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Cardinal Court

2130 York Avenue, Vancouver
Multi-family

$10,250,000


Summary

GIM
24.7
Property taxes
$27,270.48
Units
26
Year Built
1966
Cap Rate
2.8%
Zoning
RM-4
Price/Unit
$375,000
Stories
3
Sale Date
8/12/2015
Sale Price
$10,250,000

Property Description

Cardinal Court in a three-storey wood-frame 26-suite rental apartment building located in Vancouver’s prime north-of-fourth Kitsilano neighbourhood. Built in 1966, the property is improved on a 133’ x 120’ (15,960 sq. ft.) RM-4 zoned lot. The building is well maintained and features a suite mix consisting of 25 one-bedrooms and 1 two-bedroom suite and parking for 19 cars.

Location

The subject is situated mid-block on the south side of York Avenue between Yew and Arbutus Streets in prime Kitsilano. Only one block south of Cornwall Avenue, the waterfront “main drag” which runs parallel to 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 and Yew Streets—only steps in either direction. Kitsilano, especially north of 4th Avenue, is considered one of the most desirable locations in the City of Vancouver (if not Canada) to live, with its numerous beaches, parks, recreation centres, retail amenities, movie theatre (5th & Burrard), cafes and its close proximity to Downtown Vancouver and UBC.

Highlights

  • Three-storey wood-frame rental apartment building constructed in 1966
  • Improved on a large 133’ x 120’ (15,960 sq. ft.) RM-4 zoned lot
  • Beautifully landscaped with trees and shrubbery
  • Cedar trim and stucco exterior with stone entrance
  • Suite mix consists of 25 one-bedrooms and 1 two-bedroom suite
  • Suites features hardwood floors and balconies or patios
  • Three separate storage areas totalling 20 lockers for tenants’ use
  • Laundry facilities on 2nd and 3rd floors with one washer & one dryer for each
  • Parking for 19 cars (6 covered; 13 surface stalls)
  • Breakers and thermostats in suites
  • Mail delivered direct to suites
  • Clean Stage 1 Environmental Report and oil tank removed (2015)

Upgrades

  • Annunciator panel in lobby
  • Roof replaced (2006)
  • Piping replaced (2003)
  • Balconies replaced (2009)
  • Elevator replaced (2013)
  • Fencing replaced (2011/12)
  • Ongoing renewal of appliances, countertops and other unit upgrades as needed

Financial Summary

Clear title.

Assessment 2014

Land $6,364,000
Building $1,245,000
Total $7,609,000

 

Income and Expenses

Gross Income: $396,672
Vacancy: (1,983)
Effective Gross: $394,689
Operating Expenses: (120,189)
Net Operating Income: $274,499

 

For a current rent roll and expense statement, click here.

For a brochure, click here.

Suite Mix

Avg. Rent
One Bedroom $1,218
Two Bedroom $1,750

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