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Sharmerob Manor

1929 West 3rd Avenue, Vancouver
Multi-family

$15,200,000


Summary

Price
$15,950,000
GIM
19.6
Lot Size
27,000 SF
Units
53
Year Built
1973
Cap Rate
3.5%
Zoning
RM-4
Price/Unit
$300,943
PID
015-287-211
Stories
3
Sale Price
$15,200,000
Sale Date
12/21/2012

Property Description

Sharmerob Manor is a well maintained 53-suite wood frame rental apartment building located in Vancouver’s prime north-of-4th Kitsilano neighbourhood. The property is improved on a large 225′ x 120′ RM-4 zoned lot and features views from the third floor, secure underground parking, balconies/patios and elevator.

Location

Sharmerob Manor is situated mid block on the north side of West 3rd Avenue between Cypress and Maple Streets in prime Kitsilano. Only four blocks south of Cornwall Avenue, the waterfront “main drag” which runs parallel to the popular Kitsilano Beach coastline and offers stunning views of English bay, the West End’s skyline and the North Shore Mountains. Within walking distance is Kits Beach Pool and Park, a seaside walkway that overlooks the Burrard Inlet, Kitsilano Yacht Club and Point Grey Private Hospital. Various, restaurants, cafés, amenities and bus transportation are close by along Cornwall, 4th Avenue (one block south) and Burrard Street (one block east).

Kitsilano, especially north of 4th Avenue, is considered one of the most desirable locations in the City of Vancouver to live, with its numerous beaches, parks, recreation centres, retail amenities, movie theatre, cafes and its close proximity to Downtown Vancouver and UBC.

Legal Description

Lot D (See A4181) Block 226 DL 526 Group 1 NWD Plan 590

Highlights

  • Views from 3rd floor – Ocean & North Shore Mountains
  • Prime north-of-4th Avenue Kitsilano location
  • Large 225’ x 120’ site
  • Exceptionally clean and well maintained rental building
  • Suites feature balconies or patios
  • Elevator service (to underground)
  • Secured underground parking for 52 cars
  • Two bedroom units have additional 2-piece en suite bathroom, dishwasher & garburator
  • Original cabinets & tubs, but nicely maintained
  • 3 washers & 3 dryers owned by building
  • Tubs have floor-to-ceiling tile
  • Large workshop area in basement
  • Original furnace (Super Hot)
  • Brick and aluminum exterior
  • Aluminum soffits
  • Separate office on main floor
  • Beautifully landscaped
  • Secured area for bikes, building storage and supplies
  • Note: This transaction must be by way of a share sale of the company, Sharmerob Investments Ltd. (the property is the only asset in the company).

Upgrades

  • Roof replaced including all new vents (2009)
  • New hot water boiler (2012)
  • 2 storage tanks (2009)
  • New sump pump (2010)v
  • New cable wiring installed by Shaw (2009)
  • Jets changed on furnace (2011)
  • Annunciator panel in meter room
  • Wallpaper, carpets and lighting replaced in halls (6-7 years ago)
  • 4-5 stoves replaced, all fridges are newer
  • Elevator – recent $6,000 upgrade (door control and monitor)
  • Piping – one stack replaced with separate shut offs installed for each stack
  • Balcony work: Redoing vinyl decks as needed—front suites complete; ongoing for side & rear suites
  • Ongoing program of building maintenance to suites and common areas

Financial Summary

Financing: Treat as clear title.

Assessment 2012

Land: $8,417,000
Building: $2,941,000
Total: $11,358,000

Taxes 2011: $41,261.66

Income and Expenses

Gross Income: $813,804
Vacancy: (4,883)
Effective Gross: $808,921
Operating Expenses: (256,644)
Net Operating Income: $552,277

 

Notes

For a current rent roll & expense statement, click here

Suite Mix

No. Units Avg. Rent
One Bedroom 47 $1,222
Two Bedrooms 6 $1,681

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