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Cypress Gardens

2255 Cypress Street, Vancouver

SOLD $7,500,000

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Price$7,995,000

Units47

Year built1970

Lot size200' x 111.75'

ZoningRM-4

Price/unit$170,106

Cap rate3.9%

GIM15.7

PID015-231-461

Legal descriptionLots 11, 12 E + W 13 & 14, BLK 286, DL 526, LD 36, PL 590

Sale price$7,500,000

Sale date01/01/2006

Overview

Cypress Gardens is a 47 unit, 3 storey frame apartment building in good condition located in the beautiful Kitsilano area of Vancouver. Features elevator, balconies/patios, secure underground parking, views and many upgrades.

Location

Cypress Garden is located between West 6th & West 7th Avenue on the west side of Cypress Street in Vancouver. Just two blocks east of Arbutus Street and one block west of Burrard Street. Close to everything: shopping, cafes, transportation, parks, and Kits Beach.

Improvements

– Beautifully landscaped with attractive entrance
– Secure underground parking for 39 cars (garage has sprinkler system)
– Separate very clean laundry area
– Separate lockers (47)
– Some views of North Shore from third floor
– Lockers/patios for each suite
– Elevator services the basement, 2nd & 3rd floors
– Large lot: 200′ x 111.75′

Recent Upgrades

– Roof & flashings replaced 2005
– 2 newer hot water storage tanks
– 80% of appliances 7 years or less
– Ongoing schedule of upgrades for countertops, appliances, balconies, flooring, etc.

Show less

	No. units
Bachelor	No. units9
One Bedroom Suite	No. units37
Two Bedroom Suite	No. units1

Financials

Financing	Treat as clear title.
Assessment 2005	Land Building Total	Land$3,776,000 Building$2,344,000 Total$6,120,000
Taxes 2005	$33,636.31
Income and expenses	Effective gross Operating expenses Net operating income	Effective gross$506,896 Operating expenses(197,169) Net operating income$309,925
Notes	Income annualized as of Nov. 1/05 For rent roll, 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.