Sold

240 St. Andrews Avenue

North Vancouver

Apartment Building
13 suites plus 4,500 sf luxury penthouse

SOLD $2,800,000

Overview

One-of-a-kind offering!  Originally built as a 19-suite rental apartment building, the entire third floor (originally 6 suites) was reconfigured into a 4,500 sq. ft. luxury penthouse suite with a roof top deck.  The property now consists of 13 rental suites below the large top floor penthouse unit.  Features incredible water and city views in North Vancouver’s Lower Lonsdale neighbourhood.

Location

The property is located on the southeast corner of St. Andrews Avenue and East 3rd Street in the City of North Vancouver’s Lower Lonsdale neighbourhood. The area is considered a prime multi-family location due to its proximity to transportation, shopping and harbour Sea Bus to Vancouver.  The Lonsdale Quay Market and Sea Bus are within 5 minute walking distance which connects to a 12 minute boat ride Downtown.  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.

Features

  • 4,500 sq. ft. luxury penthouse with roof top deck/office renovated in 1999 (never been occupied)
  • 13 rental apartment units below top floor penthouse unit
  • Incredible water and city views
  • Three storey wood frame building with parking for 19 vehicles (13 covered & 6 uncovered)
  • Exterior cedar cladding and torch-on roof
  • All floors are serviced by an elevator
  • Suites feature balconies or patios
  • Common laundry room (2 washers/2 dryers)
  • Electrical heat paid for by the tenants
  • Hot water is supplied by the building
  • Hardwood floors for approx. half the suites
  • Suite mix of 1 bach; 12-1Br & 1 large 4,500 sq. ft. penthouse
  • 9 lockers & 1 large storage unit for penthouse (sprinklered)
  • Hall carpets replaced last 5 years
  • Sliding doors and entire third floor windows are double glazed
  • Some new carpets and floor-to-ceiling bathroom tiling
  • Some kitchens totally or partially updated
  • Outstanding fire work order – $17,000 quote to resolve
  • Elevator safety work order – $700 quote to resolve
  • Original piping
  • Bachelor unit and roof top deck unauthorized
  • For more details on luxury penthouse unit, visit “Penthouse” tab

Penthouse

The third floor, converted in 1999 to a luxury 4,500 sq. ft. penthouse suite features a roof top office and deck.  This floor was renovated to a very high standard and designed for the owner’s personal use and has never been occupied.  The concept was to have 3,000 sq. ft. for personal use and a one bedroom suite for guests and a bachelor suite for staff.  In total, there are 4 kitchens, six washrooms and six bedrooms.  In addition to the third floor improvements, the owner has added a roof top den/office with sliding glass doors to a large private patio. Some of the improvements include:

  • Inlaid oak floors and panelled walls throughout
  • Dropped ceiling, crown moldings, pot lights
  • Bay windows with sitting area
  • Two gas fireplaces
  • Two built-in bar areas with sinks and wine coolers
  • Living room and formal dining room
  • Library
  • Two kitchens
  • 4 washrooms
  • Guest and staff suites

The views from the third floor are unsurpassed and encompass Vancouver’s inner harbour and skyline that stretch from the Second Narrows Bridge to the Lion Gate Bridge; there are partial views from the second floor.  The daytime outlook highlights shipping traffic, Canada Place and city skyscrapers.  The night time views are just as spectacular with a skyline of twinkling lights.

Summary

Price$3,350,000
Units13 plus 4,500 sf luxury petnhouse
Storeys3
Year Built1979
Lot Size99.97' x 119.56' (11,952 sq. ft.)
ZoningRM-1
PID007-366-035
Sale Price$2,800,000
Sale Date08/07/2014

Suite Mix

 No. Units
BachelorNo. Units1
One BedroomNo. Units12
PenthouseNo. Units4,500 sf

Financials

FinancingTreat as clear title.
Assessment 2014
Land
Building
Total
Land$2,199,000
Building$1,018,000
Total$3,217,000
Taxes 2014
$15,631.64
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$152,300
Vacancy(2,285)
Effective Gross$150,016
Operating Expenses(60,594)
Net Operating Income$89,422
NotesIncome only reflects 13 suites.  For a current rent roll and 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.

Mortgage Calculator

Mortgage
Interest rate
Amortized over
Your monthly payment is approximately

* Assumes constant interest rate throughout amortization period

%
year(s)