Overview
Constructed in 1953, the Cedar Springs is an 8-suite three storey wood-framed apartment building located in Vancouver’s Kitsilano neighbourhood. The subject features 4 one bedroom and 4 two bedroom suites and is improved on a 49.3′ x 116.8′ lot. The property features 6 parking stalls in the rear and hardwood floors throughout the suites. This offering can also be regarded as a land play as it is zoned C-2. Located in a great neighbourhood close to everything: shopping and retail amenities, cafes, transportation, parks, and Kits Beach. PRICE REDUCTION, NOW ASKING $2,495,000
Location
The subject is situated on the north side of West 4th Avenue between Bayswater Street to the west and Macdonald Street to the east in the popular Kitsilano West 4th retail corridor. Kitsilano is considered one of the most desirable rental locations in the City of Vancouver, with its numerous beaches, parks, recreation centres, retail amenities, restaurants, service conveniences and its close proximity to Downtown Vancouver.
Features
– C2 Zoning: Offering can be regarded as a land play. Would be a great redevelopment with stores down and suites up
– Original kitchen cabinets & bathroom fixtures
– Lino replaced in kitchens
– 30” fridges, 24” stoves
– Surface grade parking for 6 cars around rear
– Oil tank removed recently removed—clean site
– Torch-on roof replaced (1994)
– Furnace replaced (1995)
– 2 hot water tanks
– Huebsch washer/dryer (one set owned by building)
Rent Roll & Statements
For a current rent roll and expense statement, please download the attached PDF file above.
Suite mix
| No. units | |
|---|---|
| 1 Bedroom | No. units4 |
| 2 Bedroom | No. units4 |
Financials
| Financing | Clear title. | |
|---|---|---|
| Assessment 2010 | Land Building Total | Land$1,860,000 Building$30,300 Total$1,890,300 |
| Taxes 2009 | $7,175.65 | |
| Income and expenses | Effective gross Operating expenses Net operating income | Effective gross$90.35 Operating expenses-20,490 Net operating income$66,398 |
| Notes | Income Annualized as of March 2010 | |
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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