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Ridgeway Manor

150 East 14th Avenue, Vancouver

SOLD $4,975,000

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Price$4,975,000

Units34

Year built1978

Lot size138.6' x 121.89'

ZoningRM-4

Price/unit$146,323

Cap rate4%

GIM16.1

PID007-317-476

Legal descriptionLot A, Block 51, DL 302, PL 17040

Sale price$4,975,000

Sale date01/01/2007

Overview

Ridgeway Manor is an attractive and exceptionally well maintained 34 unit low-rise rental apartment building located just west of the popular Main Street corridor of Mount Pleasant. Built in 1978, the property features beautiful landscaping, balconies, secure underground parking, in-suite storage, lockers, elevator and an ongoing program of upgrades. Tenants pay for electric heat.

Location

The subject property is located in the heart of Vancouver’s Main Street neighbourhood on the south side of East 14th Avenue between Quebec and Main Street. Three blocks west of Mt. St. Joseph Hospital, and just steps to shopping, cafes, bus transportation, schools and parks. A few minutes drive to Downtown Vancouver.

Improvements

– 34 unit, 3 storey frame building
– Balconies/patios for all suites
– Concrete skim coat on each floor (built under ARP program)
– Suites have in-suite storage lockers except six corner units
– Six full size storage lockers
– Workshop for caretaker
– Electric heat (paid by tenants)- 32 underground secured parking stalls (sprinklered)
– Annunciator panel at entrance
– 2 washers/2 dryers owned by building
– Attractive landscaping and foyer

Recent Upgrades

– All balconies repaired/replaced 5-10 years ago
– Hot water tanks replaced 2002 & 2003
– East side new roof 2005
– West side roof replaced 2000
– 33 fridges replaced
– Approximately 17 stoves replaced
– Intercom recently replaced
– Cedar siding east side replaced 2005
– Lino, carpeting & appliances continuously upgraded

Show less

	No. units
Bachelor	No. units3
One Bedroom	No. units31

Financials

Financing	Treat as clear title.
Assessment 2006	Land Building Total	Land$1,893,000 Building$1,373,000 Total$3,266,000
Taxes 2006	$17,725.45
Income and expenses	Gross income Less Vacancy 1.5% Effective gross 2005 Expenses Net operating income	Gross income$308,268 Vacancy(4,624) Effective gross$303,644 Operating expenses(106,858) Net operating income$196,786
Notes	Income annualized as of October 2006. 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.