VANCOUVER $2,500,000 10 Unit Apartment Building Suite Mix 10-1 Bedroom
BUILDING SUMMARY Devon Manor was an owner occupied two storey, plus basement walk up building. It is located a few blocks away from many amenities on Granville Street and West Broadway, including restaurants, shops and transportation, and three blocks from the Vancouver General Hospital. It is of quality wood construction with vinyl siding, brick and stucco exterior and a tar and gravel roof. There are also three garages, three open parking spaces and a fenced off patio for tenants to enjoy. The entrance has a nice character, glass front door, low stairs with wrought iron railings and trellis, and an enterphone system. There are wooden character stairwells and beautiful stained glass windows to allow in light. The hallways are wide and have wool carpeting, some of which were replaced three years ago. Some of the windows have also been replaced to double glazed windows. The building is equipped with a large electrical room, a newer Superhot boiler to heat the building and a new Rheem Rudd hot water tank for the domestic hot water. The laundry room has one washer and one dryer, both of which are coin operated and leased. All suites have solid core wood doors, ¾ solid oak floors and lino floors in the kitchen, stained glass skylights on the top floor, large bedrooms and large ensuite storage. The bathrooms have ceramic tiled floors and tub surrounds. The kitchens are outfitted with nice, large, built-in wood cabinets, a large stainless steel sink, white counter tops and built in cabinets. Most suites also have an electric fireplace with mantels and book shelves. All suites also have circuit breaker panels. This is a legal 10 suite building where the owner put two suites together to create a three bedroom suite.
PROPERTY INFORMATION Legal Description PL 1276 LT 16 BLK 393 DL 526 LD 36 PID 014-687-003 Suite Mix - 9 Units Total Chattels Zoning 8-1 Bedroom 1-3 Bedroom (originally 2 1 Bedroom) 9 Fridges, 9 Stoves RM-3 (Multiple Dwelling) Lot Size 50 w x 125 d (6,250 square feet) Age 71 Years (Constructed 1940) Property Taxes 2010 $ 6,353 Assessments 2011 Land $ 1,201,000 Improvements $ 348,000 Total $ 1,549,000 Contracts Financial Encumbrances None Treat as clear title.
FINANCIAL SUMMARY Annual Revenue Projected Rental Income (Rents x 12) $ 98,280 $ 132,000 Laundry (estimated) 1,620 1,800 Parking 5,400 5,400 Less Vacancy Rate (1%) -1,053-1,392 Total Annual Gross Revenue $ 104,247 $ 137,808 Annual Expenses Advertising 135 135 Insurance 5,066 5,066 Property Taxes 6,353 6,353 Repairs & Maintenance 6,750 6,750 Utilities 10,537 10,537 Total Annual Expenses $ 28,841 $ 28,841 Total Annual Net Revenue $ 75,406 $ 108,967 Capitalization Rate 3.02% 4.36% Expense Ratio 27.67% 20.93% Purchase Price / Per Unit $ 2,500,000 $ 277,778
RENT ROLL MARCH 2010 Unit Number Unit Type Monthly Rent Market Rent 1 1 Bedroom 745 1,100 2 1 Bedroom 850 1,100 3 1 Bedroom 770 1,100 4 1 Bedroom 825 1,100 5 1 Bedroom 775 1,100 6 1 Bedroom 875 1,100 7* 3 Bedroom 1,650 1,100 8 1 Bedroom 825 1,100 9 1 Bedroom 875 1,100 10 1 Bedroom 0 1,100 TOTAL $8,190 $11,000 * Unit #7 is a 3 bedroom, but legally two 1 Bedrooms. 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.
LOCATION $2,500,000