West Side Birch Street, Vancouver $1,950,000

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Gregory Anderson
5 years ago
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1 West Side $1,950,000 8 Unit Multifamily Building Suite Mix 3 Bachelor 5-1 Bedroom

2 BUILDING SUMMARY Birch Manor is an 8 unit multifamily building located on a quiet street, walking distance to Granville Street s high end shopping, transportation and restaurants. The exterior is tile and brick and it sits on a nicely landscaped property with stone wall fencing along 2 sides of the property. There are two parking spots in the carport at the rear of the building. The exterior was painted in 2001 and a new roof installed in The building was professionally modified following the plans of William Gardiner, Architect, in The covered entrance has door bells to each suite, wood framed windows and some stained glass. The main floor has mailboxes, newer lighting, and carpeted hallways with baseboard mouldings. There is a laundry room with one each of a washer and dryer which are owned by the building. There is one unit on the ground floor, three on the main floor, three on the 2 nd floor, and one on the 3rd floor. There are lots of windows to bring in natural light and the windows and doors have nice character mouldings. The windows are a mixed of single and double glazed windows, wood and aluminum, but all have venetian blinds for coverings. There is forced air furnace to heat the building and two John Woods hot water tanks. The electrical box is fuses. Bathrooms have lino flooring, ceramic tile tub surrounds and pedestal sinks. Kitchens have lino flooring, refurbished wood cabinets, and either ceramic tile or arborite countertops. All have 24 gas stoves and either a ½ size or 24 fridge. The living area is carpeted and 3 units have fireplaces. All units have smoke and heat detectors. There is a beautiful panoramic view from the top floor suite. This building is in a very desirable area of the West Side. Please note that one of the vendors is a licensed realtor.

3 PROPERTY INFORMATION Legal Description PID Lot A Block 433 District Lot 526 Plan 5025 Suite Mix Chattels Zoning Lot Size 3 Bachelor 5-1 Bedroom 8 Units Total 8 fridges, 8 stoves 1 washer, 1 dryer RM-3 Multiple Dwelling 62.5 x 100 (6,250 sq.ft.) Age 100 years (Constructed 1912) Property Taxes 2012 $8, Assessments 2012 Financial Encumbrances $1,350,000 Land $ 605,000 Improvements $1,955,000 Treat as clear title

4 FINANCIAL SUMMARY Annual Revenue Current Rental Income (Rents x 12) $ 84,840 Parking ($50 x 12) 600 Laundry 711 Total Annual Gross Revenue (before any vacancy allowance) $ 86,151 (Actual Rental Income 2011 is $76,375) Annual Expenses 2011 Gas $ 3,464 License 504 Hydro 339 Insurance 2,304 Property Tax 8,922 Repairs & Maintenance 2,754 Miscellaneous Repairs 2,768 Water & Sewer 1,566 Total Annual Expenses* $ 22,621 Total Annual Net Revenue* $ 63,530 Gross Rent Multiplier Purchase Price / Per Unit $1,950,000/$243,750 * The above Annual Expenses do not include Management Fees, Payroll, vehicle or office expenses. This property is run from a central office where the Payroll covers various services including centralized caretaking, maintenance and additional repairs. Purchasers are advised to seek independent advice regarding operating costs of similar buildings before making an Offer to Purchase.

5 RENT ROLL October 1, 2012 Unit Square Monthly Unit Type Number footage Rent 01 1 Bedroom Bachelor Bedroom Bedroom Bachelor Bedroom Bachelor Bedroom TOTAL $7,070 Rents indicated include increase notices given due up to January 1, 2013.

6 LOCATION $1,950,000

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