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Partnership. Performance.
RARE MULTI-FAMILY VALUE-ADD INVESTMENT OPPORTUNITYPremier location in the affluent Kitsilano
Neighborhood, within one block of Kits
Beach Park.
Rob Greer*, Principal 604.647.5084 [email protected]* Robert Greer Personal Real Estate Corporation
Amanda Payne, Senior Analyst 604.646.8389 [email protected]
Chris Wieser, Vice President 604.647.5089 [email protected]
NEW YORK APARTMENTS2341 YORK AVENUEVANCOUVER, BC
Kits Pool
Kits Park
Cornwall Avenue
Laur
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York Avenue
Source: Google
OpportunityTo acquire 100% freehold interest in a “value-add” multi-family rental apartment building in one of Vancouver’s strongest rental markets.
LocationThe New York Apartments are strategically located mid-block on the north side of York Avenue in between Balsam and Vine Street in the highly sought after Kitsilano neighbourhood. Kitsilano most commonly referred to as “Kits”, is one of Vancouver’s most popular residential areas and is famous for its beautiful overlooking coastline, numerous parks and one of the best beaches in the world, Kits Beach. The surrounding area to the subject property is primarily characterized by older walk-up apartment buildings and townhomes as well as commercial properties along arterial roads. The New York Apartments boasts an abundance of amenities within close proximity being just steps away from Kits Pool, Kits Beach, numerous restaurants, cafes, as well as just blocks away from the famous retail shopping and entertainment district located on West 4th Avenue. The property has great access to public transportation including multiple bus routes along Cornwall Avenue and West 4th Avenue, transporting in and out of the downtown core and UBC.
Building DescriptionOriginally constructed in approximately 1948, the two-storey plus basement walk up apartment building is currently comprised of 27 rental units;** one (1) penthouse studio located on the roof, two (2) 1-bedroom units, two (2) 2-bedroom units and twenty-two (22) sleeping rooms. The sleeping rooms are approximately 110* square feet, they include a closet, sink and a mini fridge. All tenants in the sleeping rooms share common washrooms, showers and baths. There are three storage lockers located in the basement and there is space for additional lockers. Located at the rear of the building are four surface parking spaces.
Property SummaryMunicipal Address2341 York Avenue, Vancouver, BC
Legal DescriptionLot 16 Block 192 Plan VAP848 District Lot 526 New Westminster
PID015-098-541
Current Suite Mix**
Type # of Units
Sleeping Rooms 22
Penthouse-Studio 1
2-Bedroom 2
1-Bedroom 2
Total 27
Parking4 stalls at rear of building and street parking
ZoningRM-4 (Multi-Family)Medium Density Residential Development
Property Taxes (2014)$8,994
FinancingClear Title
Net Operating Income (Projected)$180,325
Asking Price$4,100,000
* All areas are approximate and subject to verification.
** Refer to the City of Vancouver Approved Occupancy letter for the number of conforming units. Contact listing agent for more information.
2341 YORK AVENUEVANCOUVER, BC
Source: Google
Subject Property2341 York Avenue
Investment Highlights 9 Value – Add investment with rental upside in a highly desirable
location
9 Sleeping rooms provide for a high rent per square foot
9 Property is unencumbered by existing financing. Presenting investors the opportunity to take advantage of record low mortgage interest rates
9 Very strong apartment market with low historic vacancy
9 Proximity to downtown Vancouver (7-10 minutes)
9 Proximity to UBC (15 minutes)
9 Fantastic views of the North Shore Mountains & downtown Vancouver from the penthouse suite and rooftop
Net Operating Income ProjectionIncome As Is April 2015 Projected Rents
Sleeping Room Revenue $103,860 $145,740
Self Contained Units Revenue $47,880 $87,600
Parking Income $250 $1,440
Laundry Income $0 $6,480
Vacancy (0.5%) -$760 -$1,174
Effective Gross Income (EGI) $151,230 $240,086
Expenses 2014 expenses Projected Expenses
Property Tax $8,994 $8,994
Business Licence $1,033 $1,033
Natural Gas $9,174 $9,174
Electricity $3,399 $3,399
Water and Sewer $2,727 $2,727
Waste Removal $3,935 $1,608
Repairs & Maintenance $14,326 $14,326
Insurance $1,775 $6,500
Caretaker /Manager $0 $12,000
$45,363 $59,761
Operating Expense Ratio (OER) 30% 25%
Net Operating Income (NOI) $105,867 $180,325
Avison Young Commercial Real Estate Inc.#2100-1055 W. Georgia Street Box 11109 Royal CentreVancouver, BC V6E 3P3, Canada
Partnership. Performance.
© 2015 Avison Young (Canada) Inc. All rights reserved.
E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real Estate (BC) Inc.
avisonyoung.com
Kitsilano Yacht Club
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Yew Street
Arbutus Street
Maple Street
Cypress Street
Burrard Street
Kits Pool
Cornwall AvenueCornwall Avenue
York Avenue
West 1st Avenue
West 2nd Avenue
West 3rd Avenue
West 4th AvenueWest 4th Avenue
Kits Beach & Park Vanier
Park
1234
5
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15
1. Lululemon Head Office2. Henry Hudson Elementary School3. Hapa Beach Sushi4. Local Bar & Restaurant5. Chewie’s Restaurant & Bar
6. Safeway7. Shoppers Drug Mart8. Browns Social House9. Semperviva Yoga10. 49th Parallel Coffee Roasters
11. Lululemon12. CIBC Bank13. The Bimini14. YYoga & TD Bank15. Trattoria Restaurant
Surrounding Amenities & Businesses
Rob Greer*, Principal 604.647.5084 [email protected]* Robert Greer Personal Real Estate Corporation
Amanda Payne, Senior Analyst 604.646.8389 [email protected]
Chris Wieser, Vice President 604.647.5089 [email protected]
Source: Google
Subject Property2341 York Avenue
