833 East Broadway brochure - JLL Multifamily BC
FOR SALE $4,100,000
GORDON BLOCK APARTMENTS 833 East Broadway VANCOUVER
Patrick McEvay | Personal Real Estate Corporation | Senior Sales Associate | 604.789.0720 | [email protected] James Blair | Personal Real Estate Corporation | Senior Associate | 604.790.7089 | [email protected] David Venance | Personal Real Estate Corporation | Senior Associate | 604.910.3842 | [email protected] 355 Burrard 14th Floor | Vancouver, BC, V6C 2G6 | jll.ca
PROPERTY HIGHLIGHTS Property Overview
CIVIC ADDRESS 833 East Broadway Vancouver BC, V5T 1Y2
11 RESIDENTIAL UNITS 1 – Bachelor 7– One Bedroom 3 – Two Bedroom PROPERTY IDENTIFIERS 010-853-880 NEIGHBOURHOOD Mount Pleasant LOT SIZE 33’ x 122’ ZONING RM-4N
Opportunity Highlights •
Extensive restoration of entire building in 2011
•
Excellent condition with exceptional curb appeal
BALCONIES/PATIOS Yes – Rear of Building & Ground Level Patios
•
Turnkey opportunity for new owner
•
Minimal expenses with electric baseboard heat paid by tenants
TYPE OF CONSTRUCTION 3-Storey Wood Frame
•
Attractive modern finishes with heritage accents including exposed brick and crown moldings
YEAR BUILT 1912
•
Rental units include in-suite laundry and dishwashers, making these suites in high demand
•
Highly visible and convenient location along Broadway with immediate access to transit
•
On-site bike storage available to tenants
•
Proven rental upside upon turnover of units
PARKING No
PROPERTY TAXES (2015) $6,744.69 ASSESSMENT (JULY 2014) Land $ 840,000 Improvement $ 958,000 Total $ 1,798,000
A building inspection report by Prospec Inspections (January 2016), a Stage 1 environmental report by David Kelly (December 2015), and an Appraisal by Grover Elliot (January 2016) are available upon request.
PROPERTY HIGHLIGHTS Location Overview
Walk Score Science World
86
Trillium Park Gordon Block Apartments
Transit Score Guelph Park
Sahalli Park
Centre for Digital Media
83 China Creek Park
Bike Score
93 Robson Park Bus Stops Nearby
Walk Score Methodology Walk Score measures the walkability of any address. For each address, Walk Score analyzes hundreds of walking routes to nearby amenities. Points are awarded based on the distance to amenities in each category. Walk scores are based out of 100. (Information courtesy of www.walkscore.com)
The Property is located on East Broadway, halfway between Fraser Street and Clark Drive, in Vancouver’s popular neighbourhood of Mount Pleasant. Mount Pleasant is located in East Vancouver, and has quickly become one of Vancouver’s most sought-after communities. The area attracts an abundance of young professionals, students, and families. The neighbourhood hosts many unique shops and services, numerous parks, and plenty of dining and nightlife options. Vancouver Community College is a 5-minute walk from the Property, and the Centre for Digital Media an 8-minute walk. Amenities, shops, and services, are clustered along East Broadway, and nearby on Fraser Street, Kingsway, Main Street, and Commercial Drive. East Broadway is extremely convenient for public transit users. Regular and express line buses run frequently along this east-west corridor of the city. Travelling westward will take you to important landmarks such as the Broadway – City Hall Canada Line SkyTrain station, and the University of British Columbia. Travelling eastward will take you to the Commercial – Broadway station for the Millennium and Expo SkyTrain lines. The Commercial-Broadway SkyTrain station is also walkable, as it is only 11 minutes by foot from the Property. In addition to boasting high walk and transit scores, the location is also ideal for those who commute by bicycle. The area is mostly flat going east to west, and boasts excellent bike lanes.
RESIDENTIAL UNITS
Bedroom
Second Bedroom
Bedroom
Living Room
Kitchen
Bathroom
Dining Area
Kitchen
Bathroom
FINANCIAL EVALUATION Income Statement
Potential: Market
Actual YEARLY REVENUE Rental Income (Rent Roll x 12) Storage Gross Income Less: Vacancy 0.50% EFFECTIVE GROSS INCOME
YEARLY/UNIT
$176,856 $0 $176,856 $884 $175,972
$16,078 $0 $16,078 $80 $15,997
EXPENSES (YEAR) Property Taxes Insurance Utilities: Electricity Utilities: Water/Sewer Licence Fire Monitoring Caretaker Repair & Maintenance TOTAL EXPENSES
$6,564 $4,651 $1,094 $875 $638 $375 $9,413 $8,491 $32,101
$597 $423 $99 $80 $58 $34 $856 $772 $2,918
TOTAL NET INCOME
$143,871
Asking Price Cap Rate
$4,100,000 3.51%
% OF EGI
YEARLY $185,400 $3,600 $190,980 $955 $190,025
3.73% 2.64% 0.62% 0.50% 0.36% 0.21% 5.35% 4.83% 18.24%
$6,564 $4,651 $1,094 $875 $638 $375 $6,600 $8,491 $29,288 $160,737
$372,727 3.92%
GORDON BLOCK APARTMENTS 833 East Broadway VANCOUVER
Patrick McEvay | Personal Real Estate Corporation | Senior Sales Associate | 604.789.0720 | [email protected] James Blair | Personal Real Estate Corporation | Senior Associate | 604.790.7089 | [email protected] David Venance | Personal Real Estate Corporation | Senior Associate | 604.910.3842 | [email protected] 355 Burrard 14th Floor | Vancouver, BC, V6C 2G6 | jll.ca
PROPERTY HIGHLIGHTS Property Overview
CIVIC ADDRESS 833 East Broadway Vancouver BC, V5T 1Y2
11 RESIDENTIAL UNITS 1 – Bachelor 7– One Bedroom 3 – Two Bedroom PROPERTY IDENTIFIERS 010-853-880 NEIGHBOURHOOD Mount Pleasant LOT SIZE 33’ x 122’ ZONING RM-4N
Opportunity Highlights •
Extensive restoration of entire building in 2011
•
Excellent condition with exceptional curb appeal
BALCONIES/PATIOS Yes – Rear of Building & Ground Level Patios
•
Turnkey opportunity for new owner
•
Minimal expenses with electric baseboard heat paid by tenants
TYPE OF CONSTRUCTION 3-Storey Wood Frame
•
Attractive modern finishes with heritage accents including exposed brick and crown moldings
YEAR BUILT 1912
•
Rental units include in-suite laundry and dishwashers, making these suites in high demand
•
Highly visible and convenient location along Broadway with immediate access to transit
•
On-site bike storage available to tenants
•
Proven rental upside upon turnover of units
PARKING No
PROPERTY TAXES (2015) $6,744.69 ASSESSMENT (JULY 2014) Land $ 840,000 Improvement $ 958,000 Total $ 1,798,000
A building inspection report by Prospec Inspections (January 2016), a Stage 1 environmental report by David Kelly (December 2015), and an Appraisal by Grover Elliot (January 2016) are available upon request.
PROPERTY HIGHLIGHTS Location Overview
Walk Score Science World
86
Trillium Park Gordon Block Apartments
Transit Score Guelph Park
Sahalli Park
Centre for Digital Media
83 China Creek Park
Bike Score
93 Robson Park Bus Stops Nearby
Walk Score Methodology Walk Score measures the walkability of any address. For each address, Walk Score analyzes hundreds of walking routes to nearby amenities. Points are awarded based on the distance to amenities in each category. Walk scores are based out of 100. (Information courtesy of www.walkscore.com)
The Property is located on East Broadway, halfway between Fraser Street and Clark Drive, in Vancouver’s popular neighbourhood of Mount Pleasant. Mount Pleasant is located in East Vancouver, and has quickly become one of Vancouver’s most sought-after communities. The area attracts an abundance of young professionals, students, and families. The neighbourhood hosts many unique shops and services, numerous parks, and plenty of dining and nightlife options. Vancouver Community College is a 5-minute walk from the Property, and the Centre for Digital Media an 8-minute walk. Amenities, shops, and services, are clustered along East Broadway, and nearby on Fraser Street, Kingsway, Main Street, and Commercial Drive. East Broadway is extremely convenient for public transit users. Regular and express line buses run frequently along this east-west corridor of the city. Travelling westward will take you to important landmarks such as the Broadway – City Hall Canada Line SkyTrain station, and the University of British Columbia. Travelling eastward will take you to the Commercial – Broadway station for the Millennium and Expo SkyTrain lines. The Commercial-Broadway SkyTrain station is also walkable, as it is only 11 minutes by foot from the Property. In addition to boasting high walk and transit scores, the location is also ideal for those who commute by bicycle. The area is mostly flat going east to west, and boasts excellent bike lanes.
RESIDENTIAL UNITS
Bedroom
Second Bedroom
Bedroom
Living Room
Kitchen
Bathroom
Dining Area
Kitchen
Bathroom
FINANCIAL EVALUATION Income Statement
Potential: Market
Actual YEARLY REVENUE Rental Income (Rent Roll x 12) Storage Gross Income Less: Vacancy 0.50% EFFECTIVE GROSS INCOME
YEARLY/UNIT
$176,856 $0 $176,856 $884 $175,972
$16,078 $0 $16,078 $80 $15,997
EXPENSES (YEAR) Property Taxes Insurance Utilities: Electricity Utilities: Water/Sewer Licence Fire Monitoring Caretaker Repair & Maintenance TOTAL EXPENSES
$6,564 $4,651 $1,094 $875 $638 $375 $9,413 $8,491 $32,101
$597 $423 $99 $80 $58 $34 $856 $772 $2,918
TOTAL NET INCOME
$143,871
Asking Price Cap Rate
$4,100,000 3.51%
% OF EGI
YEARLY $185,400 $3,600 $190,980 $955 $190,025
3.73% 2.64% 0.62% 0.50% 0.36% 0.21% 5.35% 4.83% 18.24%
$6,564 $4,651 $1,094 $875 $638 $375 $6,600 $8,491 $29,288 $160,737
$372,727 3.92%
