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The Josephine & The Westwood

2116 & 2150 West 39th Avenue, Vancouver
Multi-family

$19,500,000


Summary

GIM
31
Lot Size
27 SF
Units
42
Year Built
1954 & 1959
Cap Rate
2.2%
Zoning
RM-3
Price/Unit
$464,285
Stories
3 & 4

Overview

A rarely available prime Westside multi-family investment opportunity featuring two side-by-side apartment buildings totaling 42 suites. The subject properties are located in the heart of Vancouver’s affluent Kerrisdale neighbourhood, only two blocks to the high-end retail district on West 41st Avenue.

Improved on a large 27,421 sq. ft. RM-3 zoned site with 231′ frontage, the property contains extra-large suites with significant upsides on rent.

Highlights

  • Suites are overly large and well configured with hardwood flooring
  • Separately metered for electricity (breakers)
  • Furnace system in the Westwood also supplies heat to the Josephine
  • Rental rates are well below market – significant value-add opportunity

Upgrades

  • Plumbing: Epoxy lining (2003)
  • Higher side of roof recently repaired on the Josephine
  • Most appliances renewed over last 10 years
  • Ongoing renewal in bathrooms and kitchens as needed
  • Two new hot water storage tanks
  • Furnace: Cleaver Brookes with Teckmar Heating Controls (2011)

Seller is currently conducting a Stage 2 Environmental Report and will provide to any prospective Buyer. Seller will also warrant that any environmental contamination, if present, will be professionally cleaned at the Seller’s expense.

Location

Kerrisdale, located in the heart of Vancouver’s affluent Westside, is one of Canada’s most established and wealthy communities.

The subject properties are located on the south side of West 39th Avenue, mid-block between West Boulevard to the east and Yew Street to the west in Vancouver’s prime Kerrisdale neighbourhood. Only two blocks to West 41st Avenue, considered one of the best upscale high-end fashion and retail shopping districts in the City. Walking distance to Point Grey High School, Maple Grove Park, seniors centre, bus transportation, restaurants, a branch of the Vancouver Public Library, West Main Health Unit and Kerrisdale Community Centre.

For a brochure, click here.

Assessment

Land: $11,103,000
Building: $472,500
Total: $11,575,500

Income and Expenses

Gross Income: $625,544
Vacancy: (3,128)
Effective Gross: $622,416
Operating Expenses: (191,198)
Net Operating Income: $431,219

 

For detailed financials, click here

Suite Mix

No. Units Avg. Rent Avg. Size (SF)
One Bedroom 27 $1,081 637
Two Bedroom 14 $1,436 1,025
Three Bedroom Penthouse 1 $2,120 1,240

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