building summary apartment building 163 for sale … · building description 163 west 5th street,...
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RE/MAX Bill Goold Realtybillgooldrealty.com
Selling Apartment Buildings as if they were our own!
BUILDING SUMMARY 1285 Martin Street, White Rock
410 – North Tower , 650 West 41st Avenue Vancouver, BC V5Z 2M9
ASKING PRICE
$8,900,000
APARTMENT BUILDING
FOR S ALE
Bill Goold | James Blair | Patrick McEvay
604-263-2823 | [email protected]
163West 5th Street North Vancouver, BC
LOWER
LONSDALE
4 8 S U I T E S
PROPERTY HIGHLIGHTS:Featuring 42 rental units with water and city viewsSuite Mix:20 – 1 Bedroom22 – 2 Bedroom
CDN
163 WEST 5th STREET, NORTH VANCOUVERBUILDING SUMMARY
CIVIC ADDRESS163 West 5th Street, North Vancouver
NEIGHBORHOODLower Lonsdale
LEGAL DESCRIPTION005-213-240PL VAP14362 LT H BLK 125 DL 274 LD 36 Group 1
SUITE MIX 20 - 1 Bedroom22 - 2 Bedroom 42 Units
ZONING RM- 1
LOT SIZE24,491.08 sq. ft.
CONSTRUCTED1972
PROPERTY TAXES 2013 $38,597.14
ASSESSMENT 2013Land $ 4,510,000Improvements $ 3,802,000Total $ 8,312,000
PROPERTY HIGHLIGHTS & IMPROVEMENTS
“The Citadel “ is a four storey, Tudor style, wood frame apartment building with a stucco exterior and brick accents. This well maintained building sits on a large, beautifully landscaped lot with most second and third level south facing units having fabulous water and city views.
The owners have recently completed the Life Safety Upgrade Plan with a new fire control panel and monitoring system throughout the building complete with heat and smoke detectors in all units. A torch on roof was replaced four years ago, along with all of the balconies being completely redone. The large and bright underground secured parking has two remote controlled entrance gates and enough parking for all the tenants. There is also a hydraulic elevator to service the building.
The hallways are in excellent shape with carpet throughout and power smart lighting. On the lower level is a bright and clean laundry room with 3 Inglis washers and 3 Maytag dryers that are owned by the building. There are also two separate locker rooms with enough space for all of the tenants. The boiler room consists of two AO Smith domestic hot water tanks and natural gas Super Hot boiler to heat the building.
163 WEST 5th STREET, NORTH VANCOUVERBUILDING DESCRIPTION
UNIT DESCRIPTION
The suite mix consists of 20 – 1 bedroom units ranging in size from * 550-650 sq. ft., and 22 – 2 bedroom units ranging in size from *700-800 sq. ft. All units have S-Type fuse boxes, hard wired heat and smoke detectors, an intercom system, in suite heat controls, and curtains for window coverings.
All units have a balcony with a sliding glass door with either a garden or city and water view.
The living space within the units is mainly carpeted. The walk-through kitchens have vinyl floors, arborite countertops, 24” electric stoves with vented hood fans, frost free fridges, and most have painted hardwood cabinets. The large bathrooms have vinyl floors, arborite countertops, bright vanities, exhaust fans, and ceramic tile for tub surrounds.
*All measurements are approximate and should be independently verified.
163 WEST 5th STREET, NORTH VANCOUVERRENT ROLL February 2014
Unit Number Unit Type Actual Rent $ (1*) Projected Rent $ (2*) 101 1 bedroom 887 1,005
102 1 bedroom 950 1,005 103 1 bedroom 945 1,005 104 2 bedroom 1,092 1,247 105 1 bedroom 916 1,005 106 1 bedroom 856 1,005 107 2 bedroom 1,095 1,247 108 2 bedroom 964 1,247 109 1 bedroom 930 1,005 110 2 bedroom 1,094 1,247 111 2 bedroom 985 1,247 112 1 bedroom 937 1,005 115 2 bedroom 1,053 1,247 117 1 bedroom 906 1,005 201 2 bedroom 1,060 1,247 202 1 bedroom 910 1,005 203 1 bedroom 979 1,005 204 2 bedroom 1,037 1,247 205 1 bedroom 944 1,005 206 1 bedroom 970 1,005 207 2 bedroom 1,170 1,247 208 2 bedroom 1,030 1,247 209 1 bedroom 984 1,005 210 2 bedroom 1,032 1,247 211 2 bedroom 1,115 1,247 212 1 bedroom 930 1,005 215 2 bedroom 1,229 1,247 217 1 bedroom 969 1,005 301 2 bedroom 1,075 1,247 302 1 bedroom 920 1,005 303 1 bedroom 979 1,005 304 2 bedroom 1,147 1,247 305 1 bedroom 930 1,005 306 1 bedroom 925 1,005
(3*) 307 2 bedroom 1,125 1,247 308 2 bedroom 1,073 1,247 309 2 bedroom 965 1,247 310 2 bedroom 1,070 1,247 311 2 bedroom 1,125 1,247 312 1 bedroom 901 1,005 315 2 bedroom 1,125 1,247 317 1 bedroom 885 1,005
Total (42 Units) $42,214 $47,292
(1*) Potential Rent is based on CMHC 2013 Fall Statistics.
(2*) Bachelor suite converted into 1 bedroom.
(3*) Occupied by the building manager. Actual rent $850.00 per month.
163 WEST 5th STREET, NORTH VANCOUVERFINANCIAL SUMMARY
Annual Revenue 2013 Projected
Rental Income ($42,214 x 12 months) $ 506,568 $ 567,504
Laundry (Estimated) 8,025 8,025
Parking 7,860 7,860
Gross Income $ 522,453 $ 583,389
Less Vacancy Rate 3,778 5,742
Effective Income $ 518,675 $ 577,647
Annual Expenses 2013 Projected
Licenses & Permits 392 392
Gas 20,381 20,381
Elevator 2,794 2,794
Hydro 5,071 5,071
Insurance 16,261 16,261
Property Tax 55,144 55,144
Repairs & Maintenance (normalized) 29,908 29,908
Wages & Benefits (normalized) 31,667 31,667
Waste Removal 2,897 2,897
Total Net Expenses 164,514 164,514
Total Net Revenue 354,161 413,133
Capitalization Rate 4% 5%
Expense Ratio 32% 28%
Purchase Price / Per Unit $ 8,900,000 $211,905
Period Ending December 2013
Capital improvements of $6,096 and the property management fees of $19,090 were not included in the expenses calculations.
163 WEST 5th STREET, NORTH VANCOUVERLOCATION
The building and neighbourhood attributes will ensure consistent market value appreciation, with continuing low vacancies and steady rental income growth.
Subject property
This investment property is located in a quiet residential area in Lower Lonsdale , North Vancouver. It is within close proximity to shopping, restaurants, and public transportations.
Neighborhood Amenities North Vancouver City
Library Lonsdale Avenue shopping Presentation House Gallery Lonsdale Quay North Vancouver
Community Arts Council Lions Gate Hospital
Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness.
RE/MAX Bill Goold Realty
billgooldrealty.com
Selling Apartment Buildings as if they were our own!