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Six Twenty Six Apartments

626 East 44th Avenue, Vancouver
Multi-family

$3,220,000


Summary

Price
$3,295,000
GIM
20.2
Lot Size
12,078 SF
Units
18
Year Built
1972
Cap Rate
3.3%
Zoning
RM-2
Price/Unit
$183,055
Stories
3
Sale Date
$3,220,000
Sale Date
10/25/2012

Property Description

Six Twenty Six Apartments is a clean and well maintained 18-suite wood frame three storey apartment building located in Vancouver’s Fraser/Main neighbourhood. It features balconies/patios, covered and uncovered parking and storage. Rental buildings are rarely available for sale in this area. Huge upside on rents.

Location

Six Twenty Six Apartments is located in the Fraser/Main neighbourhood of East Vancouver. Only three blocks south of East 41st Avenue; a half block west of Fraser Street; one block south of John Oliver Highschool and a 5 minute walk to Memorial South Park.

 

A wide range of retail amenities, supermarkets, community services, schools, restaurants, boutiques, trendy cafes and excellent bus transportation characterize this vibrant community.

Features

  • Wood frame three level building with stucco exterior
  • Beautiful tree-lined street with nice landscaping
  • Parking: 8 covered; 8 uncovered in rear of building (included in rent)
  • Laundry room: 1 washer/1 dryer owned by building
  • Locker room for tenant storage
  • Two separate boilers (approx. 10 years old)
  • Roof approx. 15 years old
  • Fibreglass balconies well maintained
  • Carpeted floors in common areas & suites
  • One large 100 gallon hot water tank
  • Thermostat & intercom for each suite
  • 400 amp main electrical panelv
  • Significant upside on rents; based on CMHC’s 2012 Rental Market Report for Southeast Vancouver, the bachelor suites are 10% below market; the one bedroom suites are 20% below market; the two bedroom suites are 35% below market

 

PID

013-909-487; 013-909-509; 013-909-452

Legal Description

Lot 11, 12, and 13 Block 3 District Lot 645 Plan 2317

Financial Summary

Financing: Treat as clear title

Assessment 2012

Land: $1,201,000
Building: $1,371,000
Total: $2,572,000

 

Taxes 2012 $10,801.56

Rent Roll and Expense Statement

 

Income and Expenses

Gross Income: $163,320
Vacancy: ($1,633)
Effective Gross: $161,687
Operating Expenses: ($53,360)
Net Operating Income: $108,327

 

Suite Mix

No. Units Avg. sq. ft. Avg. Rent
Bachelor 4 480 673
One Bedroom 12 570-620 769
Two Bedroom 2 700-735 920

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