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Garden Villa

2250 Dundas Street, Vancouver

SOLD $1,700,000

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Price$1,995,000

Units18

Year built1965

Lot size99' x 122'

ZoningRM-3A

Price/unit$110,833

Cap rate3.5%

GIM15.5

PID015-684-199; 015-684-181

Legal descriptionLot 4 & 5, Blk 24, Pln 178, D Lot 184, NWLD

Sale price$1,700,000

Sale date01/01/2007

Overview

Garden Villa is a well maintained 18 unit low-rise apartment building located in East Vancouver. Built in 1965, the property features hardwood floors, storage lockers, balconies, parking and a penthouse suite with great views of the North Shore. Rents significantly below market average.

Location

The subject property is located in East Vancouver on the south side of Dundas Street, one block west of Nanaimo Street. Close to major bus routes, shopping and Hastings Park.

Improvements

– Hardwood floors (beautifully restored)
– 2 washers/2 dryers leased from Engs
– 18 full size storage lockers
– 8 balconies
– 10 surface parking stalls
– Property fenced on both sides
– Annunciator panel in meter room
– Penthouse suite with great views of North Shore

Recent Upgrades

– 80% of windows replaced (front & back)
– First floor’s hot water line replaced (5 years ago)
– New hot water tank (2005)
– New roof and vents (2005)
– Appliances replaced as needed
– Intercom recently replaced

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	No. units
Bachelor	No. units1
One Bedroom	No. units17

Financials

Financing	Clear title.
Assessment 2006	Land Building Total	Land$1,189,000 Building$61,700 Total$1,250,700
Taxes 2006	$5,804.28
Income and expenses	Gross income Less Vacancy 1.0% Effective gross Operating expenses Net operating income	Gross income$128,592 Vacancy(1,286) Effective gross$127,306 Operating expenses(57,882) Net operating income$69,424
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.