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Queen's Gates Apartments

1171 West 12th Avenue, Vancouver

SOLD $4,795,000

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Price$4,995,000

Units22

Year built1954

Lot size100' x 125'

ZoningRM-3

Price/unit$227,995

GIM14.9

PID014-684-608; 014-684-595

Legal descriptionLot 17 & 18, Block 394, DL 526, LD 36, Plan 1276

Sale price$4,795,000

Sale date12/01/2006

Overview

Totally renovated in prime South Granville! Queen’s Gate Apartments is a wood frame, 22-suite, low-rise apartment building in superb condition located in Vancouver’s desirable South Granville neighborhood. Built in 1954, the property features large trees, covered parking, storage lockers, dishwashers and an excellent suite mix including a penthouse suite with a large deck and panoramic views.

Location

The subject property is located in the heart of South Granville on the north side of 12 Avenue between Granville and Oak Street. Close to Vancouver General Hospital, shopping, cafes, bus transportation, schools, parks and Downtown Vancouver.

Improvements

– Three storey wood frame building
– Bright suites with excellent layouts, hardwood floors &separate dining areas
– Original boiler in good working order
– Newer hot water tank
– 8 covered parking
– 22 storage lockers
– 2 washers/2 dryers leased
– Tar & gravel roof approx. 8-10 years old
– Plumbing approx. 8-10 years old

Renovations

Common areas
– Carpets
– Lighting
– Tile entry
– Mailboxes
– Awning at front
– Double-glazed windows
– Oil tank removed from rear
– Paint (interior and exterior) General to all suites:
– Refinished hardwood floors
– Double-glazed vinyl windows
– Plugs, switches, lighting, paint (interior & exterior)
– 2 faux-wood blinds (no bending or breaking as w. cheaper 1 aluminum)

General to all suites
-Refinished hardwood floors
-Double-glazed vinyl windows
-Plugs, switches, lighting, paint (interior & exterior)
-2 ” faux-wood blinds (no bending or breaking as w. cheaper 1″ aluminum)

Kitchens
– Tile floors
– Stylish counters
– Maple kitchen cabinets
– New Appliances: fridges, stoves, dishwashers Bathrooms:
– Sinks
– Toilets
– Mirrors
– Shelving
– Tile floors
– Re-glazed tubs
– Tile around tubs

Bathrooms
-Sinks
-Toilets
-Mirrors
-Shelving
-Tile floors
-Re-glazed tubs
-Tile around tubs

Show less

	No. units	Average size
Two Bedroom	No. units6	Average size1,100
One Bedroom	No. units15	Average size750
One Bedroom P/H	No. units1

Financials

Financing	Treat as clear title.
Assessment 2006	Land Building Total	Land$1,884,000 Building$613,000 Total$2,497,000
Taxes 2006	$12,961.00
Income and expenses	Gross income Less Vacancy 0.5% Effective gross Less Expenses ($3347/unit) Net operating income	Gross income$334,200 Vacancy(1,671) Effective gross$332,529 Operating expenses(73,642) Net operating income$258,887
Notes	Income annualized as of August 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.