Walnut Court

8770 Selkirk Street, Vancouver

SOLD $8,400,000

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Price$8,750,000

Units26

Storeys3

Year built1964

Lot size101’ × 169.07’ (17,076 SF)

ZoningRM-3A

Price/unit$336,538

Cap rate2.4%

GIM27

PID014-216-159,014-216-175,014-216-191

Legal descriptionLots 1–3 Block C District Lot 318 Plan 1903

Sale price$8,400,000

Sale date05/20/2019

Overview

Walnut Court is a 26-suite three-storey (plus penthouse) rental apartment building located in Vancouver’s Marpole neighbourhood and situated directly across from Ebisu Park. Constructed in 1964, the property is improved on a large 17,076 SF corner lot and features a suite mix of 5 over-sized bachelors, 16 one-bedrooms and 5 two-bedrooms. The building offers balconies or patio decks, storage lockers for all tenants, two sets of washers/dryers, bike room/workshop and surface parking for 19 cars in the rear.

The property has undergone some updates over the years such as hot water tank (2017), boiler (2011); piping replacement for main lines (2019) and torch-on roof (2019).

Location

The subject is located on the northeast corner of Selkirk Street and West 72nd Avenue in Marpole. Only two blocks west of Oak street and close to the new rapid transit “Marine Drive Station” Canada Line, linking Richmond and the airport with Vancouver and various highways connecting to the US and Fraser Valley. Conveniently situated near shopping and retail amenities on Granville and Cambie Street with access to major bus routes (bus lines on 70th and Oak, as well as Oak and SW Marine Drive).

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	No. units	Average rent
Bachelor	No. units5	Average rent$846
1 bedroom	No. units16	Average rent$999
2 bedroom	No. units4	Average rent 1,289
2 bedroom penthouse	No. units1	Average rent$1,260

Financials

Financing	Treat as clear title.
Assessment 2018	Land Building Total	Land$8,876,000 Building$981,000 Total$9,857,000
Taxes 2018	$19,642
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income326,157 Vacancy(1,631) Effective gross$324,526 Operating expenses(111,072) Net operating income$213,454
Notes	For current rent roll 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.