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Aldandic Court

1533 East Broadway, Vancouver

SOLD $3,050,000

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Price$3,150,000

Units12

Storeys3

Year built1966

Lot size66' x 122' (8,052 sq. ft.)

ZoningRM-4N

Price/unit$262,500

Cap rate3.5%

GIM21

PID013-769-111; 011-186-381

Legal descriptionLot 31 of Lot C Block 154 District Lot 264A Plan 2142

Sale price$3,050,000

Sale date03/19/2015

Overview

Aldandic Court is a clean and well maintained three storey walk-up wood frame apartment building located in Vancouver’s trendy Commercial Drive neighbourhood. The property is comprised of 12 suites consisting of one two-bedroom and 11 one-bedroom units. Features parking, bike storage and balconies. The area is well serviced by public transit with both bus and SkyTrain station nearby.

Location

Aldanic Court is conveniently located on the north side of East Broadway, a short block west of Vancouver’s popular Commercial Drive and a few blocks east of Main Street. Walking distance to Grandview Park, Britannia Elementary School, Trout Lake, Vancouver Community College and Great Northern Way Campus. Bus and SkyTrain just steps away.

The Drive has a distinct European flavour that you can’t find anywhere else in the city. Sidewalk cafes, small boutiques, bakery and pastry shops, all mingle with the regular types of businesses such as banks, grocery stores, and hardware stores. The area is well serviced by public transit with both bus and SkyTrain station nearby. With an increasing population base in the neighbourhood, the area has grown to be a vibrant and desirable district.

Highlights

Wood frame 12-suite lowrise apartment building in popular Commercial Drive neighbourhood
Tenants reimburse owner 80% of the monthly gas bill for heat and hot water
Two bedroom suite features a large private patio
Parking: 7 surface stalls rear of building (free)
Storage: 10 storage lockers in common area; 2 suites feature in-suite storage
Laundry room: 1 washer/1 dryer (leased)
Suites are on electrical breakers
Covered bike storage at rear of building
8/10 balconies rebuilt (2012)
Intercom system replaced
Most units have been refurbished with new fridges, stoves, carpet/laminate, sinks and, in some cases, bathtubs
Plumbing: Significant amount of work has been done over the years including main lines and most suites
Windows: Six suites have had all or some windows replaced
Roof approx. 10 years old
New 80 gallon water tank installed (2012)
All apartments have been painted at least once over the last 10 years (some painted many times)
All common areas repainted (2013)
Property held in a bare trustee — can purchase the shares of the company and save PTT

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	No. units	Average rent
One Bedroom	No. units11	Average rent$959
Two Bedroom	No. units1	Average rent$1,435

Financials

Financing	Treat as clear title.
Assessment 2015	Land Building Total	Land$1,786,000 Building$433,000 Total$2,219,000
Taxes 2014	$5494.68
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$151,342 Vacancy(757) Effective gross$150,585 Operating expenses(40,653) Net operating income$109,932
Notes	For a current rent roll and income and 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.