Sutton Group - West Coast Realty  

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Offering Summary

List Status:

 Active

Type:

 Multi-Family  

Subtype:

 Garden/Low-Rise  

Property:

 Lincoln Apartments

Address:

 225 E. 13th St.

North Vancouver, BC  Canada V7L2L6  

Price:

 $4,250,000

Gross Bldg:

 42,000 sq. ft.+/-above ground

Basement:

 18,542 sq. ft.+/- below ground

Lot Size:

 .56 acre. (27,734 sq. ft.+/-)

Frontage:

 164.97 ft.

Lot Depth:

 149.93 ft.

# of Units:

 47

Occupancy:

 100 %

Use Type:

 Investment  pro forma

Investment:

 Cap Rate: 7.7%

Factors:

 Cash-on-Cash: N/A%

Price/ Unit: 90,000

Built: 1971

Gr. Rent Mult: ____

Currency:

 CAD

Highlights

Large suites with balconies or patio's
Secured underground parking

New Energy Efficient Gas Furnace 
Major plumbing upgrade

Re-plumbed Horizontal Line 12 yrs ago
Many newer appliances

Cable paid by tenants

Torch on Roof Membrane 
New hallway carpets third floor

Newer carpets and lino in most suites 
Underground Storage

Power Smart lighting

New Elevator Hydraulics

New roof vents

Updated to current fire code

 

 

 

Assessed  Values (2003)

Land :     1,978,000   (Residential)

Impr :     1,302,000   (Residential)

               ------------

Total :     3,280,000

 

Financial Summary
Item Pro Forma Dec. 2002

Scheduled Gross Income

 $435,600.00
Vacancy (1%) CMHC 02 $4,356.00

Effective Gross Income

 $431,244.00
     

Operating Expense

 80,760.00

Expense/Unit

 $.1,718.00

Caretaker

 +$24,000.00 
Total Expenses

   $104,760.00

Net Operating Income

 $326,484.00

Debt Service

 $0.00

Other Capital Costs

 $0.00

Pre Tax Cash Flow

 $0.00
  Currency: CAD
 

Financing:

Existing Bank of Montreal 1st mortgage to be assumed

Type Amount Rate Term Due Annual
Debt Service
$2,392,000 6.2% 5 yr 1/12/2006

Balance as of April 15/03
 
Unit Mix Information
Description No. Units Avg. SF Avg. Mo. Rent Avg. Mo. Rent/SF
Bach 12 n/a $  $ n/a
1 Bedrooms 29 n/a $  $ n/a
2 Bedrooms 6 n/a $  $ n/a

Property Description
First time offered, excellent location and great suite mix, well maintained and good condition. Solid investment, quality built three level 47 suite wood frame building with secured underground parking for 56 stalls. Large suites with balconies or patios, four stop elevator and, new energy efficient gas furnace, sump pump and furnace piping re-alignment, major plumbing and fire upgrades, many new appliances and power smart lighting. 

Location Description
Prime North Vancouver location directly across the street from the Lions Gate Hospital, & all commercial facilities including shopping, recreational facilities, library, & public transportation.
Contact Information
Sutton Group - West Coast Realty
RJ (Ron) Smith Phone: 604-836-7328 
The information above has been obtained from sources believed reliable. While we do not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.