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Parklea Apartments

151 E. Keith Road, North Vancouver

Apartment Highrise
88 suites

SOLD $25,500,000

Overview

Rare Offering! Parklea Apartments is an exceptionally well-maintained 88-suite 15-storey concrete rental highrise located in North Vancouver’s superb Lower Lonsdale neighbourhood across from Victoria Park.  This offering represents a golden opportunity to acquire a first-class trophy asset with stable income featuring magnificent panoramic water views of Vancouver’s coastline.

Location

Parklea Apartments is located in arguably the hottest area of North Vancouver in Lower Lonsdale’s Victoria Park neighbourhood. Known as the historical waterfront neighbourhood of North Vancouver, the subject is a few minutes’ walk to a wide range of retail amenities, supermarkets, community services such as the John Braithwaite Community Centre, restaurants, boutiques, trendy cafes and excellent bus transportation along Lonsdale. The Lonsdale Quay Market and Sea Bus are within 10 minutes walking distance which connects to a 12 minute boat ride to Downtown Vancouver. Situated just off Lonsdale Avenue and E. 6th Street, this location offers convenient access to Downtown Vancouver via the Lions Gate Bridge (5.4km) or Eastbound to the Ironworkers Memorial Bridge (5.1km).

Highlights

  • Exceptionally well maintained 15-storey concrete rental highrise improved on 200’ x 140’ lot
  • 88 suites—28 two bedroom & 60 one bedroom units (1 unauthorized)
  • Cell phone antenna revenue generates $31,000 in annual income
  • Built by Grosvenor in 1975
  • Magnificent panoramic water views across the harbour of Vancouver’s coastline
  • All south, east and west facing suites have water views from the 3rd floor and up
  • Superb central North Vancouver Lower Lonsdale location across from Victoria Park
  • Attractive updated lobby with marble tiled floors
  • Parking: 104 secured underground stalls (including two private garages)
  • 5 separate locker rooms (storage for all tenants)
  • Laundry room: six washers/six dryers owned by building (newer Huebsch)
  • Meter rooms on each floor
  • Pool and sauna have been decommissioned
  • Spacious balconies for all suites
  • Security camera surveillance
  • Emergency generator
  • FOB entry
  • Hardwired smoke and heat detectors
  • Beautiful manicured gardens with built-in sprinklers
  • Clean Stage 1 Environmental Report

Upgrades

  • 48 suites have been significantly renovated over the last 8 years:
  • Kitchen updates: cabinets, flooring, appliances, countertops, backsplashes, lighting, overhead fans, dishwashers
  • General: carpets, mirrored closet doors, lighting
  • Bathroom updates: cabinets, vanities, countertops, flooring, toilets, tubs & surrounds
  • Elevator: cabs updated (2003)
  • Plumbing replaced (2000)
  • Hallway carpets (2008)
  • Annunciator panel (2009)
  • Parkade painted (2012)
  • Hallway lights LED (2011)
  • 2 newer domestic hot water RB Boiler & 3 holding tanks (2000)
  • Torch-on roof replaced (2007)
  • Underground parkade water proof injection

Summary

Price$27,000,000
Units88
Storeys15
Net Rentable Area57,537 sq. ft.
Price/Unit$306,818
Cap Rate3.1%
GIM21.2
Year Built1975
Lot Size200' x 140' (approx. 28,000 sq. ft.)
ZoningRH-1
PID007-697-481
Sale Price$25,500,000
Sale Date03/03/2014

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
One BedroomNo. Units59Avg. Sq. Ft.585Avg. Rent$1,095
Two BedroomNo. Units28Avg. Sq. Ft.780Avg. Rent$1,346
One bedroom 2 levelNo. Units1Avg. Sq. Ft.1,200Avg. Rent$1,365

Financials

FinancingTreat as clear title.
Assessment 2013
Land
Building
Total
Land$8,363,000
Building$11,601,000
Total$19,964,000
Taxes 2013
$94,421.89
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$1,232,402
Vacancy(12,449)
Effective Gross$1,263,402
Operating Expenses(435,064)
Net Operating Income$828,338
NotesFor a current rent roll and income and expense statement, contact Mark Goodman at mark@goodmanreport.com

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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