Sold

Jesmond Towers

2095 West 44th Avenue, Vancouver

Apartment Building
12 suites

SOLD $3,450,000

Overview

Rare Offering! Jesmond Towers is a 12-suite wood frame apartment building located in Vancouver’s prime Kerrisdale neighbourhood. The property features 10 residential suites and 2 commercial units including a 2-level three bedroom penthouse. Generous suite sizes, a capital improvement program and an unbeatable central Westside location characterize this offering. Significant upside on turnover.

Location

The subject property is situated on the north-east corner of East Boulevard and West 44th Avenue in prime central Kerrisdale. Only two and a half blocks south of West 41st Avenue, considered one of the best upscale shopping districts in the City. Minutes to Point Grey High School, bus transportation, restaurants and Kerrisdale Community Centre.

Highlights

  • Close to numerous Kerrisdale amenities including the Kerrisdale Community Centre, excellent access to bus transportation, and close proximity to West 41st Avenue
  • Very attractive modern lobby and tiled floors
  • Low maintenance stucco exterior
  • Laundry room features one washer/dryer (owned by building) and lockers for tenants 
  • 5 covered surface parking 
  • Nicely landscaped 
  • Floors – hardwood 
  • Roof top deck approximately 500 sf 
  • 3 bedroom penthouse features 2 levels and 2 bathrooms
  • Control for irrigation in meter room 
  • Breakers are single phase 
  • Generous suite sizes (i.e., one bedrooms at 776 – 796 sf) 
  • Zoning is C-2 
  • Contracts: Natural gas with Just Energy and garbage with BFI

Upgrades

  • Two Lochinvar boilers replaced (2001) 
  • New torch on roof including flashings and aluminum soffits (2008) 
  • Stucco replaced (1999) 
  • Piping – 90% replaced last 10 years 
  • Appliances – 100% replaced last 12 years
  • Annunciator panel in lobby
  • 3 suites feature refinished cabinets
  • Windows replaced with double-pane (2001

Summary

Price$3,750,000
Units12
Net Rentable Area10,777 sf
Price/Unit$312,500
Cap Rate2.3%
GIM25.3
Year Built1956
Lot Size58' x 130' (7,605 sf)
ZoningC-2 (Commercial)
PID013-074-458
Sale Price$3,450,000
Sale Date12/06/2011

Suite Mix

 No. UnitsSq. Ft. Range
One BedroomNo. Units8Sq. Ft. Range776 - 796
Two BedroomNo. Units1Sq. Ft. Range1,050
Three Bedroom PHNo. Units1Sq. Ft. Range1,467
CommercialNo. Units2Sq. Ft. Range550 & 1,400

Financials

FinancingTreat as clear title.
Assessment 2011
Land
Building
Total
Land$2,811,000
Building$432,400
Total$3,243,400
Taxes 2011
$17,389.53
Income and Expenses
Effective Gross
Operating Expenses
Net Operating Income
Effective Gross$148,344
Operating Expenses(61,158)
Net Operating Income$87,186
NotesFor a complete information package including a rent roll and expense statement, download Jesmond Towers Brochure.

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)