Sold

Westlin Apartments

2250 York Avenue, Vancouver

Apartment Building
14 suites

SOLD $4,800,000

Overview

Prime Kitsilano!  Westlin Apartments is an exceptionally well maintained three storey plus penthouse apartment building located in Vancouver’s popular Kitsilano neighbourhood.  Only one block south of Kits Beach, the property features 14 suites including 2 penthouse units with sweeping views of English Bay and the North Shore Mountains.

Location

Westlin Apartments is situated mid block on the south side of York Avenue between Vine and Yew Streets in prime Kitsilano.  Only one block south of 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.  Within walking distance is Kits Beach Pool and Park, a seaside walkway that overlooks the Burrard Inlet, Kitsilano Yacht Club and Point Grey Private Hospital.  Various, restaurants, caf�s, amenities and bus transportation are close by along Cornwall and Yew Street—only one block in either direction.
 
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, cafes and its close proximity to Downtown Vancouver and UBC.

Features

  • Extremely clean and well maintained with many upgrades
  • On generous 75′ x 120′ lot
  • Annunciator panel in hallway
  • Gorgeous sweeping views from both penthouses & 2-3 third floor units
  • Hardwood in all suites
  • Separate large laundry room (equipment owned by building)
  • Covered enclosed parking 6 cars
  • 2 locker rooms (full lockers for 14 tenants)

Upgrades

  • Roof replaced (October 2000) including newer decks for penthouses (18′ x 27′)
  • Complete building re-piping (October 2002)
  • Oil tank removed (July 2008)
  • New exterior windows (Jan 2010)
  • Exterior & interior paint (Jan 2010) 
  • Hot water tank replaced (Jan 2011)
  • Boiler replaced (approx 2001)
  • Two newer garage doors
  • Approximately 50% of appliances renewed (last 7 – 8 years)
  • Most suites have full 2nd generation cabinets (approx. 25 years ago)
  • Tub areas have floor to ceiling tile
  • Mailboxes replaced (approximately 2002)
  • Pillars outside entrance restored (2011)
  • Tile entrance installed (2011)

Summary

Price$5,600,000
Units14
Storeys3
Price/Unit$400,000
Cap Rate2.7%
GIM26
Year Built1953
Lot Size75' x 120' (9,000 sq. ft.)
ZoningRM-4
PID011-751-461
Sale Price$4,800,000
Sale Date07/06/2012

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
One BedroomNo. Units10Avg. Sq. Ft.675Avg. Rent$1,132
Two BedroomNo. Units2 Avg. Rent$1,433
Two Bedroom + P/HNo. Units2Avg. Sq. Ft.983Avg. Rent$1,600

Financials

FinancingTreat as clear title.
Assessment 2011
Land
Building
Total
Land$2,946,000
Building$1,119,000
Total$4,065,000
Taxes 2011
$14,548.77
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$215,244
Vacancy(646)
Effective Gross$214,598
Operating Expenses(61,762)
Net Operating Income$152,836
NotesFor a current rent roll & expense 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.

Mortgage Calculator

Mortgage
Interest rate
Amortized over
Your monthly payment is approximately

* Assumes constant interest rate throughout amortization period

%
year(s)