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Sharmerob Manor

1929 West 3rd Avenue, Vancouver

Apartment Building
53 suites

SOLD $15,200,000

Overview

Sharmerob Manor is a well maintained 53-suite wood frame rental apartment building located in Vancouver’s prime north-of-4th Kitsilano neighbourhood.  The property is improved on a large 225′ x 120′ RM-4 zoned lot and features views from the third floor, secure underground parking, balconies/patios and elevator.  

Location

Sharmerob Manor is situated mid block on the north side of West 3rd Avenue between Cypress and Maple Streets in prime Kitsilano. Only four blocks south of Cornwall Avenue, the waterfront “main drag” which runs parallel to the 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, 4th Avenue (one block south) and Burrard Street (one block east). 

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.

Highlights

  • Views from 3rd floor – Ocean & North Shore Mountains
  • Prime north-of-4th Avenue Kitsilano location
  • Large 225′ x 120′ site
  • Exceptionally clean and well maintained rental building
  • Suites feature balconies or patios
  • Elevator service (to underground)
  • Secured underground parking for 52 cars
  • Two bedroom units have additional 2-piece en suite bathroom, dishwasher & garburator
  • Original cabinets & tubs, but nicely maintained
  • 3 washers & 3 dryers owned by building
  • Tubs have floor-to-ceiling tile
  • Large workshop area in basement
  • Original furnace (Super Hot)
  • Brick and aluminum exterior
  • Aluminum soffits
  • Separate office on main floor
  • Beautifully landscaped
  • Secured area for bikes, building storage and supplies
  • Note: This transaction must be by way of a share sale of the company, Sharmerob Investments Ltd. (the property is the only asset in the company). 

Upgrades

  • Roof replaced including all new vents (2009)
  • New hot water boiler (2012)
  • 2 storage tanks (2009)
  • New sump pump (2010)
  • New cable wiring installed by Shaw (2009)
  • Jets changed on furnace (2011)
  • Annunciator panel in meter room
  • Wallpaper, carpets and lighting replaced in halls (6-7 years ago)
  • 4-5 stoves replaced, all fridges are newer
  • Elevator – recent $6,000 upgrade (door control and monitor)
  • Piping – one stack replaced with separate shut offs installed for each stack
  • Balcony work: Redoing vinyl decks as needed—front suites complete; ongoing for side & rear suites
  • Ongoing program of building maintenance to suites and common areas

Summary

Price$15,950,000
Units53
Storeys3
Price/Unit$300,943
Cap Rate3.5%
GIM19.6
Year Built1973
Lot Size225' x 120 (27,000 sq. ft.)
ZoningRM-4
PID015-287-211
Sale Price$15,200,000
Sale Date12/21/2012

Suite Mix

 No. UnitsAvg. Rent
One BedroomNo. Units47Avg. Rent$1,222
Two BedroomNo. Units6Avg. Rent$1,681

Financials

FinancingTreat clear as title.
Assessment 2012
Land
Building
Total
Land$8,417,000
Building$2,941,000
Total$11,358,000
Taxes 2011
41,261.66
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$813,804
Vacancy(4,883)
Effective Gross$808,921
Operating Expenses(256,644)
Net Operating Income$552,277
NotesFor a detailed information package including a rent roll and 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.

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