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Garden Drive Court

376 North Garden Drive, Vancouver

SOLD $1,500,000

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Price$1,595,000

Units19

Year built1960

Lot size83.75' x 122'

ZoningRM-3A

Price/unit$83,947

Cap rate5.5%

GIM11.6

PID015-694-721

Legal descriptionLots 1 - 3 (Lot 3 west half), BLK 6, DL 184, PL 178

Sale price$1,500,000

Sale date01/02/2005

Overview

Built in 1960, Garden Drive Court is a clean, 19 suite, 3 storey frame apartment building. It is located on a quiet corner lot in East Vancouver, just west of Nanaimo St. on the south-east corner of McGill St. and North Garden Drive.

Features

-Hardwood floors in most suites
-All common areas tiled
-Ceramic tile flooring in most bathrooms/kitchens
-Newer hallway carpets
-Newer intercom system
-New hot water tank June 2004
-Ongoing appliance and counter top renewal
-12 full storage lockers (includes bike racks)
-Double pane windows throughout
-Metal awnings over windows
-One suite unauthorized

Show less

	No. units
Bachelor	No. units1
One Bedroom	No. units18

Financials

Financing	First mortgage of $922,000 @ 5.22% with P.I. payments of $5,484/month due September 10, 2015 with Industrial Alliance Pacific Life Insurance Co. (Must be assumed).
Assessment 2004	Land Building Total	Land$693,000 Building$548,000 Total$1,241,000
Taxes 2004	$8,746.52
Income and expenses	Gross income Less Vacancy 1% Effective gross Expenses (35.3%) Net operating income	Gross income$137,380 Vacancy(1,372) Effective gross$136,008 Operating expenses(48,560) Net operating income$87,448
Notes	Proforma Sept. 1/04 - Aug. 30/05. Please note there were rent increased for 10 of 19 suites commenced November 1st, 2004. This increased the gross income by $3000 to $137,380. Laundry income estimated at $3700 for the year, based on previous year's income. Expenses have been stabilized to $48,560, or $2,555 per suite (35.3%). For rent roll and income & 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.