floors, parking and many upgrades. Rents significantly below market-major upside!

Location

The subject property is located in the Mount Pleasant area of East Vancouver. It is situated on East 8th Avenue, one block north of Broadway, between St. Catherines St. and Windsor St. One block South of China Creek North Park. Close to transportation and shopping on Broadway & Commercial Drive. See map link above.

Improvements

– Roof replaced (1993)
– Exterior painted (2003)
– East & south siding replaced (1999)
– Main line from furnace replaced
– 2 newer hot water tanks (2003 & 2005)
– 33 suites re-carpeted
– 4 suites new cabinets
– Most fridges/overhead fans replaced
– Main hot water line replaced on main floor
– Isolation valves installed on hot water risers
– Secure underground parking for 36 cars (incl. 3 stalls used for storage)
– Surveillance system
– Balconies for all suites
– Tenants pay electric heat and cable
– Laundry room (2 washers/2 dryers leased from Phelps)
– 3 ft. crawl space
– Spectacular views of North Shore
– Power smart hall lighting
– Most suites have in suite storage
– Concrete in floors
– Back yard fenced
– Meticulous landscaping
– Attractive tiled lobby

Rent Roll & Statements

According to the recent CMHC rent averages for the Mount Pleasant area, the subject property’s rents are 22% below market for the bachelor suite, 17% below market for the 1-Br suites and 14% below market for the 2 Br suites. For rent roll & statement, please download the PDF file above.

Show less

	No. units
Bachelor (unauthorized)	No. units1
1 Bedroom	No. units15
2 Bedroom	No. units3

Financials

Financing	Approximately $750,000 @ 5.75% with MCAP, P.I.T. $5500/month, due Nov/06.
Assessment 2005	Land Building Total	Land$930,000 Building$343,000 Total$1,273,000
Taxes 2005	$7,936.52
Income and expenses	Gross income Less Vacancy 1.2% Effective gross Less Expenses ($2,617/unit; 34%) Net operating income	Gross income$149,700 Vacancy$1,796 Effective gross$147,904 Operating expenses$49,731 Net operating income$98,173
Notes	Ann. as of Feb. 2005

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