1575 E12th Ave, Vancouver, BC - Updated 3-plex
We have a beauty here! Owner occupied. As you can see, very well cared for and a lot of pride in living.
Upper Level - 3br, 2-storey, large covered deck. Owner has rented when not living in the unit.
Main - 1br studio with porch. Currently rented. Month to month.
Bsmt - 3br. Each room rented individually. Each tenant has been renting for 1yr +. Tight screening process by landlord.
All units have their own laundry.
Est. monthly revenue including top floor $7,860. Annual gross revenue $94,320. Note: I have a client in south Newton in Surrey that is renting a 3br townhouse for $4,300. Potential to rent the top floor for more.
Annual taxes: $6,492
All stairwells in the last couple of years. Electrical/Plumbing 2008/2009. Roof - 2009. HW on demand for the entirety of building. Boiler - unknown, just replaced the pump. Washer dryer for bsmt suite new.
Neighbours are ready to assemble. There is future lift value in assembly, sooner or later as decided by new owner/neighbours.
I am a fan of this property for many reasons. Most importantly; no to little maintenance. Maximum rents and top quality renters for location and condition of asset. Owner occupied and proud of the building and quality of tenants. Finally, a great cherry on top with assembly potential.
3 block walk to Broadway/Commercial Skytrain Station.
A quick and dirty CAP rate analysis at $80k NOI, at a purchase price of $2.3M would be a 3.47 CAP rate.