|
 SEE
MAP
 Rent Roll & Statement
Improvements
The subject property features:
-Hardwood floors in most suites
-All common areas tiled
-Ceramic tile flooring in most bathrooms/kitchens
-Newer hallway carpets
-Newer intercom system
-New hot water tank June 2004
-Ongoing appliance and counter top renewal
-12 full storage lockers (includes bike racks)
-Double pane windows throughout
-Metal awnings over windows
Rent Roll & Statements
Please note there are scheduled rent increases for 10 of 19 suites to commence November 1st, 2004. This will increase the gross income by $3000 to $137,380. Laundry income estimated at $3700 for the year, based on previous year's income. Expenses have been stabilized to $48,560, or $2,555 per suite (35.3%).
Note: For last year's statement and November rent roll, please download pdf file above.
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Built in 1960, Garden Drive Court is a clean, 19 suite, 3 storey frame apartment building. It is located on a quiet corner lot in East Vancouver, just west of Nanaimo St. on the south-east corner of McGill St. and North Garden Drive.
| Civic
Address: |
376 North Garden Drive, Vancouver |
| Legal
Description: |
Lots 1 to 3 (Lot 3 west half), BLK 6, DL 184, PL 178
|
| PID: |
015-694-721 |
| Lot
Size: |
83.75' x 122'
|
| Zoning: |
RM-3A
|
|
Assessment
(2004):
|
Land: |
|
$693,000.00 |
Building:
|
$548,000.00
|
Total: |
|
$1,241,000.00 |
|
| Taxes
2004: |
$8,746.52
|
| Age: |
1960
|
Income
and Expense:
Proforma Sept. 1/04 - Aug. 30/05 |
|
Gross Income
|
$137,380
|
|
Less Vacancy 1%
|
-$1,372
|
|
Effective Gross
|
$136,008
|
|
Expenses (35.3%)
|
-$48,560
|
|
NOI
|
$87,448
|
|
| Suites: |
19 Units |
| Financing: |
First mortgage of $922,000 @ 5.22% with P.I. payments of $5,484/month due September 10, 2015 with Industrial Alliance Pacific Life Insurance Co. (Must be assumed). |
| GRM: |
11.6 |
| CAP: |
5.5% |
| $/Unit: |
$83,947.00 |
| Asking
Price: |
$1,595,000.00 |
| Selling Price: |
$1,500,000.00 |
| Sale Date: |
January 2, 2005 |
| Suite
Mix |
|
1-Bach
18-1Br (1 unauthorized)
|
|
19 Total Suites
|
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