1171 West 12th Avenue, Vancouver

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   RENT ROLL & STATEMENT
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Location
The subject property is located in the heart of South Granville on the north side of 12 Avenue between Granville and Oak Street. Close to Vancouver General Hospital, shopping, cafes, bus transportation, schools, parks and Downtown Vancouver.

Improvements
-Three storey wood frame building
-22 large, bright suites with excellent layouts, hardwood floors and separate dining areas
-Original boiler in good working order
-Newer hot water tank
-8 covered parking
-22 storage lockers
-2 washers/2 dryers leased
-Tar & gravel roof approx. 8-10 years old
-Plumbing approx. 8-10 years old

All NEWLY RENOVATED in late 2006:

Common areas:

-Carpets
-Lighting
-Tile entry
-Mailboxes
-Awning at front
-Double-glazed windows
-Oil tank removed from rear
-Paint (interior and exterior)

General to all suites:

-Refinished hardwood floors
-Double-glazed vinyl windows
-Plugs, switches, lighting, paint (interior & exterior)
-2 “ faux-wood blinds (no bending or breaking as w. cheaper 1” aluminum)

Kitchens:

-Tile floors
-Stylish counters
-Maple kitchen cabinets
-New Appliances – fridges, stoves, dishwashers

Bathrooms:

-Sinks
-Toilets
-Mirrors
-Shelving
-Tile floors
-Re-glazed tubs
-Tile around tubs

Rent Roll & Statements
For a current rent roll and expense statement, download the PDF file above.

Totally renovated in prime South Granville! Queen's Gate Apartments is a wood frame, 22-suite, low-rise apartment building in superb condition located in Vancouver's desirable South Granville neighbourhood. Built in 1954, the property features large trees, covered parking, storage lockers, dishwashers and an excellent suite mix including a penthouse suite with a large deck and panoramic views.

Civic Address: 1171 West 12th Avenue, Vancouver
Legal Description: Lot 17 & 18, Block 394, DL 526, LD 36, Plan 1276
PID: 014-684-608; 014-684-595
Lot Size: 100' x 125'
Zoning: RM-3
Assessment (2006):
Land:
   $1,884,000.00
Building:
 $613,000.00
Total:
   $2,497,000.00
Taxes 2006: $12,961.00
Age: 1954
Income and Expense:

Annualized as of August 2006
Gross Income
$334,200
Less Vacancy 0.5%
$1671
Effective Gross
$332,529
Less Expenses ($3347/unit)
$73,642
NOI
$258,887
Suites: 22 Units
Financing: Treat as clear title.
GRM: 14.9
$/Unit: $227,995.00
Rate: 5.2%

Asking Price: $4,995,000.00
Selling Price: $4,795,000.00
Sale Date: December 1, 2006

Suite Mix
6 Two Bedroom Units (corner units, approx 1100 sq. ft.)
15 One Bedroom Units (approx. 750 sq. ft.)
1 One Bedroom Penthouse Unit (includes 400 sq. ft. deck with views)
Note: one unauthorized 1Br unit
22 Total Suites






David Goodman 604.714.4778
Mark Goodman 604.714.4790

Macdonald Commercial Real Estate Services
301 - 1770 West 7th Avenue Vancouver BC V6J 4Y6
Phone: 604.736.5611 Fax: 604.736.7976
www.goodmanreport.com

Although this information has been received from sources deemed reliable, we assume no responsibility for its accuracy, and without offering advice, make this submission subject to prior sale or lease, change in price or terms and withdrawal without notice.