Grosvenor House

4225 Grange Street, Burnaby

$7,950,000

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Price$7,950,000

Units48

Year built1969

Lot size32,023 sq. ft.

ZoningRM-3

Price/unit$165,625

Cap rate4.1%

GIM15.43

PID006-964-664

Legal descriptionLot 82, DL 34, DL 36, Group 1, PL 34057

Overview

Grosvenor House is a three storey wood frame 48-suite apartment building located in Burnaby’s popular Metrotown neighbourhood. Built in 1969, the property features secure parking, elevator, balconies and great views from the north side of the building. A short walk to SkyTrain and excellent shopping at Metrotown Mall.

Features

-Wood frame construction with stucco exterior
-48 covered parking stalls
-Armor cable elevator
-Power smart hallways
-Suites feature hardwood floors (some have carpet overtop), balconies
-Laundry room features 3 washers and 3 Huebsch dryers owned by the building
-Hot water heat supplied by building
-Emergency generator
-Each floor features lockers
-Superb views of North Shore & City from north side of building

Recent Upgrades

-Approx. half appliances & carpets replaced last 10 years
-Exterior painted (2010)
-Roof replaced (2009)
-Lawn sprinkler system (2006)
-New expansion tank (2006)
-New hot water tank (2003)
-Fire alarm upgrade (2002)

Show less

	No. units	Rent range
Bachelor	No. units2	Rent range$725 - $760
One Bedroom	No. units44	Rent range$765 - $950
Two Bedroom	No. units2	Rent range$1075 - $1110

Financials

Financing	Treat as clear title.
Assessment 2011	Land Building Total	Land$3,042,000 Building$3,136,000 Total$6,178,000
Taxes 2010	$51,147.30
Income and expenses	Gross income Less Vacancy 1.5% Effective gross Operating expenses Net operating income	Gross income$525,000 Vacancy(7,845) Effective gross$517,125 Operating expenses(190,278) Net operating income$326,847
Notes	Income annualized as of June 2011. For a current rent roll & expense statement, click here.

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