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Garden Apartments

2272 Franklin Street, Vancouver
Multi-family

$1,725,000


Summary

Price
$1,850,000
GIM
24
Units
10
Year Built
1965
Property taxes
$30,391
Cap Rate
2.6
Zoning
RM-3A
Price/Unit
$197,500
PID
015-667-839
Stories
3
Sale Price
$1,725,000
Sale Date
9/20/2013

Property Description

10 Units

The subject property is a well maintained three storey plus penthouse 10-suite apartment building located in Vancouver’s Grandview neighbourhood. The property has been significantly upgraded over the years and features balconies, parking, storage, great views from the 2 split-level penthouses and is situated directly across the street from Pandora Park. Ideal for owner-occupier. Rents significantly below market.

Location

The subject property is located on the south side of Franklin Street between Templeton and Garden rives, a block and half west of Nanaimo Street and one block north of Hastings. The building is situated directly across the street from Pandora Park in one of the nicest pockets of East Vancouver with tranquil surroundings and access to transportation and major arterial routes to the North Shore, Downtown, Burnaby and the TransCanada Highway. Only a 2 minute drive to the trendy Commercial Drive corridor and 4 blocks to Templeton High School.

Features

  • Wood frame rental building plus two split-level penthouse units with great views
  • Very clean and well maintained with major capital upgrades
  • Located directly across the street from Pandora Park
  • Balconies (8) and 2 roof-top decks for penthouse suites
  • Laundry Room: 1 washer/1 dryer leased
  • Storage Room: 10 lockers for tenants
  • Workshop area for owner
  • Nice landscaping with small trees and shrubbery
  • Rents approx. 30% below CMHC averages for the area

Upgrades

  • 2003 – Main roof replaced, penthouse decks and railings
  • 2005 – All suite windows replaced with double glazed
  • 2005 – Boiler replaced (Super Hot)
  • 2007 – Hot Water tank replaced
  • 2008 – All balcony sliding doors replaced with double glazed
  • 2009 – Exterior building repainted
  • 2011 – Roof replaced on penthouse units
  • 2011 – Thermostatic valves replaced in all units
  • 2012 – 3 bathrooms repairedli>
  • All fridges and stoves have been replacedli>

Legal Description

Lot 7, except the South 8 feet now lane and part in Explanatory Plan 17763, Block 41 District Lot 184 Plan 178

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