Sold

The Josephine & The Westwood

2116 & 2150 West 39th Avenue, Vancouver

Apartment Building
42 suites

SOLD $17,500,000

231' frontage

Overview

A rarely available prime Westside multi-family investment opportunity featuring two side-by-side apartment buildings totaling 42 suites.  The subject properties are located in the heart of Vancouver’s affluent Kerrisdale neighbourhood, only two blocks to the high-end retail district on West 41st Avenue.

Improved on a large 27,421 sq. ft. RM-3 zoned site with 231′ frontage, the property contains extra-large suites with significant upsides on rent.

Highlights & Upgrades

Highlights

  • Suites are overly large and well configured with hardwood flooring
  • Separately metered for electricity (breakers)
  • Furnace system in the Westwood also supplies heat to the Josephine
  • Rental rates are well below market – significant value-add opportunity

Upgrades

  • Plumbing: Epoxy lining (2003)
  • Higher side of roof recently repaired on the Josephine
  • Most appliances renewed over last 10 years
  • Ongoing renewal in bathrooms and kitchens as needed
  • Two new hot water storage tanks
  • Furnace: Cleaver Brookes with Teckmar Heating Controls (2011)

Seller is currently conducting a Stage 2 Environmental Report and will provide to any prospective Buyer.  Seller will also warrant that any environmental contamination, if present, will be professionally cleaned at the Seller’s expense.

Location

Kerrisdale, located in the heart of Vancouver’s affluent Westside, is one of Canada’s most established and wealthy communities.

The subject properties are located on the south side of West 39th Avenue, mid-block between West Boulevard to the east and Yew Street to the west in Vancouver’s prime Kerrisdale neighbourhood.  Only two blocks to West 41st Avenue, considered one of the best upscale high-end fashion and retail shopping districts in the City. Walking distance to Point Grey High School, Maple Grove Park, seniors centre, bus transportation, restaurants, a branch of the Vancouver Public Library, West Main Health Unit and Kerrisdale Community Centre.  

Summary

Price$19,500,000
Units42
Storeys3 & 4
Net Rentable Area32,790 sq. ft.
Price/Unit$464,285
Cap Rate2.2%
GIM31
Year Built1954 & 1959
Lot Size27,420.9 SF
ZoningRM-3
PID009-427-279; 009-441-603; 009-441-581; 011-156-147
Sale Price$17,500,000
Sale Date12/16/2015

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
One BedroomNo. Units27Avg. Sq. Ft.637Avg. Rent$1,081
Two BedroomNo. Units14Avg. Sq. Ft.1,025Avg. Rent$1,436
Three Bedroom PenthouseNo. Units1Avg. Sq. Ft.1,240Avg. Rent$2,120

Financials

FinancingTreat as clear title.
Assessment 2015
Land
Building
Total
Land$11,103,000
Building$472,500
Total$11,575,500
Taxes 2016
$41,909
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$625,544
Vacancy(3,128)
Effective Gross$622,416
Operating Expenses(191,198)
Net Operating Income$431,219
NotesFor detailed financials of the two buildings, 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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