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Heatherlea Apartments

1406 Laburnum Street, Vancouver
Apartment Building
10 suites at Kits Point

$7,000,000


Summary

Price
$7,000,000
Price/Unit
$700,000
Units
10
Stories
3
Cap Rate
2.5%
GRM
33
Year Built
1950
Lot Size
5,756.64 SF
Zoning
RM-4 Multiple Family Dwelling
PID
013-930-303, 013-930-290
Legal Description
Lots 1 & 2 Block 185A District Lot 526 Plan 2301
Property taxes
$9,921.21

Legal Description

Rare Kits Point offering! Heatherlea Apartments is a 10-suite three-storey rental apartment building located in Vancouver’s popular Kits Point neighbourhood, only a half block north of Cornwall Avenue and one block to Kits Beach. Improved on 5,757 SF RM-4 zoned lot, the property has undergone a comprehensive renovation program of 6 suites and common areas. Renovated suites feature contemporary high-end suite design with new flooring, rebuilt kitchens and bathrooms, modern stainless steel appliances, open concept floor plans with lots of natural light. The remaining four suites can be rented “as is” or undergo a similar luxury renovation program upon suite turnover.

  • Wood-frame 10-suite apartment building in Kits Point
  • 6 of the 10 suites renovated to a high-end luxury standard
  • Appliance package (renovated suites) includes dishwashers, laundry machines and microwave
  • 4 secure parking garages
  • Storage room with 10 lockers (includes bike rack and washer and dryer)
  • Gas-fired hot water radiant heat
  • Nicely landscaped; private front lawn
  • Option to expand the bachelor suite in to a one-bedroom by combining adjacent storage room
  • Stage 1 Environmental Report available

 

Renovations

  • Spent approx. $100,000 per suite on 6 suites (suites were renovated down to the studs and insulated)
  • Exterior features new vinyl siding
  • Drain tiles redone
  • Front lawn had sprinklers installed
  • Roof is approximately 10 years old
  • Newer Mighty Term (for hot water)
  • 2 Viesmann furnaces
  • Tekmar controls
  • Renovated suites have new breakers and plumbing
  • Windows replaced 9 years ago
  • Annunciator panel in hallways
  • Renovated suites features totally new:
    • bathrooms
    • kitchens (including cabinets, splashes,
    • and countertops)
    • flooring
    • window coverings
    • built-in closets
    • hand-held shower
    • desk off eating area
    • thermostat and appliances (including stove, microwave, dishwasher, laundry machine)

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 (5th & Burrard), cafes and its close proximity to Downtown Vancouver and UBC.

Heatherlea Apartments is located in Kits Point, just half a block to 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. One block away is Kits Beach pool and park, tennis courts, the Boat House Restaurant, a seaside walkway that overlooks the Burrard Inlet, Kitsilano Yacht Club and Point Grey Private Hospital.

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