Pandora Apartments

2067 Pandora Street, Vancouver

SOLD $1,525,000

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Price$1,575,000

Units8

Year built1966

Lot size49.5' X 122' (6,039 sq. ft.)

ZoningRM-3A

Price/unit$196,875

Cap rate5.1%

GIM15.1

PID015-678-792

Legal descriptionLot 11, Block 29, DL 184, PL 178

Sale price$1,525,000

Sale date01/01/2008

Overview

Pandora Apartments is a three storey walk up apartment building of wood frame construction built in 1966 and located in the Grandview-Woodland area of Vancouver. There are a total of 8 suites (7-1Br; 1-2Br) that feature contemporary open design with refinished hardwood floors, many of which have panoramic views. The entire building has been totally renovated including suites and common areas. Features balconies or patios, secured parking, landscaped fenced yard & storage lockers.

Location

The subject property is located on the north side of Pandora Street, between Lakewood and Semlin Drives, in the Grandview-Woodland area of Vancouver. Just 3 blocks west of Nanaimo St. and a block east of Victoria Drive. The streets are lined with trees, restored Victorian houses and apartment buildings. Close to public transport, shopping, downtown and parks.

Recent Upgrades

The suites have been extensively remodeled recently, including new carpeting and vinyl floor covering, refurbished hardwood floors, new wood-grain laminate cabinets, laminate counter tops, kitchen appliance package including a refrigerator, dishwasher, stove-top oven and exhaust fan in each unit, and plumbing and light fixtures. In addition, the common areas were updated; the boiler was reconditioned, new double glazed, vinyl frame windows were installed, the balconies were repaired, the exterior siding and stucco were painted, some exterior stone veneer was added, the rear parking area was paved with new asphalt, the landscaping was enhanced, and new perimeter fencing and a bicycle storage shed were added. The roof was replaced in 2004. For a detailed summary of the work completed to date, download “List of Renovations”.

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	No. units
One Bedroom	No. units7
Two Bedroom	No. units1

Financials

Financing	Treat as clear title.
Assessment 2007	Land Building Total	Land$790,000 Building$291,000 Total$1,081,000
Taxes 2007	$3,377.95
Income and expenses	Gross income Less Vacancy 0.5% Effective gross Operating expenses Net operating income	Gross income$104,160 Vacancy(521) Effective gross$103,639 Operating expenses(23,262) Net operating income$80,377
Notes	Income annualized as of March 2007. 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.