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Granville Villa

1715 West 11th Avenue, Vancouver
Multi-family

$14,867,000


Summary

Price
$16,500,000
GIM
22.1
Lot Size
31,250 SF
Units
65
Year Built
1973
Cap Rate
3.2%
Zoning
RM-3
Price/Unit
$253,846
Stories
3
Sale Price
$14,867,000
Sale Date
6/7/2013

Property Description

Granville Villa is a 65-suite wood frame rental apartment building located in Vancouver’s popular South Granville neighbourhood. The property is improved on a large 250′ x 125′ RM-3 zoned corner lot and features secure underground parking, balconies/patios and elevator. This property could eventually become a prime high-rise development site.

Location

Granville Villa is extraordinarily well located in Vancouver’s prime South Granville neighbourhood. It is situated on the north west corner of West 11th Avenue and Pine Street; one-half block east of Burrard Street, two blocks west of Granville Street and two blocks south of the Broadway Corridor. While in a quiet area, the subject property is only a few minutes’ walk to a wide range of retail amenities, supermarkets, community services, restaurants, boutiques, trendy cafes, excellent bus transportation and a 5 minute drive to Downtown.

Hightlights

  • Large 250’ x 125’ RM-3 zoned corner lot in prime South Granvillev
  • Secured underground parking for 54 cars plus 12 surface stalls
  • Dense bushes and perimeter fences offer significant privacy
  • Parking included in the rents
  • 2 locker rooms (lockers for all tenants)
  • Intercom service
  • Elevator service
  • Enunciator panel in meter room
  • Office located in lobby by front entrance
  • Large separate storage/workshop room in parkade (approx. 27’ x 18’)
  • First floor suites feature private enclosed patios with beautifully landscaped yards
  • Second & third floor suites feature large private balcony
  • Nine suites feature wood burning fireplaces
  • Laundry Room: 4 washers/4 dryers leased
  • Two bedroom suites feature 2 full bathrooms
  • Original gas fired furnace and A.O. Smith hot water tank (approx. 4 years old)
  • Suites separately metered for Hydro
  • Approx. half appliances replaced over last 5 years
  • Approx. 30% of suites have newer carpeting
  • Brick entrance walkways and planter brick redone (2010)
  • Asphalt around back and to parkade redone (2011)
  • Lighting and wiring redone in parkade (2011)
  • Roof approx. 14 years old
  • Brick exterior with aluminum siding
  • Aluminum soffits
  • Non operational sauna

Legal Description

Lots A & 13 to 15 Block 368 District Lot 526 Plan 1949

PID

014-182-424; 014-182-505; 014-182-416; 014-182-432

Rent Roll and Expense Statement

Financial Summary

Financing: Treat as clear title

Assessment 2011

Land: $10,456,000
Building: $3,759,000
Total: $14,215,000

Taxes 2011: $50,457.73

Income and Expenses

Gross Income: $748,284
Vacancy: (3,741)
Effective Gross: $752,025
Operating Expenses: (228,086)
Net Operating Income: $523,940

 

Suite Mix

No. Units Avg. sq. ft. Avg. Rent
Bachelor & Den 20 444 $805
One Bedroom 36 595 $931
One Bedroom & Den 3 710 $1013
Two Bedrooms 6 860 $1,447

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