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Londonderry Apartments

5550 Yew Street, Vancouver

SOLD $4,400,000

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Price$4,595,000

Units22

Year built1957

Lot size100' x 110'

ZoningRM-3 (multi-family highrise)

Price/unit$208,864

Cap rate3%

GIM21

PID011-280-093

Legal descriptionLot 20 & 21 of 7, BLK 17, DL 526, LD 36, PL 4907

Sale price$4,400,000

Sale date01/01/2008

Overview

Londonderry Apartments is a three-storey frame walk-up apartment building consisting of 22 units (20-1Br; 1-2Br; 1-1Br Penthouse) located in the heart of Vancouver’s popular Kerrisdale neighbourhood. Built in 1957 and situated on a large site (100′ x 110′), the property features big suites with hardwood floors, a penthouse unit, surface parking, laundry facilities and storage lockers.

Location

The subject property is situated on the east side of Yew Street, between Balsam and West Blvd. in prime central Kerrisdale. Only one and a half blocks north of West 41st Avenue, considered one of the best upscale shopping districts in the city. Minutes to Point Grey Highschool, bus transportation and restaurants.

Features

– Large, well configured suites
– 2 washers/2 dryers leased
– Lockers for each tenant
– Surface parking for 12 cars
– 2 new hot water tanks (2007)
– Hot water line (1996)
– Ongoing replacement of appliances as needed
– Hardwood floors in all suites
– Floor-to-ceiling tiling in bathrooms

Show less

	No. units
One Bedroom	No. units20
Two Bedroom	No. units1
One Bedroom P/H	No. units1

Financials

Financing	Clear title.
Assessment 2008	Land Building Total	Land$3,007,000 Building$559,000 Total$3,566,000
Taxes 2007	$14,497.64
Income and expenses	Gross income Less Vacancy 0.5% Effective gross Estimated Expenses Net operating income	Gross income$217,662 Vacancy(1,088) Effective gross$216,574 Operating expenses(77,000) Net operating income$139,574
Notes	Income annualized as of January 2008. There is significant upside on the rents, as they are well below market levels for this prime location. For a current 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.