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Kitsilano Apartments

1968 West 2nd Avenue, Vancouver
Totally renovated
24 suites

$14,800,000


Summary

Units
24
Net Rentable Area
13,233 SF
Price/Unit
$616,667
Stories
3
Cap Rate
3.4%
GIM
24.7
Lot Size
100’ x 120’ (12,000 sq. ft.)
Year Built
1968
Zoning
RM-4 Multiple Family Dwelling
PID
015-287-238, 015-287-246, 015-287-254, 015-287-271

Legal Description

The subject is a luxury 24-suite three-storey rental apartment building located in Vancouver’s popular Kitsilano neighbourhood, only 3 blocks to Kits Beach. Improved on a 100’ x 120’ (12,000 sq. ft.) RM-4 zoned lot, the property has amazing water and mountain views from the upper floors and has undergone a comprehensive renovation program of all suites and common areas. Features contemporary high-end suite design with new laminate flooring, modern stainless steel appliances, open concept floor plans with lots of natural light, secure underground parking, balconies/patios and tenant storage. Rental lease-up program has commenced.

  • Recently completed extensive renovation program (taken down to the studs)
  • Building is entirely vacant allowing owner to hand-pick tenants and rent at current market levels
  • Amazing water and mountain views from the upper floors
  • Suites feature balconies or patios
  • Appliance package includes in-suite washer/dryer and dishwashers
  • Large lot: 100’ x 120’ (12,000 sq. ft.)
  • Nicely landscaped front yard
  • Suite mix consists of 7 bachelors; 17 one-bedrooms
  • Parking: 21 stalls: 16 secure underground; 4 covered and 3 uncovered
  • Potential to add one or two additional suites on ground floor by expanding the covered parking area at rear
  • Clean Stage 1 Environmental Report
  • Property held in a bare trustee — can purchase the shares of the company and save PTT

Total renovation completed in 2016 with permits at a cost of approx. $2M:

  • Plumbing: Totally re-piped; all hot & cold shut-off valves and most drainage pipes
  • Plumbing fixtures: new throughout – tubs, toilets, bathroom and kitchen
  • Separate mechanical room featuring two new high-efficiency Viessmann condensing wall-mounted boilers
  • Electrical: All new rewiring including new electrical panels with breakers in each suite
  • Rewired for Shaw and newest Telus fibre optic
  • Double-glazed windows, patio and Frenchdoors
  • Painting: Exterior, interior and underground parkade
  • Monitored fire alarm system including carbon monoxide detectors
  • Parkade: new drain pipes and tiles, repaved, lighting, line painting, garage door rebuilt
  • Waterproofed membrane on East and West garden planters
  • Attractive exterior landscaping
  • LED lighting fixtures throughout interior and exterior of building
  • Hot water baseboard heaters in most suites with thermostats and zone valves
  • Building signage, intercom system and fire plan
  • Handrails (both exterior and interior)
  • Mail boxes and recessed fire extinguisher cabinets
  • Hallway & stairway carpets and baseboard
  • Doors, bi-folds, hardware
  • Laminate flooring and baseboards
  • Kitchen and bathroom flooring
  • Cabinets, countertops, backsplash titles
  • In-suite laundry: 27” stacked washer/dryers
  • Appliances: 30” fridges & stoves, hood fans, dishwashers (24”)
  • Window coverings
  • Bathroom fans
  • Master-keyed for all doors
  • Torch-on roof still in very good shape (replaced a few years ago)

The subject property is situated only 3 blocks south of Kits Beach on the south side of West 2nd Avenue between Maple and Cypress Streets in Vancouver’s prime Kitsilano neighbourhood. Cornwall Avenue, the beach’s waterfront “main drag” which runs parallel to the popular Kitsilano Beach coastline 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 and Kitsilano Yacht Club. The Burrard Bridge is only two blocks away offering easy access to Downtown Vancouver. 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), bus transportation, elementary schools, cafes, restaurants and its close proximity to city hospitals, Downtown Vancouver and UBC.

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