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Marine View Terrace

2350 West 1st Avenue, Vancouver

Apartment Building
16 suites

SOLD $5,750,000

Overview

Prime Kitsilano! Marine View Terrace is a well maintained three storey plus penthouse apartment building located in Vancouver’s extremely popular Kitsilano neighbourhood. Only two blocks south of Kits Beach, the property features 16 suites including one two-level three bedroom penthouse providing sweeping views of English Bay and the North Shore Mountains. Ideal for owner-occupier.

Location

Marine View Terrace is situated mid block on the south side of 1st Avenue between Vine and Balsam Streets in prime Kitsilano. Only two blocks 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 Streets—only steps 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 (5th & Burrard), cafes and its close proximity to Downtown Vancouver and UBC.

Highlights

  • Three storey plus penthouse wood-frame building with stucco exterior on large 100′ x 120′ lot
  • Gorgeous sweeping views from the large split-level 3Br penthouse unit (1,668 sf) with oversized patio deck (approx. 780 sq. ft.)
  • Penthouse was totally renovated for owners approx. 15 years ago and also features an enclosed greenhouse of approx. 220 sq. ft. 
  • Excellent suite mix—9 of the 16 suites are two bedroom units; 2 suites are three bedroom
  • Prime north-of-4th Avenue Kitsilano location
  • Beautifully landscaped with trees, bushes & shrubbery
  • Hardwood in most suites; some have carpet overlay
  • Large laundry room with 2 washers/2 dryers – leased
  • Cable TV included in rent (contract expires 2016 or on sale)
  • Two furnaces replaced (2005)
  • Hot water tank replaced (2013)
  • Full size storage lockers for every tenant
  • Large workshop area approx. 486 sq. ft.
  • Surface parking for 10 cars
  • Roof (2013); penthouse roof (10 years old); decks (4 years old)
  • Large storage room can be converted to potential office or bachelor unit (contains 2-piece bathroom) at 385 sq. ft.
  • Based on a 1.45 FSR, there is an additional 1,173 sq. ft. of additional density potential

Summary

Price$5,995,000
Units16
Storeys4
Net Rentable Area13,717
Price/Unit$374,688
Cap Rate3.5%
GIM20.6
Year Built1956
Lot Size100' x 120' (12,000 sq. ft.)
ZoningRM-4
PID006-555-152 & 006-555-128
Sale Price$5,750,000
Sale Date11/07/2013

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units1Avg. Sq. Ft.467Avg. Rent$875
One BedroomNo. Units4Avg. Sq. Ft.647Avg. Rent$1,086
Two BedroomNo. Units9Avg. Sq. Ft.891Avg. Rent$1,603
Three BedroomNo. Units1Avg. Sq. Ft.975Avg. Rent$1,725
Three Bedroom PHNo. Units1Avg. Sq. Ft.1,668Avg. Rent$2,440

Financials

FinancingTreat as clear title.
Assessment 2012
Land
Building
Total
Land$4,841,000
Building$32,400
Total$4,873,400
Taxes 2012
$16,289.65
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$291,451
Vacancy(2,186)
Effective Gross$289,265
Operating Expenses(79,323)
Net Operating Income$209,942
NotesFor a current rent roll and expense statement, click here.

For a brochure, 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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