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Eton Apartments

2231 Eton Street, Vancouver
16 suites
$365,625 per unit

$5,850,000


Summary

Price
$5,850,000
Units
16
Stories
3
Price/Unit
365625
Cap Rate
2.71
GIM
26.6
Year Built
1967
Lot Size
10,858 SF
Zoning
RM-3A
PID
015-694-291; 010-926-917
Legal Description
Lot A of Lots 20 and 21 and Lot 22 Block 7 DL 184 PL 178 and PL 6278
Tax
$11,644.89
Net Operating Income
$158,497
For current rent roll and expense statement

Legal Description

Eton Apartments is a well maintained and extensively updated 3-storey wood-frame rental apartment building comprising 16 suites. Constructed in 1967, the building is improved on a 10,858 SF lot in Vancouver’s Grandview neighbourhood. The property features balconies/patios, in-suite dishwashers, surface parking, storage lockers and great views of Burrard Inlet and the North Shore Mountains.

Due to the property’s inclusion in the Grandview-Woodland Community Plan, there is a future development opportunity (allows for a rental apartment building up to 6 storeys and a density up to 2.4 FSR).

  • Totally renovated (in 2008) wood-frame three-storey apartment building featuring 16 suites
  • Fenced back yard with rear covered and open surface parking (11 stalls)
  • Great views from five suites of Vancouver Harbour and North Shore Mountains
  • Suites feature contemporary open design with refinished hardwood floors or carpets
  • Professionally landscaped with manicured lawns, bushes, flowers and trees
  • Beautiful entrance way with tile and cultured stone
  • Two washer/dryer sets, dishwashers (all units except #103), storage lockers & bike storage room
  • Balconies/patios for all suites
  • Stage 1 Environmental Report available
  • Buyer has opportunity to buy the shares of the company holding title and save PTT
  • Significant upside on rents
  • Financing: A first CMHC-insured mortgage in favour of Peoples Trust, with a current outstanding balance of approximately $1,900,000 at an interest rate of 2.510%, 35-year amortization, and a maturity date of December 1, 2019. Monthly payments are $9596 per month. Preference will be given to Buyers willing to assume this existing first mortgage.

 

Renovation Summary (2008)

  • Windows
    • A-1 Double glazed Vinyl windows and patio doors
    • 3mm annealed clear double glazing sealed units with Duraseal
    • Aluminum drip cap to window head
  • Plumbing
    • Whole building repiped with Wirsbo, new 21/2” copper main
    • Supply from building entry, shut off valve to each suite
    • New Raypac WHI-260A-N domestic hot water boiler with John Wood Cst 19 recirc storage tank
    • New acrylic bathtubs, denseshield tile backing, new shower valve assembly
    • New bathroom and kitchen sinks, fixtures and fittings
  • New boiler
  • Cabinets: All new European style cabinets, laminate doors and counter, tile backsplash
  • Doors: All new clear finished suite entry doors, fire doors
  • Window Covering: 2” aluminum blinds
  • Heating
    • New zone valves & thermostats to each suite, reconditioned existing boiler with new outside temperature override control
    • New transformers and thermo couple
    • New override device to shut down furnace based on outside temperature (set at 17 C)
  • Decks
    • New 60 mil Vinyl Membrane and metal drip cap
    • New “Invisi Vent” vinyl soffit
  • Electrical: New grounded outlets, light fixtures
  • Stucco Paint: Glidden Elastomeric 20 year warranty
  • Roof: Arbutus Roofing 15 year warrenty Siplast 2 ply SBS roofing 2007
  • Washer/ Dryer: Four new (leased with Coinamatic)
  • Entry Stone: Cultured stone washer/dryer units supplied, serviced by Coinmatics
  • Fire Safety: Complete system service, carbon monoxide monitoring, new heat detectors and new fire alarm panel
  • Appliances: All new appliances including dishwashers
  • Flooring
    • All new commercial grade carpet and lino, refinished oak hardwood to some suites
    • New ceramic tile to entry foyer, painted baseboard

Eton Apartments is located in the northern most section of East Vancouver’s trendy Grandview-Woodland neighborhood, a block away from Vancouver Harbour, and only minutes to Downtown Vancouver, the Trans-Canada Highway and the North Shore.

The property is within walking distance to the ever-changing East Hastings Corridor, which offers direct bus access to UBC, SFU, the Canada Line, Expo Line and Millennium Line.  The area is being rejuvenated with numerous planned mixed-use developments comprising a eclectic mix of residential, retail, shops and services. The property is also conveniently located just a few blocks from Commercial Drive with an electric mix of restaurants, specialty shops & services, grocery and many other tenant friendly amenities. Other notable location highlights include PNE/ Playland, Hastings Racetrack and Pacific Coliseum.

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