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Balmoral Park Apartments

1265 W 13th Avenue, Vancouver

SOLD $19,600,000

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Price $24,000,000

Units 44

Storeys 3

Net rentable area 32,450 SF

Year built 1968

Lot size 200’ × 125’ (25,000 SF)

Zoning RM-3 Multiple Family Dwelling

Price per unit $545,455

Rental rate $2.06/SF

Cap rate 2.5%

Gross income multiplier 29.4

Parking 38 stalls

PID 014-678-420, 014-678-438, 014-678-454, 014-678-411

Legal description Lots 15–18 Block 413 District Lot 526 Plan 1276

Sale price $19,600,000

Sale date 01/10/2020

Overview

Balmoral Park Apartments is an exceptionally clean and well-maintained 44-suite three-storey rental apartment building located in Vancouver’s popular South Granville neighbourhood. Built in 1968 and improved on a massive 25,000 SF RM-3 zoned lot, the property has a great suite mix of 12 two-bedrooms, 26 one-bedrooms and 6 bachelors which feature balconies/patios, dishwashers and hardwood floors. The building also includes elevator service, 2 sets of washers/dryers (owned), 38 parking stalls (32 secured underground plus 6 surface) and storage lockers.

Balmoral Park Apartments is situated in the Broadway Corridor Plan Study Area, only 500 meters from the future South Granville-Broadway SkyTrain Station. The City is undertaking a two year planning program in order to devise a new Area Plan anticipated for Council’s consideration in late 2020. The plan will focus on opportunities to integrate development around the Millennium Line Broadway Extension among other key goals.

Upgrades

The property has featured a comprehensive program of upgrades over the years to both the suites and common areas:

14 suites have been totally renovated recently: kitchens and bathrooms exquisitely updated; new countertops, dishwashers, fridges & stoves, faucets & fixtures, updated flooring, electric breakers, new lighting and light switches / dimmers, freshly painted, updated in-suite plumbing, new blinds, new double pane windows and sliding doors
Piping replaced for hot & cold lines with PEX (2004)
Elevator modernized & fire system upgrades (2012)
Boiler room: 3 updated furnaces (2005)
Balconies have been repaired and maintained as needed
Some windows/sliding patio doors have also been replaced as needed (in addition to the 14 renovated suites)

Show less

	No. units	Average size	Average rent
Bachelor	No. units6	Average size540 SF	Average rent$1,067
1 bedroom	No. units26	Average size652 SF	Average rent$1,419
2 bedroom	No. units12	Average size1,022 SF	Average rent$1,929

Financials

Financing	Treat as clear title.
Taxes 2019	$49,548
Income and expenses	Gross income Less vacancy at 0.5% Effective gross Operating expenses Net operating income	Gross income$821,440 Less vacancy at 0.5%(4,107) Effective gross$817,333 Operating expenses(228,547) Net operating income$588,786
Notes	For current rent roll and expense statement, please contact the listing agent.

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