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3010 Ontario Street

Vancouver

SOLD $1,600,000

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Price$1,975,000

Units8

Year built1983

Lot size49' x 132'

ZoningRM-4

Price/unit$246,938

Cap rate3.6%

GIM20

PID006-438-106; 067; 083; 113; 156; 181; 199; 245

Legal descriptionSL 1-8, DL 302, Strata Plan VR1361

Sale price$1,600,000

Sale date01/01/2007

Overview

STRATA BUILDING. The subject property is an 8 unit low-rise strata apartment building located on a quiet street in Vancouver’s Mount Pleasant neighborhood. Built in 1983, the property features an excellent suite mix (4-1Br; 4-2Br) with large, well configured 2-level suites, balconies/patios, in-suite laundry, secure underground parking and lockers. Tenants pay for electric heat.

Location

The subject property is centrally located in Mount Pleasant on the south east corner of Ontario Street and East 14th Avenue. Cambie Street is just 5 blocks to the west and Main Street two blocks to the east, with easy access to Richmond and Downtown Vancouver. Conveniently situated near shopping, entertainment and major bus routes. Mount Pleasant Park is just one block away.

Building Notes

A recent report by a building engineering company has recommended that the subject property be upgraded to correct a specific water ingress problem along the east elevation of the ground floor suites. The estimated budget would be in the order of $400,000 in construction costs. Alternatively, a complete rainscreen stucco system has been estimated to be $750,000 in construction costs, and would be a necessary option if a Buyer is intending to sell off the strata units.

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	No. units	Average size
One Bedroom	No. units4	Average size886
Two Bedroom	No. units4	Average size972

Financials

Financing	Treat as clear title
Assessment 2007	Land Building Total	Land$1,468,000 Building$722,600 Total$2,190,600
Taxes 2006	$7,493.39
Income and expenses	Gross income Less Vacancy 0.3% Effective gross Operating expenses Net operating income	Gross income$98,484 Vacancy(295) Effective gross$98,189 Operating expenses(26,334) Net operating income$71,854
Notes	Income annualized as of July 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.