275 N. Garden Drive

Vancouver

SOLD $1,760,000

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Price$1,980,000

Units12

Year built1966

Lot size6,039 sq.ft.

ZoningRM-3A (Multifamily)

Price/unit$165,000

Cap rate3.7%

GIM17.1

PID015-693-066

Legal descriptionPL 178 LT 8 BLK 11 DL 184 LD 36

Sale price$1,760,000

Sale date04/01/2011

Overview

Built in 1966, the subject property is a 12 unit frame 3-storey apartment building in good condition located on Vancouver’s Eastside near Burrard Inlet. The property features surface parking, hardwood floors, storage and many upgrades. Rents under market.

Location

The subject property is located on the north side of North Garden Dr. between Cambridge and Dundas streets near Burrard Inlet. The building is situated in one of the nicest pockets of East Vancouver with great water views, tranquil surroundings and access to transportation and major arterial routes to the North Shore, Downtown, Burnaby and the TransCanada Highway.

Features

– Suites have hardwood floors, tile floor in kitchen and bathroom
– 5 open surface parking
– Stucco exterior freshly painted
– New double glazed windows
– New commercial hot water
– New stoves and some new fridge
– New washer/dryer

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	No. units
Bachelor	No. units1
1 Bedroom	No. units9
2 Bedroom	No. units2

Financials

Financing	Treat as clear title.
Assessment 2011	Land Building Total	Land$881,000 Building$512,000 Total$1,393,000
Taxes 2010	$7,550.82
Income and expenses	Gross income Less vacancy 1% Effective gross Normalized Expenses Net operating income	Gross income$115,820 Vacancy(1,158) Effective gross$114,662 Operating expenses(41,250) Net operating income$73,412
Notes	Income annualized as of Jan 2011.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.