1338 West 10th Street Vancouver, BC BUILDING SUMMARY LISTED PRICE 1285 Martin Street, White Rock $3,500,000 SUITE MIX: 10 units 1-Bachelor (u/a) 7-1 Bedrooms 2-2 Bedrooms Meticulously landscaped with great curb appeal New windows throughout and fresh exterior paint Beautifully renovated suites with dishwasher Outstanding location in the heart of the strong South Granville rental market Building has both hot and cold piping redone Bill Goold James Blair Patrick McEvay David Venance CONTACT JAMES BLAIR FOR DETAILED INFORMATION 604. 263. 2823 contact@billgooldrealty.com Each office is independently owned and operated. 410 North Tower, 650 West 41 st Avenue Vancouver, BC V5Z 2M9
BUILDING SUMMARY MUNICIPAL ADDRESS: 1338 West 10 th Avenue, Vancouver, V6H 1J6 PID 003-923-487 LEGAL DESCRIPTION Lot 7 Block 372 District Lot 526 Plan 991 ZONING NEIGHBOURHOOD RM-3 MULTI FAMILY DEWLING Fairview YEAR BUILT 1956 SITE SIZE Approximate 50 x 125 (6,250 sq. ft.) 10 RESIDENTIAL UNITS 1 Bachelor (u/a) 7 1 Bedroom 2 2 Bedroom 10 Total ELEVATORS No BALCONIES PARKING No Yes ASSESMENT 2013 Land $1,762,000 Improvement $ 642,000 Total $2,404,000
UNIT DESCRIPTION This property offers one bachelor, seven 1-bedrooms, and two 2-bedroom suites; all of which have been renovated. The average size of the 1 bedroom is 725 square feet and the average size of a two bedroom is 825 square feet. All units have a breaker panel. The units feature kitchens which have ample updated cabinet space, a double sink, arborite counter tops, modern lighting and have tile floors. Appliances include a Kenmore dishwasher, a full size Frigidaire stove with hood fan cover, and a full size Maytag fridge. The living rooms have original hardwood floors, a fresh modern paint scheme, and new lighting. The suite s bathrooms are tiled, with new vanities, a Kohler toilet, and an updated tub shower with tile surrounds. The bathroom is well lit with a private window and dimmer lighting. The bedrooms are a good size with bright natural lighting. Door handles throughout have been replaced and each unit has a smoke and heat detector. The units also have fresh paint throughout and horizontal blinds as window coverings.
RENT ROLL June 2014 Unit Type Number Monthly Rent $ Annualized Rent $ 1 Bedroom 101 1,328.60 15,943.20 2 Bedroom 102 1,450.00 17,400.00 1 Bedroom 103 1,250.00 15,000.00 1 Bedroom 104 1,250.00 15,000.00 1 Bedroom 105 1,327.74 15,932.88 2 Bedroom 106 1,481.90 17,782.80 1 Bedroom 107 1,188.13 14,257.56 1 Bedroom 108 1,326.40 15,916.80 1 Bedroom 109 1,290.00 15,480.00 Bachelor 110 875.00 10,500.00 Total 10 units $ 12,767.77 $ 153,216.00
FINANCIAL SUMMARY Based on June 2014 Financials ANNUAL PERCENTAGE OF EFFECTIVE GROSS INCOME ANNUAL PER UNIT REVENUE Rental Income 153,216 15,322 Laundry [1] 1,800 180 Storage [2] 9,600 960 Gross Income 164,616 16,462 Less: Vacancy (1.1%) 1,810 181 EFFECTIVE GROSS INCOME $162,806 $16,281 EXPENSES Insurance 5,400 3.32% 540 Property Taxes 8,100 4.98% 810 Repairs & Maintenance [3] 7,500 4.61% 750 Utilities 11,200 6.88% 1,120 Fire 600 0.37% 60 TOTAL EXPENSES $32,800 20.15% $3,280 TOTAL NET INCOME $130,006 79.85% $13,001 CAP RATE 3.7% [1] Estimated at $15/unit/month (contract with Phelps Laundry) [2] Storage income estimate. Seller will convert the 4 covered parking stalls to individual secure storage lockers. Estimated rent is $200/locker/month [3] Normalized at $750/unit 3.7% cap
LOCATION Subject Property Bus Route Destination 099 B-LINE Commercial-UBC 010 Granville-Downtown 009 Broadway-Alma SkyTrain Route Destination CANADA LINE Waterfront/YVR This property is located 2 blocks from both main corridors of West Broadway and Granville Street. This amazing location in Fairview is minutes away from transportation 13 minutes from Downtown Vancouver and 20 minutes from UBC. It is the ideal location for commuting urban professionals and students. Because of the high demand for this type of property in Vancouver, Fairview s housing prices and rents have been steadily increasing in the last few years. This neighbourhood is home to Granville Island, which attracts 10 million visitors a year with its market, shops, restaurants, and gorgeous views. South Granville also features Gallery Row, a collection of famous art galleries, antique and modern furniture stores, and home décor shops. Tenants will also be able to enjoy False Creek, the South Granville Shopping District, and some of Vancouver s most acclaimed restaurants. This property allows tenants to experience the best that Vancouver has to offer while being located on a quiet, friendly neighbourhood street.
NEIGHBOURHOOD Walk Score Methodology: Walk Score measures the walkability of any address. For each address, Walk Score analyzes hundreds of walking routes to nearby amenities. Points are awarded based on the distance to amenities in each category. Scores are marked out of 100 points (All information courtesy of www.walkscore.com) Errands Entertainment Shopping Granville Island Market Pottery Barn Festival Cinemas Vancouver Fifth Mische Boutique Pharmasave Chali Rosso Art Gallery Restaurants Coffee Shops Vij s Restaurant Bella Pizza West Restaurant and Bar BLENZ Coffee Heirloom Vegetarian Groceries Meinhardt Fine Foods Canada Produce Market NU Greek Sun on Market Parks Granville Loop Park Fairview Seawall Choklit Park Bill Goold James Blair Patrick McEvay David Venance 604-263-2823 contact@billgooldrealty.com July 31, 2014 Date prepared: June 27, 2014