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Parklea Apartments

151 E. Keith Road, North Vancouver
Multi-family

3/3/2014$25,500,000


Summary

Price
$27,000,000
GIM
21.2
Units
88
Year Built
1975
Cap Rate
3.1%
Zoning
RH-1
Net Rentable Area
57,537 SQ FT
Price/Unit
$306,818
PID
007-697-481
Stories
15
Sale Price
$25,500,000
Sale Date
3/3/2014

Property Description

Rare Offering! Parklea Apartments is an exceptionally well-maintained 88-suite 15-storey concrete rental highrise located in North Vancouver’s superb Lower Lonsdale neighbourhood across from Victoria Park. This offering represents a golden opportunity to acquire a first-class trophy asset with stable income and magnificent panoramic water views of Vancouver’s coastline.

Location

Parklea Apartments is located in arguably the hottest area of North Vancouver in Lower Lonsdale’s Victoria Park neighbourhood. Known as the historical waterfront neighbourhood of North Vancouver, the subject is a few minutes’ walk to a wide range of retail amenities, supermarkets, community services such as the John Braithwaite Community Centre, restaurants, boutiques, trendy cafes and excellent bus transportation along Lonsdale. The Lonsdale Quay Market and Sea Bus are within 10 minutes walking distance which connects to a 12 minute boat ride to Downtown Vancouver. Situated just off Lonsdale Avenue and E. 6th Street, this location offers convenient access to Downtown Vancouver via the Lions Gate Bridge (5.4km) or Eastbound to the Ironworkers Memorial Bridge (5.1km).

Features

  • Exceptionally well maintained 15-storey concrete rental highrise improved on 200’ x 140’ lot
  • 88 suites—28 two bedroom & 60 one bedroom units (1 unauthorized)
  • Cell phone antenna revenue generates $31,000 in annual income
  • Built by Grosvenor in 1975
  • Magnificent panoramic water views across the harbour of Vancouver’s coastline
  • All south, east and west facing suites have water views from the 3rd floor and up
  • Superb central North Vancouver Lower Lonsdale location across from Victoria Park
  • Attractive updated lobby with marble tiled floors
  • Parking: 104 secured underground stalls (including two private garages)
  • 5 separate locker rooms (storage for all tenants)
  • Laundry room: six washers/six dryers owned by building (newer Huebsch)
  • Meter rooms on each floor
  • Pool and sauna have been decommissioned
  • Spacious balconies for all suites
  • Security camera surveillance
  • Emergency generator
  • FOB entry
  • Hardwired smoke and heat detectors
  • Beautiful manicured gardens with built-in sprinklers
  • Clean Stage 1 Environmental Report

Upgrades

    • 48 suites have been significantly renovated over the last 8 years:

Kitchen updates: cabinets, flooring, appliances, countertops, backsplashes, lighting, overhead fans, dishwashers

  • General: carpets, mirrored closet doors, lighting
  • Bathroom updates: cabinets, vanities, countertops, flooring, toilets, tubs & surrounds
  • Elevator: cabs updated (2003)
  • Plumbing replaced (2000)
  • Hallway carpets (2008)
  • Annunciator panel (2009)
  • Parkade painted (2012)
  • Hallway lights LED (2011)
  • 2 newer domestic hot water RB Boiler & 3 holding tanks (2000)
  • Torch-on roof replaced (2007)
  • Underground parkade water proof injection

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