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Royal Manor

2174 York Avenue, Vancouver

Apartment Building
11 suites

SOLD $3,800,000

Overview

Prime Kitsilano!  Royal Manor 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 11 suites including a large split-level two-bedroom penthouse unit with partial views of English Bay and the North Shore Mountains.

Location

Royal Manor is situated on the south side of York Avenue between Arbutus 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.

Highlights

  • Well maintained 3-level plus penthouse wood frame building featuring 11 suites
  • Massive two bedroom split-level totally renovated penthouse unit (approx. 1,600 sf) with large patio deck (approx. 1,000 sf) features partial mountain and water views
  • Parking: 5 surface stalls at rear
  • Laundry room: 1 washer/1 dryer and bike storage
  • Five storage lockers
  • New boiler (2012)
  • Majority of suites have been nicely updated with breakers, remodelled kitchens, bathrooms, newer appliances
  • Newer hallway carpets and lobby tastefully renovated with attractive slate flooring, maple walls, new mail boxes and intercom
  • Stage 1 Environmental Report available
  • Caretaker receives rent abatement in exchange for management duties

Summary

Price$3,888,000
Units11
Storeys3.5
Price/Unit$353,454
Cap Rate3.1%
GIM23.6
Year Built1959
Lot Size50' x 120' (6,000 sq. ft.)
ZoningRM-4
PID014-993-619
Sale Price$3,800,000
Sale Date06/07/2014

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units1Avg. Rent$950
One BedroomNo. Units8Avg. Rent$1,119
Two BedroomNo. Units1Avg. Rent$1,300
Two Bedroom PHNo. Units1Avg. Rent$2,400

Financials

FinancingTreat as clear title. 
Assessment 2013
Land
Building
Total
Land$2,420,000
Building$488,000
Total$2,908,000
Taxes 2013
$10,022.47
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$165,800
Vacancy(995)
Effective Gross$164,805
Operating Expenses(44,037)
Net Operating Income$120,768
NotesFor an income & expense statement, please 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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