Queen's Gate Apartments
1171 W. 12th Avenue, Vancouver, BC
$7,250,000

Overview
Totally renovated in prime South Granville! Queen’s Gate Apartments is a wood frame, 22-suite, low-rise apartment building in superb condition located in Vancouver’s desirable South Granville neighbourhood. Built in 1954, the property features large trees, covered parking, storage lockers, dishwashers and an excellent suite mix including a penthouse suite with a large deck and panoramic views.
Location
The subject property is located in the heart of South Granville on the north side of 12 Avenue between Granville and Oak Street. Close to Vancouver General Hospital, shopping, cafes, bus, future SkyTrain station, schools, parks and Downtown Vancouver.
Improvements
– Three storey wood frame building
– 22 large, bright suites with excellent layouts, hardwood floors and separate dining areas
– Original boiler in good working order
– Newer hot water tank
– 8 covered parking
– 22 storage lockers
– 2 washers/2 dryers leased
– Tar & gravel roof approx. 5 years old
– Plumbing approx. 9-11 years old All NEWLY RENOVATED in late
2006: Common areas:
– Carpets
– Lighting
– Tile entry
– Mailboxes
– Awning at front
– Double-glazed windows
– Oil tank removed from rear
– Paint (interior and exterior) General to all suites:
– Refinished hardwood floors
– Double-glazed vinyl windows
– Plugs, switches, lighting, paint (interior & exterior)
– 2 faux-wood blinds (no bending or breaking as w. cheaper 1 aluminum)
Kitchens:
– Tile floors
– Stylish counters
– Maple kitchen cabinets
– New Appliances: fridges, stoves, dishwashers
Bathrooms:
– Sinks
– Toilets
– Mirrors
– Shelving
– Tile floors
– Re-glazed tubs
– Tile around tubs
Rent Roll & Statements
For a current rent roll and expense statement, download the PDF file above.
Suite mix
No. units | Average size | |
---|---|---|
2 Bedroom | No. units6 | Average size1,100 sq.ft. (corner units) |
1 Bedroom (1 unauthorized unit) | No. units15 | Average size750 sq.ft. |
1 Bedroom P/H | No. units1 | Average sizeIncludes 400 sq.ft. deck w/views |
Financials
Financing | A first mortgage held by Great West Life with an outstanding balance of approximately $2,400,000 at an interest rate of 5.14% per annum due November 1st, 2011 with blended monthly P.I. payments of $15,953. | |
---|---|---|
Assessment 2007 | Land Building Total | Land$2,638,000 Building$2,120,000 Total$4,758,000 |
Taxes 2007 | $20,758.20 | |
Income and expenses | Gross income Less Vacancy 0.2% Effective gross Expenses 2007 Net operating income | Gross income$341,844 Vacancy-683.69 Effective gross$341,160.31 Operating expenses-75,860.20 Net operating income$265,300.11 |
Notes | Annualized as of May 2008 |
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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