$3,395,000 STRATA TITLE 27 Unit Apartment Building Suite Mix 6-1 Bedroom + Den 21-2 Bedroom RE/MAX REALTY 410 North Tower, 650 West 41st Avenue Vancouver, BC V5Z 2M9 PHONE FAX 604-263-1057 BILLGOOLDREALTY.COM
BUILDING SUMMARY Oakridge Estates is a four storey building comprised of 27 strata titled, condo quality suites. It is centrally located, close to all amenities. It was built in 1997 and sits on a nicely landscaped lot which has a sprinkler system and has 15 covered and 12 uncovered parking stalls. The building has covered balconies with aluminum railings, an elevator, and a security system. There is a covered front entrance with intercom system and large double glass entry doors. The lobby is bright and clean, with tile flooring, two toned paint with decorative wallpaper trim, mailboxes, and a seating area. There is lots of natural light from the windows and the hallways are carpeted. There are six one bedroom and den units (approximately 775 s.f.) and 21 two bedroom units (approximately 920 950 s.f.). All suites have carpet throughout and are separately metered with their own hot water tanks, dishwashers, washers and dryers. The kitchens have arborite counter tops, double sinks, stoves with hoodfans and lino floors. The bedrooms are large and have large double closets with bi-folding closet doors. The bathrooms have arborite counter tops and lino flooring. This building is in immaculate condition and has a live in Resident manager. The tenants are mostly seniors and there is little turnover. It is very cost effective to operate this building. RE/MAX REALTY PHONE
PROPERTY INFORMATION Legal Description: PID: 028-713- 427/435/443/451/460/478/486/494/508/516/ 524/532/541/559/567/575/583/591/605/613/ 621/630/648/656/664/672/681 LOT 1-26 DL 1 ALBERNI DISTRICT PL EPS473 (OTHER LEGAL NOTATIONS) Property Taxes: 2013 $41,611 Assessments: 2013 $ 1,276,200 Land 2,099,700 Improvements $ 3,375,900 Zoning: RM-3 Multiple Dwelling, Strata Lot Residential Condo Constructed: 1997 Lot Size: 19,913 s.f. 6-1 Bedroom + Den 21-2 Bedroom 27 Units Total Chattels: Contracts: 27 Washers, 27 Dryers, 27 Dishwashers 27 Fridges, 27 Stoves Thyssen Elevator RE/MAX REALTY PHONE
FINANCIAL SUMMARY Annual Revenue Actual 2012 Projected 2013 Rental Income $ 251,556 $ 254,232 Parking (Estimated) 3,490 3,490 Total Annual Gross Revenue $ 255,046 $ 257,722 Annual Expenses Actual 2012 Projected 2013 Bank Charges 409 400 Caretaker 16,175 16,175 Elevator 2,961 3,000 Fire 1,144 1,200 Hydro 3,400 3,500 Insurance 7,874 7,900 Landscaping 613 500 Property Tax 43,881 37,000 Repairs & Maintenance (Estimated) 10,800 8,000 Security 359 375 Telephone 549 550 Utilities 2,894 2,900 Waste Collection 2,044 2,100 Total Annual Expenses $ 93,103 $ 83,600 Total Annual Net Revenue $ 161,943 $ 174,122 Capitalization Rate 4.77 % 5.12 % Expense Ratio 36.50 % 32.44 % Purchase Price $ 3,395,000 Price Per Unit $ 125,740 RE/MAX REALTY PHONE
RENT ROLL March 2013 Unit Number Unit Type Monthly Rent 101 2 Bedroom $ 639 102 2 Bedroom 850 103 2 Bedroom 740 201 2 Bedroom 750 202 2 Bedroom 825 203 2 Bedroom 860 204 2 Bedroom 825 205 2 Bedroom 626 206 1 Bedroom & Den 692 207 1 Bedroom & Den 674 208 2 Bedroom 807 301 2 Bedroom 860 302 2 Bedroom 797 303 2 Bedroom 825 304 2 Bedroom 830 305 2 Bedroom 714 306 1 Bedroom & Den 670 307 1 Bedroom & Den 724 308 2 Bedroom 825 401 2 Bedroom 825 402 2 Bedroom 834 403 2 Bedroom 834 404 2 Bedroom 860 405 2 Bedroom 834 406 1 Bedroom & Den 714 407 1 Bedroom & Den 695 408 2 Bedroom 834 TOTAL $ 20,963 RE/MAX REALTY PHONE
LOCATION RE/MAX REALTY PHONE
LOCATION RE/MAX REALTY PHONE