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Skyline Manor

111 West Windsor Road, North Vancouver

Apartment Building
26 suites

SOLD $7,200,000

20,823 SF corner lot

Overview

Skyline Manor is a well-maintained 26-suite wood frame rental apartment building located in the District of North Vancouver.  Built in 1970, the property is improved on a massive 20,832 SF corner lot at West Windsor Road and Lonsdale Avenue. The building features secure underground parking and oversized units comprising an excellent suite mix of 16 one-bedroom and 10 two-bedroom suites. Suite rents are significantly under market, providing investors an opportunity to further enhance the revenue by completing a comprehensive renovation plan as suites turnover. Click here for brochure.

Highlights

  • Built in 1970; 26-suite walk-up three-storey wood-frame rental apartment building
  • Massive 20,832 SF corner lot at West Windsor Road and Lonsdale Avenue
  • Extra-large suites feature balconies or patios 
  • Water and city views from 3rd floor south side
  • Two-bedroom & den suites feature additional 2-piece ensuite bathroom
  • Laundry room: 2 washers/2 dryers (leased)
  • Parking: 31 stalls (29 secured underground; 2 uncovered surface)
  • Attractive landscaping with large mature trees
  • Roof replaced (2007)
  • Windows, kitchens, bathrooms, flooring and appliances renewed as needed
  • Approx. 5-6 suites totally or partially upgraded
  • Rents significantly under market based on latest CMHC Rental Market Report: 1-bedroom units are 19% under market; 1-bedroom-and-den units are 19% under market; 2-bedroom units are 21% under market; and 2-bedroom-and-den units are 28% under market

Location

Skyline Manor is located in the District of North
Vancouver’s Upper Lonsdale neighbourhood on the southwest corner of W Windsor and Lonsdale.  The shops of Lynn Valley Town Centre and Upper Lonsdale, neighbourhood cafés, grocery stores and great restaurants are within close proximity.  Carisbrooke Elementary School and the sought-after Argyle Secondary School offering French immersion are close by. Close by the property is Princess Park, a 38.3 acre park offering two tennis courts, picnic shelter, washrooms, open grassy area and forest trails along Hastings Creek.

Summary

Price$8,000,000
Units26
Storeys3
Net Rentable Area19,025 SF
Price/Unit$307,692
Cap Rate2.4%
GIM24.5
Year Built1970
Lot Size20,832 SF
ZoningRL-2 Low Rise Residential
PID004-181-212
Sale Price$7,200,000
Sale Date07/25/2016

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
1 BedroomNo. Units15Avg. Sq. Ft.675Avg. Rent$928
1 Bedroom + DenNo. Units1Avg. Sq. Ft.750Avg. Rent$1,075
2 BedroomNo. Units7Avg. Sq. Ft.800Avg. Rent$1,146
2 Bedroom + DenNo. Units3Avg. Sq. Ft.850Avg. Rent$1,207

Financials

FinancingTreat as clear title.
Assessment 2015
Land
Building
Total
Land$2,444,000
Building$2,769,000
Total$5,213,000
Taxes 2015
$23,918.52
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$327,790
Vacancy(1,311)
Effective Gross$326,479
Operating Expenses(138,128)
Net Operating Income188,351
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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