FOR SALE Cartier Apartments

Cartier Apartments FOR SALE 8632 Cartier Street, Vancouver, BC

LISTED PRICE $2,538,000 11 Unit Multifamily Apartment Building in the Heart of Marpole

Proudly Exclusively Co-Listed by Bill Goold Realty & Colliers International

JAMES BLAIR BILL GOOLD Bill Goold Realty Bill Goold Realty Sales Associate Broker/Owner +1 (604) 267-2455 +1 (604) 267-2455 [email protected] [email protected]

STEVE FAME DOUG LEPATOUREL Colliers International Colliers International Vice President Vice President +1 (604) 661-0894 +1 (604) 661-0841 [email protected] [email protected]

Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness.

CIVIC ADDRESS PROPERTY HIGHLIGHTS 8632 Cartier Street Vancouver, BC V6P 4V1 • Located in the rapidly revitalizing Marpole Neighbourhood NEIGHBORHOOD •Large 50’ x 140’ lot just east of Granville Street Marpole and just south of 71st Avenue

LEGAL DESCRIPTION • Hardwood flooring, double-glazed windows, and Lot 11 Block 15 Plan VAP1749 District parking Lot 318 Land District 1 Land District 36 LOCATION PROPERTY IDENTIFIER 014-233-533 The Subject Property is strategically located in the 8600 block of Cartier Street between West SUITE MIX 70th and West 71st Avenues in the Marpole 1 Bachelor neighbourhood of Vancouver, BC. 8 One Bedroom 2 Two Bedrooms Marpole is a riverfront community located in the 11 Residential units south of Vancouver’s west side that is in the ZONING midst of a major revitalization and change due RM-3A Multifamily Dwelling to a revised Community Plan that was adopted in 2014. The insatiable appetite of the development LOT SIZE and investment communities have dramatically 50’ x 140’ (7,000 sq.ft.) increased demand and assisted with swift appreciation for properties within this district. YEAR BUILT 1957 This superbly located asset is just east of Granville Street, which offers ample retail, PROPERTY TAXES 2013 $6,956.28 restaurant, and office services. Its distance to schools and parks are ideal for families. Close to ASSESSMENT 2013 all forms of transportation, the Subject Property Land $ 1,512,000 offers convenience to its tenants with rapid Improvements $ 414,000 transit and direct links to Vancouver Total $ 1,926,000 International Airport, Richmond, and downtown Vancouver.

BUILDING DESCRIPTION Constructed in 1957, the Subject Property features a three-storey building of wood-frame construction with a stucco façade. The building is approximately 10,600 SF (gross) and features new double-glazed windows.

Cartier Apartments features 11 units with 1 bachelor unit, 8 one-bedroom units, and 2 two- bedroom units. Three of the units are located on the first floor, with four units on each of the second and third floors. The suites feature hardwood flooring while the common areas have updated carpeting.

The main floor offers a shared laundry room, as well as, the mechanical room and storage lockers. There is one washer and one dryer for shared tenant use and leased from Coinamatic. The natural gas-fired boiler was replaced in 2004 and two domestic hot-water tanks were also recently replaced. There are five storage lockers currently being used by the Landlord and five surface parking stalls accessed at the rear of the property.

The roof is composed of a torched-on membrane and was reportedly replaced in 2004. Most units are metered individually for hydro and the tenants are billed directly.

PERCENTAGE YEARLY YEARLY/UNIT OF EGI

REVENUE Rental Income [1] $103,920 $9,447 Laundry [2] $1,980 $180 Gross Income $105,900 $9,627 Less: Vacancy (.7%) [3] $741 $66 EFFECTIVE GROSS INCOME $105,159 $9,561

EXPENSES [4] Property Taxes $6,956 $632 6.61% Insurance $4,064 $369 3.86% Utilities: Gas, Electricity, Water $12,985 $1,180 12.35% Utilities: Waste Removal $1,433 $130 1.36% Licence $700 $64 0.67% Repair & Maintenance [5] $8,250 $750 7.85% TOTAL EXPENSES $34,388 $3,126 32.70%

TOTAL NET INCOME $70,771

Asking Price $2,538,000 $230,727/Unit CAP: 2.79%

[1] February 2015 Rent Roll x 12. [2] Potential laundry revenue estimated at $15 per suite per month. Currently leased from Coinamatic. [3] CMHC Fall 2014 vacancy rate. [4] Expenses January – December 2014. [5] Stabilized at $750 per unit per year. Actual R and M for 2014 was $20,995.

Potential Revenues

CMHC RENTS MARKET RENTS [1]

REVENUE Rental Income $119,808 $194,400 Laundry [2] $2,288 $2,288 Parking [3] $4,500 $4,500 Storage [4] $3,000 $3,000 Gross Income $129,596 $204,188 Less: Vacancy (.7%) $907 $1,429 EFFECTIVE GROSS INCOME $128,689 $202,759

EXPENSES Property Taxes $6,956 Insurance $4,064 Utilities: Gas, Electricity, Water $12,985 Utilities: Waste Removal $1,433 Licence $700 Repair & Maintenance $8,250 [5] TOTAL EXPENSES $34,388 $50,689

TOTAL NET INCOME $94,301 $152,070

Asking Price $2,538,000 $230,727/Unit Potential CAP Rate 3.72% 5.5% [6]

[1] Market rents based on comparable properties in the area renovated to a high quality standard. [2] Laundry estimated at $4.00 per tenant per week. [3] Parking estimated at 5 stalls x $75 per month. [4] Storage lockers estimated at 5 lockers x $50 per month. [5] Expenses for Market Rents estimated at 25% of EGI after renovations. [6] Market Rents cap rate established by adding a $20,000 per unit renovation budget to the asking price.

NEIGHBOURHOOD OVERVIEW 8632 Cartier Street, Vancouver

Cambie

Oak Oak St. St

Subject Property

Airport Richmond

Situated near the southern boundary of Greater Vancouver, the community of Marpole is not only historic, but is also ideally located for the Lower Mainland's future growth. Walking distance to diverse shops and restaurants on south Granville Street; a short hop over the Arthur Laing Bridge to the Asian-influenced shopping and dining mecca of Richmond; and just minutes away from Vancouver International Airport, Marpole occupies some of the most desirable land available in Vancouver today.

Marpole arose in the late 1880s as a village on the banks of the Fraser River. Today, modern highways, trains, and transit lines connect the community's residents to downtown Vancouver quickly and effortlessly. At one time comprised of a predominantly Anglo-Saxon population, Marpole now boasts almost 60% of its residents born outside Canada, and 42% of those speaking Chinese. To the east lie the new Marine Landing and Marine Gateway of the refurbished Cambie Corridor, and to the west the stately homes of Point Grey and The University of British Columbia. With the river to the south and downtown Vancouver to the north, Marpole is a nexus of development and growth in the Lower Mainland.

10, 17, 100, 480 Canada Line SkyTrain

Restaurants| Bars| Coffee Shops Mr. Pickwick’s Ikura Sushi Risty’s Café 2 Brothers Restaurant & Cafe Starbucks Café Mai-Mai

Groceries Safeway Healthy & Happy Living Food Choice’s Market

Shopping Oakridge Mall McArthur Glen Designer Outlet (Opening in Spring 2015)

Parks Ebisu Park Marpole Park William Mackie Park

Errands | Entertainment Marpole Post Office Metro Theatre Centre Boomer Drugs Marpole Community Centre

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. (All information courtesy of www.walkscore.com)