46 Suites Stratford House Apartment Building 8725 French Street Vancouver BC Contact Information Terry Harding Vice President 604 691 6615 harding@naicommercial.ca Jackson Tang Associate 604 691 6680 jackson@naicommercial.ca NAI Commercial 535 Thurlow Street Suite 100 Vancouver BC V6E 3L2 1 www.naicommercial.ca
Property Highlights Stratford House Extremely good location - Granville Street is just one block west where all shopping and public transportation can be accessed Easy access to Richmond (5 minutes) and downtown Vancouver (20 minutes) Large corner lot - 200 feet (frontage) x 115.75 (depth) All suites have a patio or balcony Building has an updated elevator and secured underground parking Walking distance to Marine Drive SkyTrain Station Plumbing system replaced in 1995 or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease. 2
Location The property is located on a cherry-tree-lined street in a quiet neighborhood in Marpole (south Vancouver). The building is on the southwest corner of French Street at 71st Street. Granville Street, just one block west, provides a full range of shopping and public transportation. Safeway is just a couple blocks away. The site is currently being redeveloped into four major building elements, including a new 50,000 square foot Safeway grocery store. Transportation is also easily accessed from nearby Oak Street, as well as on Cambie Street at the Marine Drive SkyTrain Station. Richmond is just a 5-minute drive away, and downtown Vancouver, just 20 minutes away. Several parks surround the neighborhood, the most prominent being the Fraser River Park. 8725 French Street or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease. 3
Property Summary or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease. 4
Property Summary Address: 8725 French Street, Vancouver, BC Legal Description: Plan VAP1749 Lot 5 to 8, Block 12, District Lot 318 PID: 014-347-407, 014-347-415, 014-347-431,014-347-4466 Lot Size: Net Rentable Area: Age: 200 ft x 115.75 ft = 23,150 square feet 27,397 sq. ft. (approx) Constructed in 1964 (48years old) Property Tax 2012: 25,087.15 Property Tax Assessment 2012: Land 4,869,000 Improvements 1,797,000 Total 6,666,000 Suite Mix: 10 Studio 35 One Bedroom 1 Two Bedroom 46 Total Income Analysis: Stabilized Potential Gross Income 440,334 491,458 Expenses 176,486 165,873 Net Income 263,848 325,585 Investment Analysis: Price per suite 186,956 Actual Potential Cap Rate 3.10% 3.80% Financing: Parking: First CMHC Mortgage with People Trust 32 underground parking stalls, and 5 outdoor parking spaces Listing Price: 8,600,000 or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease. 5
Building Description & Improvement Building Description Stratford House is a three-storey, brick clad, wood-frame apartment building (constructed in 1964) with a total of 46 suites, an elevator and secured underground parking. All suites are spacious and include a balcony or patio. The suite mix consists of the following: Suites Suite Type 10 Bachelor 35 One Bedroom 1 Two Bedroom 46 Total Suites The building is heated with a radiant hot water system, which is supplied by an updated SuperHot Energy Efficient boiler The domestic hot water is heated by a separate, 1-year-old boiler Torch-on roof, replaced in 2008 All suites installed with hardwood floor, electric kitchen appliances and cabinets Kitchen ventilation is provided by an exhaust fan, bathroom ventilation is provided by a celing-installed exhaust fan, and each suite has a four-piece bathroom Laundry room includes 2 washers and 3 dryers (leased from Phelps) Individual storage lockers for tenants List of Improvements Main plumbing system was re-piped in 1995 The domestic hot water boiler was replaced in 2002 4-year-old torch-on roof One-year-old domestic hot water tank boiler 85,000 spent in 2011 to modernize the elevator Over 177,000 spent on capital expenditures since 2008 or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease. 6
or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease. 7
Stratford House Rent Roll Suite # Suite Mix Move In Last Inc. Parking Current Rent Potential Rent Sq Ft 101 One Bedroom 01-Sep-06 01-Jul-12 792 895 625 102 One Bedroom 01-Aug-10 01-Jul-12 815 895 625 103 One Bedroom 01-Apr-11 01-Jul-12 810 895 615 104 One Bedroom 01-Oct-06 01-Jul-12 785 895 615 105 One Bedroom 15-Sep-11 01-Oct-11 795 895 615 106 One Bedroom 01-Aug-09 01-Jul-12 815 895 615 107 Bachelor 01-Aug-91 01-Jul-12 639 775 530 108 Two Bedroom 01-Apr-11 01-Apr-11 1,100 1,200 910 109 Bachelor 01-May-10 01-Jul-12 740 775 530 110 One Bedroom 01-Aug-05 01-Jul-12 785 895 575 111 One Bedroom 01-Sep-11 01-Sep-11 795 895 675 112 One Bedroom 01-Jul-95 01-Jul-12 774 895 620 113 One Bedroom 01-Mar-12 01-Mar-12 795 895 675 115 One Bedroom 01-Nov-06 01-Jul-12 808 895 620 201 One Bedroom 01-Nov-09 01-Jul-12 845 895 625 202 One Bedroom 01-Mar-03 01-Jul-12 10.00 797 895 620 203 One Bedroom 01-Oct-07 01-Jul-12 10.00 797 895 661 204 One Bedroom 01-Oct-06 01-Jul-12 10.00 797 895 590 205 One Bedroom 01-Aug-03 01-Jul-12 792 895 650 206 One Bedroom 01-Nov-03 01-Jul-12 813 895 653 207 Bachelor 01-Mar-11 01-Jul-12 10.00 740 775 432 208 Bachelor 01-Feb-04 01-Jul-12 670 775 413 209 Bachelor 01-Nov-10 01-Jul-12 740 775 432 210 Bachelor 01-Jul-95 01-Jul-12 613 775 413 211 One Bedroom 01-Feb-01 01-Jul-12 10.00 746 895 668 212 One Bedroom 01-Oct-12 01-Oct-12 835 895 653 213 One Bedroom 01-Oct-97 01-Jul-12 753 895 627 214 One Bedroom 01-Dec-03 01-Jul-12 792 895 590 215 One Bedroom 01-Mar-12 01-Mar-12 840 895 634 216 One Bedroom 01-Jun-95 01-Jul-12 769 895 640 301 One Bedroom 01-Nov-09 01-Jul-12 865 895 625 302 One Bedroom 01-Jul-12 01-Jul-12 10.00 835 895 670 303 One Bedroom 01-Oct-96 01-Jul-12 769 895 661 304 One Bedroom 01-Nov-84 01-Jul-12 753 895 590 305 One Bedroom 01-Oct-11 01-Oct-11 820 895 650 306 One Bedroom 15-Mar-08 01-Jul-12 10.00 818 895 553 307 Bachelor 01-Dec-07 01-Jul-12 709 775 432 308 Bachelor 01-Aug-09 01-Jul-12 735 775 413 309 Bachelor 01-Feb-98 01-Jul-12 655 775 432 310 Bachelor 01-Aug-90 01-Jul-12 647 775 413 311 One Bedroom 01-Apr-09 01-Jul-12 789 895 668 312 One Bedroom 01-Mar-11 01-Jul-12 850 895 653 313 One Bedroom 01-Jul-08 01-Jul-12 30.00 808 895 627 314 One Bedroom 01-Oct-09 01-Jul-12 835 895 590 315 One Bedroom 01-Jul-03 01-Jul-12 10.00 818 895 634 316 One Bedroom 01-Mar-03 01-Jul-12 10.00 818 895 640 Total 120.00 36,111 40,275 27397 Note: square footgage is accurate within 3% of total net rentable 8
Financial - Stabilized Stratford House Stabilized Income and Expense Statement 8725 French Street, Vancouver, BC Income Expenses Rental Vacancy( 0.5%) Net Rent <Other Income> - 433,332 2,166 431,166 Parking 1,440 Laundry (stabilized at 14 per suite/month) 7,728 Total Income Management ( Stabilized at 3.0%) Insurance Property Tax (2012) Advertising Utlilities Cable Salaries( stabilized at 45 per suite/month) Repair and Maintenance (Stabilized 700/suite) Dues and Licenses Total Expenses Expense Ratio Net Income 440,334 12,935 11,562 25,087 800 51,320 13,000 24,840 32,200 4,742 176,486 40.08% 263,848 Cap Rate Based on Listing Price 3.10% or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease. 9
Financial - Potential Stratford House Potential Income and Expense Statement 8725 French Street, Vancouver, BC # of Suite Market Rent* Studio 10 775 One Bedroom 35 895 Two Bedrooms 1 1,200 Total 46 *Market rent based on random survey on Marpole Area Income Rents Studio (775 x 10U x 12 months) 93,000 One Bedroom (895 x 35U x 12 Months) 375,900 Two Bedroom (1,200 x 1U x 12 months) Total Rent 14,400 483,300 Vacancy - 1.5% - 7,250 Net Rent 476,051 <Other Income> Parking ( 20 underground stall x 32 Stalls) 7,680 Laundry ( Stabilized at 14 per month/suite) Total Income 7,728 491,459 Stabilized Expenses Management -3.0% 14,282 Insurance Property Tax (2012) Advertising Utlilities Salaries Repair and Maintenance 11,562 25,087 1,000 52,000 25,000 32,200 Licenses and Dues Total Expenses 4,742 165,873 Expense Ratio Net Income 33.75% 325,586 Potential Cap Rate Based on Listing Price 3.79% or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease. 10
Site Map or other sources we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. All information should be verified prior to purchase or lease. Ag/8725 FrenchSt-Brochure.indd/Jan 9, 2013/TH 11