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Oak Manor

3050 Oak Street, Vancouver, BC

$3,350,000

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Price$3,350,000

Units12

Year builtCirca 1930s

Lot size50' x 125' (12,500 sq. ft.)

ZoningRM-3

Price/unit$279,166

Cap rate4.4%

GIM17.6

PID005-285-160

Legal descriptionLot 20, BLK 456, LD 36, DL 526, PL 2118

Overview

Built in the 1930s, Oak Manor and has been successfully restored to highlight its historic characteristics and now remains a showpiece in Vancouver’s Fairview neighbourhood. The subject is a 12-suite wood frame walk up apartment building featuring beautifully refinished hardwood floors, stained glass, large suites with high ceilings and two split level suites. All tenants pay own hyrdo and gas except for two tenants. There are 4 garages currently used as storage. This central location offers tenants easy access retail amenities, restaurants, bus transportation and VGH.

Location

The subject property is located on the north-east corner of Oak Street and 15th Avenue in Vancouver’s Fairview neighbourhood. Close to retail amenities, restaurants, bus transportation and VGH. Within a block of Oak Manor: Max’s Deli, Rogers Video, Blockbuster Video, restaurants, Dog Spa, grocery, Laundromat and other commercial amenities.

Features

– Stained glass windows & high ceilings
– Beautiful hardwood floors in halls & suites
– 1 set of washer/dryer leased with Engs
– Gas stoves/dishwashers in all suites
– Tenants pay for own gas and electricity except for two suites
– Suites #2 & #4 are on house meter (gas & electricity paid by owner)
– 4 garages used as storage (currently two are rented)
– 2 suites are two level with large upper bedrooms & skylights
– Garden suite features private yard, exterior entrance and southern exposure. Newly planted cedars.
– Some faux fireplaces
– Kitchen nooks in several suites
– Caretaker off site, but is close by and has provided excellent service for 5 years

Recent Upgrades

– Interior common area paint (2011)
– New Intercom/mail boxes (2005)
– Tile floors in entry lobby area (2005)
– Domestic hot and cold plumbing throughout (2006)
– Common area lighting throughout (2005)
– Wall mounted state-of-the-art IBC heating system (2008)
– High efficiency water storage tank (2008)
– Front doors (2005)
– New perimeter drainage (2009)
– Gorgeous hardwood floors refinished (2005)
– New wood laminate floors in all basement suites (2005)
– Many new appliances including gas stoves (2005)
– Re-roofed south & west only (2005)
– Underground Storage tank removedï¿½Clean Stage 1 Environmental Report

Show less

	No. units
Bachelor	No. units1
1 Bedroom (two levels)	No. units1
2 Bedroom	No. units2
2 Bedroom (two levels)	No. units1

Financials

Financing	First mortgage with Manulife Financial at an interest rate of 4.56% with an outstanding balance of approx. $1,490,000 due Dec 1 2016.
Assessment 2011	Land Building Total	Land$1,201,000 Building$564,000 Total$1,765,000
Taxes 2010	$7,562.46
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$189,900 Vacancy-1,899 Effective gross$188,001 Operating expenses-40,688 Net operating income$147,313
Notes	Income Annualized as of March 2011

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