Makee Apartments

644 East 8th Avenue, Vancouver

SOLD $1,910,000

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Price$1,995,000

Units11

Year built1960

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

ZoningRM-4

Price/unit$181,364

Cap rate4.2%

GIM18.9

PID010-519-017

Legal descriptionLot 5, Block 119, DL 264A, PLans 327 & 1771

Sale price$1,910,000

Sale date02/03/2011

Overview

Built in 1960, Makee Apartments is an 11 unit frame 3-storey apartment building in good condition located on a quiet tree lined street of Vancouver’s Mount Pleasant neighbourhood. The property features an excellent suite mix (6-2Br 5-1Br suites) parking, electric heat paid by tenants, hardwood floors, storage and many upgrades. Rents significantly under market.

Location

The subject property is ideally located in Mount Pleasant just minutes away from Downtown Vancouver, Chinatown and the Broadway Business Corridor. The University of British Columbia (UBC) and British Columbia Institute of Technology (BCIT) plan to build new campuses nearby in the immediate future. Just half a block west of Fraser and one block north of Broadway, the subject is in close proximity to shopping, amenities, Skytrain and bus transportation.

Features

– Clean well maintained wood frame building which is sprinklered
– 11 spacious suites comprised of 6 two bedrooms & 5 one bedrooms
– Landscaped front lawn with shrubbery
– 5 surface parking stalls at rear of building with no charge to tenants
– One washer/one dryer owned by building
– Electrical heating system (tenants pay heat which is separately metered)
– Shared storage area for 11 lockers
– Suites have hardwood floors & breakers
– Torch on roof (2004)
– Double pane windows
– Fence built (2005)
– Appliances 5-6 years old
– Four suites extensively renovated with newer cabinets, counter tops, overhead fans, newer appliances, flooring, vanity, toilets, ceramic floors

Show less

	No. units
1 Bedroom	No. units5
2 Bedroom	No. units6

Financials

Financing	Treat as clear title.
Assessment 2010	Land Building Total	Land$790,000 Building$912,000 Total$1,702,000
Taxes 2010	$7,618.45
Income and expenses	Gross income Less Vacancy 0.5% Effective gross Operating expenses Net operating income	Gross income$110,640 Vacancy(553) Effective gross$110,087 Operating expenses(26,848) Net operating income$83,239
Notes	Income annualized as of Dec 2010. For a current rent roll and 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.