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Westlin Apartments

2250 York Avenue, Vancouver
Multi-family

$4,800,000


Summary

Price
$5,600,000
GIM
27
Lot Size
9,000 SF
Units
14
Year Built
1953
Cap Rate
2.6%
Zoning
RM-4
PID
011-751-461
Stories
3
Sale Price
$4,800,000
Sale Date
7/6/2012

Location

Westlin Apartments is situated mid block on the south side of York Avenue between Vine and Yew 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 Street—only one block in either direction.

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.

Features

  • Extremely clean and well maintained with many upgrades
  • On generous 75’ x 120’ lot
  • Annunciator panel in hallway
  • Gorgeous sweeping views from both penthouses & 2-3 third floor units
  • Hardwood in all suites
  • Separate large laundry room (equipment owned by building)
  • Covered enclosed parking 6 cars
  • 2 locker rooms (full lockers for 14 tenants)

Upgrades

  • Roof replaced (October 2000) including newer decks for penthouses (18’ x 27’)
  • Complete building re-piping (October 2002)
  • Oil tank removed (July 2008)
  • New exterior windows (Jan 2010)
  • Exterior & interior paint (Jan 2010)
  • Hot water tank replaced (Jan 2011)
  • Boiler replaced (approx 2001)
  • Two newer garage doors
  • Approximately 50% of appliances renewed (last 7 – 8 years)
  • Most suites have full 2nd generation cabinets (approx. 25 years ago)
  • Tub areas have floor to ceiling tile
  • Mailboxes replaced (approximately 2002)
  • Pillars outside entrance restored (2011)
  • Tile entrance installed (2011)

Legal Description

AMENDED LOT 4 (SEE 259273L) BLOCK 203 DISTRICT LOT 526 PLAN 848

Rent Roll and Expense Statement

Financial Summary

Financing: Treat as clear title

Assessment 2011

Land: $2,946,000
Building: $1,119,000
Total: $4,065,000

Income and Expenses

Gross Income: $215,244
Vacancy: (646)
Effective Gross: $214,598
Operating Expenses: (61,762)
Net Operating Income: $152,836

 

Suite Mix

No. Units Avg. sq. ft. Avg. Rent
One Bedroom 10 675 $1,132
Two Bedroom 2 $1,433
Two Bedrooms + P/H 2 983 $1,600

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