Esquire Apartments

2424 West Broadway, Vancouver

SOLD $4,300,000

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Price$4,000,000

Units10

Storeys3

Net rentable area6,100 SF

Year built1949

Lot size50’ x 125’ (6,250 SF)

ZoningRM-4 Multiple Family Residential

Price/unit$400,000

Cap rate2.1%

GIM32.0

PID004-649-982

Legal descriptionLot 8 Block 341 District Lot 526 Plan 1058

Sale price$4,300,000

Sale date11/28/2016

Overview

Esquire Apartments in a 10-suite, three-storey walk-up rental apartment building located in Vancouver’s popular Kitsilano neighbourhood. Built in 1949, the building is clean and well-maintained and features hardwood floors and a suite mix of 8 one-bedrooms and 2 bachelor units. Significant rental up-side (currently $1.57/sf avg).

Highlights

3-storey wood-frame rental building featuring 10 suites
Suite mix: 2 bachelors (450 sf) and 8 one-bedrooms (650 sf)
Central Kitsilano location on W. Broadway with convenient bus transportation and amenities
4 enclosed garages at rear rented out as storage
Surface parking stalls for approx 8 cars
Separate locker room for tenants
Washer/dryer owned by building
Oil tank removed; clean Stage 2 Environmental Report

Upgrades

Piping renewed (2000)
Windows in rear and east side replaced
Doors in suites changed
Hardwood floors refinished in all suites
Smoke/heat detectors in all suites
Hot water tank replaced (2008)
Roof replaced (2007)
New hallway carpets (2016)
Suites are for the most part original, except for ongoing renewal of appliances and bathroom fixtures

Location

Esquire Apartments is located on the south side of West Broadway between Larch and Balsam Streets in Vancouver’s popular Kitsilano neighbourhood. West Broadway offers convenient shopping, amenities, cafes, restaurants and bus transportation for direct access to UBC and Downtown.

Show less

	No. units	Average size	Average rent
Bachelor	No. units2	Average size450	Average rent$850
One Bedroom	No. units8	Average size650	Average rent$982

Financials

Financing	Treat as clear title.
Assessment 2015	Land Building Total	Land$2,283,000 Building$292,000 Total$2,575,000
Taxes 2016	$8,286.61
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$123,144 Vacancy(742) Effective gross$122,405 Operating expenses(38,122) Net operating income$84,283
Notes	For a current rent roll and expense statement, please 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.