Sold

531 Lonsdale Avenue

North Vancouver

Apartment Building
15 Suites

SOLD $2,800,000

Overview

The subject property is a 15-suite wood frame walk-up apartment building located in North Vancouver’s Lower Lonsdale neighbourhood. Built in 1978, the building features secure underground parking and an excellent suite mix of all two bedroom units (11 of which are spilt level). The suites are spacious with some offering ocean views. Tenants pay for electric heat and hot water.

Location

The subject is located in North Vancouver’s Lower Lonsdale neighbourhood, between 5th and 6th Streets on Lonsdale Avenue. This location offers convenient access to Downtown Vancouver westbound on West 3rd to the Lions Gate Bridge via Marine Drive, as well as north access along Lonsdale Avenue to the Upper Levels Highway. The Lonsdale Quay Market and Sea Bus are all within walking distance.

Features

-Each level has its own entrance
-Some suites offer ocean views from the living room
-Each suite is individually metered for hydro, and contains electric heating baseboards
-Secure underground parking for 15 cars; 3 surface stalls
-All the suites are two bedroom and offer balcony or patio
-Split level suites split levels feature bathroom and bedrooms on first level and living room and kitchen on second level
-Each suites contains as an electric hot water tank installed in the storage room

Summary

Price$2,800,000
Units15
Price/Unit$186,667
Cap Rate3.9%
GIM16.5
Year Built1978
Lot Size99.58' x 129.94' (12,939 sq. ft.)
ZoningCD-203
PID007-325-371
Sale Price$2,800,000
Sale Date08/05/2011

Suite Mix

 No. Units
Two BedroomNo. Units15

Financials

FinancingTreat as clear title.
Assessment 2011
Land
Building
Total
Land$2,549,000
Building$29,900
Total$2,578,900
Taxes 2010
$13,057.49
Income and Expenses
Gross Income
Vacancy 1.5%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$169,530
Vacancy(2,543)
Effective Gross$166,987
Operating Expenses(58,221)
Net Operating Income$108,766

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

Mortgage Calculator

Mortgage
Interest rate
Amortized over
Your monthly payment is approximately

* Assumes constant interest rate throughout amortization period

%
year(s)