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Arlington Court Apartments

233 East 14th Avenue, Vancouver

SOLD $16,300,000

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Price Unpriced—all offers considered

Units 54

Storeys 3 + penthouse

Year built 1966

Lot size Irregularly-shaped parcel; 28,778 SF

Zoning RM-4 Multiple Family Dwelling

Parking 42 stalls (21 underground; 21 surface)

PID 015-607-712, 015-607-721, 015-607-747, 015-607-755, 010-981-811

Legal description Lots B & 14–17 Block 111 District Lot 301 Plan 187

Sale price $16,300,000

Sale date 06/26/2020

Overview

Arlington Court is a well-maintained 54-suite three-storey (plus penthouse level) rental apartment building located in Vancouver’s trendy Mount Pleasant neighbourhood. Built in 1966 and improved on a massive ~29,000 SF lot, the property has undergone a series of major capital upgrades and features 2 penthouse suites, balconies/patios, elevator service, 3 sets of washers/dryers (1 on each floor), 42 parking stalls (21 secured underground plus 21 surface) and storage lockers.

Location

Arlington Apartments is exceptionally well located half a block east of Main Street on the north side of East 14th Avenue in Vancouver’s Mount Pleasant neighbourhood. Mount Pleasant is one of Vancouver’s oldest and vibrant neighbourhoods with a rich history known for its artistic stores, heritage buildings, and arts-focused festivals. Public transit, excellent shopping, amenities, restaurants and cafes are just steps away along Main Street. It’s approximately 7 minutes to Downtown, beaches, and 16 minutes to UBC.

Upgrades

New roof, drains, roof-top deck & railings installed (2018)
All piping including hot & cold lines to each suite replaced in two sections (2018 & 2013)
2 new high-efficiency boilers (2012)
Electric breakers for all suites (1997)
Lobby updated with new title flooring (2009) and mailboxes (2019)
Approximately 50 of the 54 units have had updates as required and on suite turnover

Show less

	No. units	Average size	Average rent
Bachelor	No. units7
1 bedroom	No. units45 (includes 2 penthouse suites)
2 bedroom	No. units2

Financials

Financing	Treat as clear title.
Assessment 2020	Land Building Total	Land$13,561,000 Building$4,602,000 Total$18,163,000
Taxes 2019	$48,697
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$560,030 Vacancy(2,800) Effective gross$557,230 Operating expenses(293,280) Net operating income$263,949
Notes	For current rent roll and expense statement, please contact the listing agent.

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