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.
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.
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.
|No. units||Average size|
|One Bedroom||No. units4||Average size886|
|Two Bedroom||No. units4||Average size972|
|Financing||Treat as clear title|
|Income and expenses|
Less Vacancy 0.3%
Net operating income
|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.