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Aldandic Court

1533 East Broadway, Vancouver
Multi-family

$3,050,000


Summary

GIM
21
Property taxes
$5,494.68
Units
12
Year Built
1966
Operating Cost
(40,653)
Cap Rate
3.5%
Zoning
RM-4N
Price/Unit
$262,500
Stories
3
Sale Price
$3,050,000
Sale Date
3/19/2015

Property Description

12 Suites

Aldandic Court is a clean and well maintained three storey walk-up wood frame apartment building located in Vancouver’s trendy Commercial Drive neighbourhood. The property is comprised of 12 suites consisting of one two-bedroom and 11 one-bedroom units. Features parking, bike storage and balconies. The area is well serviced by public transit with both bus and SkyTrain station nearby.

Location

Aldanic Court is conveniently located on the north side of East Broadway, a short block west of Vancouver’s popular Commercial Drive and a few blocks east of Main Street. Walking distance to Grandview Park, Britannia Elementary School, Trout Lake, Vancouver Community College and Great Northern Way Campus. Bus and SkyTrain just steps away.

The Drive has a distinct European flavour that you can’t find anywhere else in the city. Sidewalk cafes, small boutiques, bakery and pastry shops, all mingle with the regular types of businesses such as banks, grocery stores, and hardware stores. The area is well serviced by public transit with both bus and SkyTrain station nearby. With an increasing population base in the neighbourhood, the area has grown to be a vibrant and desirable district.

Features

  • Wood frame 12-suite lowrise apartment building in popular Commercial Drive neighbourhood
  • Tenants reimburse owner 80% of the monthly gas bill for heat and hot water
  • Two bedroom suite features a large private patio
  • Parking: 7 surface stalls rear of building (free)
  • Storage: 10 storage lockers in common area; 2 suites feature in-suite storage
  • Laundry room: 1 washer/1 dryer (leased)
  • Suites are on electrical breakers
  • Covered bike storage at rear of building
  • 8/10 balconies rebuilt (2012)
  • Intercom system replaced
  • Most units have been refurbished with new fridges, stoves, carpet/laminate, sinks and, in some cases, bathtubs
  • Plumbing: Significant amount of work has been done over the years including main lines and most suites
  • Windows: Six suites have had all or some windows replaced
  • Roof approx. 10 years old
  • New 80 gallon water tank installed (2012)
  • All apartments have been painted at least once over the last 10 years (some painted many times)
  • All common areas repainted (2013)
  • Property held in a bare trustee — can purchase the shares of the company and save PTT

Legal Description

Lot 31 of Lot C Block 154 District Lot 264A Plan 2142

For a current rent roll & expense statement, click here.

Financial Summary

Treat as clear title.

Assessment 2014

Land: $1,786,000
Building: $433,000
Total: $2,219,000

Income and Expenses

Gross Income:$151,342

Vacancy 0.5%: (757)
Effective Gross: $150,585
Operating Expenses: (40,653)
Net Operating Income: $109,932

Suite Mix

No. Units Avg. Rent
One Bedroom 11 $959
Two Bedroom 1 $1,435

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