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The Inverness

1325 Pendrell Street, Vancouver
Multi-family

$5,175,000


Summary

Price
$5,275,000
GIM
21.0
Property taxes
$11,661.21
Units
21
Year Built
1928
Operating Cost
$64,169
Cap Rate
3.5%
Zoning
RM-5
Net Rentable Area
9,945
Price/Unit
$251,190
PID
015-741-532
Stories
2
Sale Price
$5,175,000
Sale Date
5/22/2014

The Inverness is an exceptionally well maintained 21-suite two storey plus basement wood frame apartment building located in Vancouver’s popular West End neighbourhood.

Location

The subject is extraordinarily well located in the heart of the West End on the north side of Pendrell Street between Jervis and Broughton Streets, only one short block to Davie Street, a trendy shopping district in the City. Nearby are the popular pedestrian shopping areas of Robson and Denman Street. Georgia Street, the financial district of Downtown is also a few minutes’ walk. Situated close to the beaches of the English Bay waterfront, the lush greenery of the world famous thousand-acre Stanley Park and Coal Harbour.

Features

  • Well maintained heritage-style rental building built in the 1928
  • Excellent curb appeal highlighted by three Camellia trees, an elegant entrance and fencing along the north side of the property extending to the parking area
  • Building features 20 authorized suites plus an office
  • Suites are well apportioned, with lots of natural light, high ceilings and functional layouts
  • Abundance of closet space; bachelor suites feature Murphy beds
  • Three suites significantly under market
  • Suites are continuously updated as needed with appliances, counter tops, flooring (80% of appliances replaced over last 5 years)
  • Gas fireplaces in 12 of the units
  • Most suites feature China tubs and hardwood floors
  • Wiring replaced to 600 amp service (1976)
  • Plumbing replaced (1986) and continually updated as needed
  • Suites 19, 20, 21 pay for their own electric heat
  • Bathrooms feature floor-to-ceiling tile
  • Lower level contains an office which could potentially be converted to a non-conforming suite (approx. 310 sq. ft.)
  • Lower level also features laundry room, furnace room and workshop area
  • Laundry room: one washer/one dryer leased
  • Parking: 8 surface stalls at rear
  • New Teledyne Laars boiler (2001)
  • Roof replaced (2008)
  • Built-in vacuum on all floors
  • Oil tank decommissioned (2004)

Legal Description

Lot 18 Block 36 District Lot 185 Plan 92

Rent Roll and Expense Statement

Financial Summary

Financing: Treat as clear title

Assessment 2013

Land: $2,593,000
Building: $1,435,000
Total: $4,028,000

Income and Expenses

Gross Income: $252,660
Vacancy: (1,263)
Effective Gross: $251,397
Operating Expenses: (64,169)
Net Operating Income: $187,228

 

Suite Mix

No. Units Avg. sq. ft. Avg. Rent
Bachelor 13 411 $880
One Bedroom 7 627 $1,191
Office 1 310 $750

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