1265 Cardero Street

Vancouver

SOLD $3,200,000

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Price$3,350,000

Units26

Year built1955

Lot size66 x 131 (8,646 sq.ft)

ZoningRM-5B

Price/unit$128,846

Cap rate5.6%

GIM12.6

PID015-750-655

Legal descriptionLot 1 Blk 63 DL 185 Plan 92

Sale price$3,200,000

Sale date12/30/2002

Overview

A 26-suite 6-storey concrete building built in 1955 in Vancouver’s West End. In superb condition with rents well under market.

Location

Near Vancouver’s beautiful English Bay, the subject site is located on the west corner at the intersection of Burnaby Street and Cardero Street in Vancouver’s West End. Surrounding developments include a variety of older and newer low and high rise apartments. Shopping is very close by on Davie Street with a Safeway store just two blocks from the subject. There are additional commercial use properties along Davie Street and of course Denman Street which has a wide variety of commercial outlets including coffee shops, restaurants, stores, banks, and other service sector establishments. In conclusion, this fully serviced, and well located property by the beach and transit, provides the full appeal of prime Vancouver living.

Improvements

The subject building is a 6-storey concrete split level apartment known as Casa Del Vandt. It includes a roof-top penthouse suite and a manager’s unit plus parking for 12 vehicles at lane grade.
Recent improvements include two new gas fired domestic hot water tanks in the boiler room; all hallways, entryways, and parking lights changed to halogen, common hallway carpets replaced in 1998; plumbing restoration; new controls for automating heating system; roof replaced 4 years ago; and recently installed fire retardant walls in elevator. Overall, the subject building is considered to be in good condition and has been well maintained.

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	No. units
Studio	No. units1
One Bedroom	No. units12
Two Bedroom	No. units12
Penthouse	No. units1

Financials

Financing	None.
Assessment 2002	Land Building Total	Land$1,283,000 Building$1,393,000 Total$2,676,000
Taxes 2001	$17,722.67
Income and expenses	Gross income Operating expenses Net operating income	Gross income$265,000 Operating expenses(78,000) Net operating income$187,000

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