Burnaby $4,100,000 22 Unit Apartment Building Suite Mix 1 Bachelor 15-1 Bedroom (2 PH) 5-2 Bedroom 1-3 Bedroom RE/MAX BILL GOOLD REALTY PHONE
BUILDING SUMMARY Glenburn Manor is a four story apartment building located in Capitol Hill, close to schools, shopping, parks, SFU, and is easy access to the freeway and transit. Built in 1968, the building is wood construction with stucco exterior which was repainted in 2011. It also has a tar and gravel roof on the third level and a torched on roof that was redone in 2005 on the Penthouse level. The building and the cedar siding was either replaced or caulked, with $180,000 spent on the exterior including landscaping, parking and the double glazed windows. This 22 unit apartment building has an Armor cable elevator, original Beaver boiler to heat the building (with timer to conserve energy), and a new separate Rudd commercial hot water tank for the domestic hot water. The large clean and bright laundry room has tile floors, and two washers and two dryers that are owned by the building. There is a large office, a functional workshop with storage area and large sized storage lockers available for tenants. There are also 18 open and 6 covered parking stalls located in a large lot. At the covered front entrance there is an intercom system that leads to a wide open space lobby with granite tile and carpet. The building is tastefully decorated and in excellent condition. The vented hallways boast crown and baseboard mouldings and have Power Smart lighting. There are 3 suites on main floor, 6 on the second floor (Bachelor #203 is unauthorized), 9 on the third floor, and 4 on the fourth floor (2 penthouses). The units have in suite heat controls, smoke and heat detectors, and lots of closet space. The windows are double glazed with either drapes or blinds for coverings and sliding glass doors lead to the large balconies that were upgraded approximately 4 years ago with stainless steel fasteners and painted railings. The kitchens have tiled floors, wood cabinets and arborite countertops. The bathrooms have fans, and ceramic tile floors and showers. The penthouses have large sun decks with beautiful city views. RE/MAX BILL GOOLD REALTY PHONE
PROPERTY INFORMATION Legal Description PL 30956 LT 70 DL 127 LD 36 Group 1, 0698-5286 PID 002-420-872 Suite Mix 1 Bachelor 15 1 Bedroom (2 PH) 5 2 Bedroom 1 3 Bedroom 22 Total Units Chattels Zoning Lot Size 22 Fridges, 22 Stoves 2 Washers, 2 Dryers RM3 Multi Family Residential 21,587 s.f. Age 44 Years (Constructed 1968) Property Taxes 2011 $22,409 Assessments 2012 Land $2,050,000 Improvements $ 807,000 Total $2,857,000 Contracts City of Burnaby, Richmond Elevator Financial Encumbrances CMHC insured first mortgage $1,341,750 at 4.48% due Feb 2013 P & I $8,533 Conventional second mortgage $313,047 at 6.25% due Feb 2013 P & I $2,095 RE/MAX BILL GOOLD REALTY PHONE
FINANCIAL SUMMARY Annual Revenue Actual Projected Rental Income (Rents x 12) $ 261,852 $ 271,620 Laundry (Estimated) 3,960 3,960 Less Vacancy Rate (2%) (5,316) (5,512) Total Annual Gross Revenue $ 260,496 $ 270,068 Annual Expenses 2011 Bank 86 86 Gas 12,698 12,698 Hydro 2,300 2,300 Insurance 4,625 4,625 License & Permits 1,132 1,132 Property Tax (2011) 22,409 22,409 Repairs & Maintenance(inc. elevator) 25,885 25,885 Waste Collection 1,936 1,936 Total Annual Expenses $ 71,071 $ 71,071 Total Annual Net Revenue $ 189,425 $ 198,997 Capitalization Rate 4.62% 4.85% Expense Ratio 27.28% 26.31% Purchase Price / Per Unit $ 4,100,000 $ 186,364 Actual 2011 rental income was $230,433. Actual 2011 gas was $18,140 but gas contract was lowered. RE/MAX BILL GOOLD REALTY PHONE
RENT ROLL April 1, 2012 Unit Monthly Market Unit Type Number Rent Rent 101 1 Bedroom 898 945 102 2 Bedroom 1100 1150 103 3 Bedroom 1600 1600 203 Bachelor (u/a) 780 800 204 1 Bedroom 855 945 205 1 Bedroom 880 945 206 1 Bedroom 879 945 207 1 Bedroom 907 945 208 1 Bedroom 917* 945 309 1 Bedroom 913* 945 310 1 Bedroom 975* 945 311 1 Bedroom 880 945 312 1 Bedroom 910 945 313 1 Bedroom 870 945 314 1 Bedroom 915* 945 315 2 Bedroom 1150 1150 316 2 Bedroom 1150 1150 317 1 Bedroom 900 945 418 1 Bedroom PH 1080 1100 419 2 Bedroom 1126 1150 420 2 Bedroom 1054 1150 421 1 Bedroom PH 1082 1100 TOTAL $21,821 $22,635 *With August 1, 2012 Rent increases Please note that our market rents are based on research. We strongly recommend that you do your own research as this is only to be used as a guideline. RE/MAX BILL GOOLD REALTY PHONE
LOCATION $4,100,000 RE/MAX BILL GOOLD REALTY PHONE