WEST SIDE $ 3,100,000 11 Unit Apartment Building Suite Mix 10 1 Bedroom 1 2 Bedroom RE/MAX BILL GOOLD REALTY PHONE
BUILDING SUMMARY Sterling Apartments is a three storey, walk up building located on a quiet street on the West Side of Vancouver, walking distance to hospital, shops and bus transportation. It is wood construction with stucco exterior which was last painted in 2004. The tar and gravel roof was redone in 2006. The current owner has taken steps to make this building more energy efficient by insulating the hot water pipes, installing BC power smart lighting in the hallways, and having 4 heat sensors, 2 in the front and two in the back to control heat. The building has natural gas heat with a central heat control. There is a Superhot boiler and 2 separate GE hot water tanks for the domestic hot water that were replaced in 2007. The fire alarm system was upgraded approximately 10 years ago and the units all have smoke and heat detectors. Tenants have access to a good sized laundry room with ceramic flooring, 1 Maytag washer, and 1 Maytag dryer (which are owned by the building) at a cost of $1.25 per load. There is open parking available for 6 vehicles and each tenant has access to one of the 11 storage units. There is an intercom system at the entrance, and the carpets and walls in the hallways are in excellent condition. The stairwells have new lino tiles and the entry to each suite has a solid wood door. Units have single glazed windows with blinds for covering and hardwood flooring. The kitchens have had the appliances replaced as needed as well as refurbishment of the cabinets. They also have arborite counter tops, large single sinks, 24 frost free fridges and 24 stoves. Some of the units have ceramic tile and some have lino in the kitchens. Bathrooms have mosaic tile flooring, wood vanities, arborite countertops and ceramic tile tub surrounds. The electrical panels are circuit breakers. Many of the units have beautiful mountain views and extra closet space. This is an excellent opportunity to own a building in the desirable West Side of Vancouver. RE/MAX BILL GOOLD REALTY PHONE
PROPERTY INFORMATION Legal Description: PID: 014-667-274 Lot 5 Block 435 District Lot 526 Plan 1276 Property Taxes: 2013 $8,707 Assessments: 2013 $ 1,725,000 Land 760,000 Improvements $ 2,485,000 Zoning: RM-3 Multiple Dwelling Constructed: 1958 Lot Size: 50 x 125 Suite Mix: 10-1 Bedroom 1-2 Bedroom 11 Units Total Chattels: Contracts: 11 Fridges, 11 Stoves, 1 Washer, 1 Dryer Superior Garbage Financial Encumbrances: Treat as Clear Title RE/MAX BILL GOOLD REALTY PHONE
FINANCIAL SUMMARY Annual Revenue Current Projected Rental Income (Rents x 12) $ 111,672 $ 154,596 Laundry 2,640 2,640 Less Vacancy Rate (.5%) (571) (767) Total Annual Gross Revenue $ 113,741 $ 156,469 Annual Expenses Actual 2011 Projected Business License 782 782 Gas 6,267 6,267 Hydro 497 497 Insurance 2,551 2,551 Property Tax 7,105 8,707 Repairs & Maintenance (normalized) 7,150 7,150 Waste Collection 809 809 Water and Sewer 1,352 1,352 Total Annual Expenses $ 26,513 $ 28,115 Total Annual Net Revenue $ 87,228 $ 129,354 Capitalization Rate 2.81 % 4.17 % Expense Ratio 23.30 % 17.96 % Purchase Price $ 3,100,000 $ 281,818 Actual 2012 Rental Income is $109,079. RE/MAX BILL GOOLD REALTY PHONE
RENT ROLL July 2013 Unit Number Unit Type Monthly Rent Market Rent 101 2 Bedroom $ 980 $ 1,723 102 1 Bedroom 890 1,116 103 1 Bedroom 695 1,116 201 1 Bedroom 808 1,116 202 1 Bedroom 860 1,116 203 1 Bedroom 898 1,116 204 1 Bedroom 875 1,116 301 1 Bedroom 750 1,116 302 1 Bedroom 900 1,116 303 1 Bedroom 775 1,116 304 1 Bedroom 875 1,116 TOTAL $ 9,306 $ 12,883 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
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