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Capri Apartments

520 N Nanaimo Street, Vancouver, BC

$3,150,000

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Price$3,150,000

Units20

Year built1970

Lot size98.32' x 125.30' (12,319 sq. ft.)

ZoningRM-3A

Price/unit$157,500

Cap rate4.2%

GIM15.65

PID015-728-323; 015-728-323

Legal descriptionLot 252 & 253, Except Plan 4551, DL HT LD 36, PL 100

Overview

Built in 1970, Capri Apartments is a 20 unit frame 3-storey apartment building in excellent condition located in a quiet area of East Vancouver on N. Nanaimo Street. Some views of Burrard Inlet and North Shore. Features secure underground parking, patios/balconies, storage and many upgrades. ASKING $3,150,000 ($157,500/UNIT).

Location

Capri Apartments is located in one of the nicest pockets of East Vancouver with great views, tranquil surroundings and access to transportation and major arterial routes to the North Shore, Downtown, Burnaby and the TransCanada Highway. Situated 2 blocks north of McGill Street on the north east corner of Trinity and N. Nanaimo Street, just one short block from Burrard Inlet.

Features

– Beautifully landscaped
– 20 secure underground parking stalls
– Bike rack in garage
– 20 separate lockers
– Very attractive carpeted lobby
– Heat lamps/fans all bathrooms
– Extra storage room for caretaker
– Views of Burrard Inlet and N. Shore from 3rd floor
– Lockers/patios for each suite
– Separate boiler for domestic hot water
– All suites feature breakers

Reno History

– Intercom (2003)
– Roof, flashings replaced (2003)
– Rekeyed all doors & suites
– Approx. 8 new fridges/stoves (2010)
– Newer furnace “Super Hot” 2-phase 600 BTU. (2003)
– New hot water tank (2009)
– Two newer washers and dryers (owned by building)
– All pipes in underground parking are insulated
– Most suites have updated flooring, countertops, taps and some toilets A Brief Summary of Recent Plumbing Repairs:
– Re-plumbed laundry room
– Replaced all mains to building with copper.
– Water piping is now 2” copper main. 1 1/2“ cold and hot to main floor.
– Access panels in place to complete re-piping of all suites with valves to isolate.
– Heating system piping increased to 2 1/2” to accommodate boiler.
– New sump pump (2009)

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	No. units
Bachelor	No. units1
1 Bedroom	No. units18
2 Bedroom	No. units1

Financials

Financing	There are two 'pari-passu' first mortgages with Industrial Alliance both due July 15th, 2013. Please see additional details below.
Assessment 2010	Land Building Total	Land$2,163,000 Building$623,000 Total$2,786,000
Taxes 2010	$11,999.01
Income and expenses	Gross income Less Vacancy 1% Effective gross Operating expenses Net operating income	Gross income$201,192 Vacancy-2012 Effective gross$199,180 Operating expenses-68,438 Net operating income$130,742
Notes	Annualized as of November 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.