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2038 Pandora Street

2038 Pandora Street, Vancouver
Multi-family

$1,200,000


Summary

Price
$1,245,000
GIM
18.5
Property taxes
$3,875.11
Units
6
Year Built
1960
Cap Rate
3.8%
Zoning
RM-3A
Price/Unit
$207,500
PID
015-680-801
Stories
3
Sale Price
$1,200,000
Sale Date
4/28/2014

Property Description

The subject property is a three storey walk up apartment building of wood frame construction built in 1960 and located in the Grandview-Woodland area of Vancouver. There are a total of 6 suites (1-2Br; 4-1Br; 1 junior-1Br). Excellent opportunity for first time investor or owner-occupier.

Location

The subject property is located on the south side of Pandora Street, between Lakewood and Semlin Drives, in the Grandview-Woodland area of Vancouver. Just 3.5 blocks west of Nanaimo Street and a block east of Victoria Drive. The streets are lined with trees, restored Victorian houses and apartment buildings. Close to public transport, shopping, downtown and parks.

Features

  • Three storey walk-up wood-frame apartment built in 1960
  • 6 suites: 1-2Br; 4-1Br; 1 junior 1Br
  • Two bedroom unit has undergone extensive renovations; includes a dishwasher and is estimated to be 1200 sq. ft. in size
  • Torch-on roof replaced with 10-year warranty (2011)
  • Balcony decks replaced (2011)
  • Some suite upgrades; most in average condition
  • Hot water tank replaced (2012)
  • Gas-fired hot water heat; tenants pay hydro
  • Common laundry free of charge (1 washer/1 dryer)
  • City picks up garbage
  • Clean Stage 1 Report
  • Suite #6 is unauthorized
  • Parking: 5 stalls at rear of building (no charge)

Rent Roll & Statement

 

Financial Summary

Financing: Treat as clear title

Assessment 2013

Land: $1,032,000
Building: $10,000
Total: $1,042,000

Income and Expenses

Gross Income: $67,500
Vacancy: (338)
Effective Gross: $67,163
Operating Expenses: (20,413)
Net Operating Income: $46,750

 

Suite Mix

No. Units
Junior One Bedroom 1
One Bedroom 4
Large Two Bedroom 1

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