1017 West 7th Avenue Vancouver, BC FOR SALE
FOR SALE 7-Suite Building in Fairview Slopes
1017 West 7th Avenue Vancouver, BC Highlights Opportunity to purchase a 7-suite building in the Fairview Slopes neighbourhood with beautiful character suites, with character wood panel walls and hardwood floors. Great views of False Creek, downtown & North Shore mountains. Price: $3,950,000 Michael Marckwort
Investment Broker 604 691 6638 [email protected]
NAI Commercial 1075 W Georgia St, Suite 1300 Vancouver, BC V6E 3C9 +1 604 683 7535 naicommercial.ca
Property Details
1017 West 7th Avenue Vancouver, BC Overview The subject property is located in a great central location, in the Fairview Slopes neighbourhood. Neighbouring popular Shaughnessy, False Creek to Science World, the Fairview neighbourhood is home to Granville Island, one of Vancouver’s most popular attractions. The building has beautiful character suites which have character wood panel walls, hard wood floors and other features. Rents have increased a great deal in the area and a new owner has the opportunity increase rents. The current owners have owned the building for many years and have completed extensive renovations over the last 3 years.
Building/Land Details `` This property is a solid well up-dated building that was built in 1912 `` 7-suite building `` Tenants pay own utilities `` Zoning: FM-1 Multiple Family Dwelling
Legal Description
Lot 13 Block 295 Plan VAP590 Part1 E District Lot 526 Land District 36
PID
015-200-019
Lot Size
3,000 SF (25’ x 120’)
Zoning
FM-1 Multiple Family Dwelling
Year Built 1912
Property Taxes (2017) $4,979.41
Assessment (2017) Land Buildings Total
`` Many suites have been renovated, roof is 16 years old
Price
$3,950,000
$2,295,000 $9,100 $2,304,100
Rent Roll Suite
Suite Type
Income
1
2 Bedroom+Den
$1,192
3
1 Bedroom+Den
$1,254
4
1 Bedroom
$933
5
2 Bedroom
$1,254
6
2 Bedroom
$1,508
7
1 Bedroom
$777
8
Bachelor+Loft
$1,462
Monthly
$8,380
Annual
$100,560
Suite Mix Bachelor + Loft
1
1 Bedroom
3
2 Bedroom
3
Total
7
Financials Revenue Rental Income
$100,560
Less 1% Vacancy
$1,006
Net Revenue
$99,554 Insurance
$3,457
License
$343
Maintenance (stabilized at $800 per unit)
$6,623
Manager
$5,100
Property Taxes
$5,006
Utilities
$4,580
Total Expenses
$25,109.00
Expense Ratio / Gross Rev.
25%
Net Operating Income
$74,445.40
Cap Rate Price Per Suite Financing
1.9% $564,286 Treat as clear title
SUBJECT PROPERTY
Michael Marckwort
Investment Broker 604 691 6638 [email protected]
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice, and of any special listing conditions imposed by our principals no warranties or representations are made as to the condition of the property or any hazards contained therein are any to be implied. Aerial image courtesy of Google, DigitalGlobe
NAI Commercial 1075 W Georgia St, Suite 1300 Vancouver, BC V6E 3C9 +1 604 683 7535 naicommercial.ca
1017 West 7th Avenue Vancouver, BC Highlights Opportunity to purchase a 7-suite building in the Fairview Slopes neighbourhood with beautiful character suites, with character wood panel walls and hardwood floors. Great views of False Creek, downtown & North Shore mountains. Price: $3,950,000 Michael Marckwort
Investment Broker 604 691 6638 [email protected]
NAI Commercial 1075 W Georgia St, Suite 1300 Vancouver, BC V6E 3C9 +1 604 683 7535 naicommercial.ca
Property Details
1017 West 7th Avenue Vancouver, BC Overview The subject property is located in a great central location, in the Fairview Slopes neighbourhood. Neighbouring popular Shaughnessy, False Creek to Science World, the Fairview neighbourhood is home to Granville Island, one of Vancouver’s most popular attractions. The building has beautiful character suites which have character wood panel walls, hard wood floors and other features. Rents have increased a great deal in the area and a new owner has the opportunity increase rents. The current owners have owned the building for many years and have completed extensive renovations over the last 3 years.
Building/Land Details `` This property is a solid well up-dated building that was built in 1912 `` 7-suite building `` Tenants pay own utilities `` Zoning: FM-1 Multiple Family Dwelling
Legal Description
Lot 13 Block 295 Plan VAP590 Part1 E District Lot 526 Land District 36
PID
015-200-019
Lot Size
3,000 SF (25’ x 120’)
Zoning
FM-1 Multiple Family Dwelling
Year Built 1912
Property Taxes (2017) $4,979.41
Assessment (2017) Land Buildings Total
`` Many suites have been renovated, roof is 16 years old
Price
$3,950,000
$2,295,000 $9,100 $2,304,100
Rent Roll Suite
Suite Type
Income
1
2 Bedroom+Den
$1,192
3
1 Bedroom+Den
$1,254
4
1 Bedroom
$933
5
2 Bedroom
$1,254
6
2 Bedroom
$1,508
7
1 Bedroom
$777
8
Bachelor+Loft
$1,462
Monthly
$8,380
Annual
$100,560
Suite Mix Bachelor + Loft
1
1 Bedroom
3
2 Bedroom
3
Total
7
Financials Revenue Rental Income
$100,560
Less 1% Vacancy
$1,006
Net Revenue
$99,554 Insurance
$3,457
License
$343
Maintenance (stabilized at $800 per unit)
$6,623
Manager
$5,100
Property Taxes
$5,006
Utilities
$4,580
Total Expenses
$25,109.00
Expense Ratio / Gross Rev.
25%
Net Operating Income
$74,445.40
Cap Rate Price Per Suite Financing
1.9% $564,286 Treat as clear title
SUBJECT PROPERTY
Michael Marckwort
Investment Broker 604 691 6638 [email protected]
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice, and of any special listing conditions imposed by our principals no warranties or representations are made as to the condition of the property or any hazards contained therein are any to be implied. Aerial image courtesy of Google, DigitalGlobe
NAI Commercial 1075 W Georgia St, Suite 1300 Vancouver, BC V6E 3C9 +1 604 683 7535 naicommercial.ca
