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Cardinal Court

2130 York Avenue, Vancouver

Apartment Building
26 suites

SOLD $10,250,000

Overview

Cardinal Court in a three-storey wood-frame 26-suite rental apartment building located in Vancouver’s prime north-of-fourth Kitsilano neighbourhood. Built in 1966, the property is improved on a 133’ x 120’ (15,960 sq. ft.) RM-4 zoned lot. The building is well maintained and features a suite mix consisting of 25 one-bedrooms and 1 two-bedroom suite and parking for 19 cars.

Location

The subject is situated mid-block on the south side of York Avenue between Yew and Arbutus 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, cafés, 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 (if not Canada) 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 wood-frame rental apartment building constructed in 1966
  • Improved on a large 133’ x 120’ (15,960 sq. ft.) RM-4 zoned lot
  • Beautifully landscaped with trees and shrubbery
  • Cedar trim and stucco exterior with stone entrance
  • Suite mix consists of 25 one-bedrooms and 1 two-bedroom suite
  • Suites features hardwood floors and balconies or patios
  • Three separate storage areas totalling 20 lockers for tenants’ use
  • Laundry facilities on 2nd and 3rd floors with one washer & one dryer for each
  • Parking for 19 cars (6 covered; 13 surface stalls)
  • Breakers and thermostats in suites
  • Mail delivered direct to suites
  • Clean Stage 1 Environmental Report and oil tank removed (2015)

Upgrades

  • Annunciator panel in lobby
  • Roof replaced (2006)
  • Piping replaced (2003)
  • Balconies replaced (2009)
  • Elevator replaced (2013)
  • Fencing replaced (2011/12)
  • Ongoing renewal of appliances, countertops and other unit upgrades as needed

Summary

Price$9,750,000
Units26
Storeys3
Price/Unit$375,000
Cap Rate2.8%
GIM24.7
Year Built1966
Lot Size133' x 120' (15,960 sq. ft.)
ZoningRM-4
PID014-993-538; 014-993-571; 014-993-589; 014-993-520
Sale Price$10,250,000
Sale Date08/12/2015

Suite Mix

 No. UnitsAvg. Rent
One bedroomNo. Units25Avg. Rent$1,218
Two bedroomNo. Units1Avg. Rent$1,750

Financials

FinancingClear title.
Assessment 2014
Land
Building
Total
Land$6,364,000
Building$1,245,000
Total$7,609,000
Taxes 2015
$27,270.48
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$396,672
Vacancy(1,983)
Effective Gross$394,689
Operating Expenses(120,189)
Net Operating Income$274,499
NotesFor a current 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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