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Shaughnessy Rental Mansion

1995 West 19th Avenue, Vancouver

Apartment Building
10 Suites

SOLD $4,630,000

Overview

The subject property is a 10-suite Shaughnessy rental mansion. Originally constructed in the 1920s, the property was totally rebuilt down to the studs and has been was successfully restored to highlight its historic characteristics and now remains a showpiece in Vancouver’s premiere First Shaughnessy District.  It exudes old world charm and was lovingly restored by its owner, a local architect.

Location

Located on the north-east corner of West 19th Avenue and Maple Street in Vancouver’s prestigious First Shaughnessy District, the subject enjoys all the convenience of urban living, while providing the tenants with a unique neighbourhood setting surrounded by mature old growth Maple trees and stately mansions.

Shaughnessy is characterized by the affluence of its residents, beautiful tree-lined streets and many historical homes.

Highlights

  • 4 storey beautifully restored Victorian mansion
  • Almost $2,000,000 spent in renovations in the last six years
  • Beautifully landscaped with low maintenance gravel, paving stones, flowers, various trees, hedges and plants
  • Includes a separate one bedroom 2-level coach house
  • Features patios, balconies
  • 8 surface parking
  • Beautifully restored millwork and hardwood floors
  • Stunning stained glass windows
  • 5 suites feature in-suite washer/dryer
  • All suites include dishwashers and hot water tank
  • Bike storage
  • Common laundry room for 5 of the 10 tenants

Renovations

The property has been totally rebuilt right down to the studs.  For a detailed breakdown of the reconstruction work including elevation, section and floor plans, please click here.  

Summary

Price$4,725,000
Units10
Storeys4
Net Rentable Area7,260 sq. ft.
Price/Unit$472,500
Cap Rate3.4%
GIM23
Year Built1920s
Lot Size100.7' x 125' (12,587.5 sq. ft.)
ZoningFSD (First Shaughessy District)
PID011-536-748
Sale Price$4,630,000
Sale Date10/04/2011

Suite Mix

 No. UnitsSq. Ft. RangeAvg. Rent
StudioNo. Units1Sq. Ft. Range525Avg. Rent$1295
One BedroomNo. Units3Sq. Ft. Range505 - 685Avg. Rent$1328
One Bedroom & DenNo. Units3Sq. Ft. Range575 - 765Avg. Rent$1561
Two BedroomNo. Units2Sq. Ft. Range1,100 - 1,300Avg. Rent$1200
One Br Coach HouseNo. Units1Sq. Ft. Range625Avg. Rent$1495

Financials

FinancingTreat as clear title.
Assessment 2011
Land
Building
Total
Land$2,874,000
Building$322,000
Total$3,196,000
Taxes 2011
$12,771.77
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$201,072
Vacancy(2,011)
Effective Gross$199,061
Operating Expenses(40,389)
Net Operating Income$158,672
NotesIncome annualized as of January 2012.  For a rent roll and operating statement, click here.

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

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