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Villa Rose-Marie

2475 West 1st Avenue, Vancouver

Apartment Building
12 suites

SOLD $6,050,000

Prime Kitsilano view property

Overview

Prime Kitsilano view property! Villa Rose-Marie in well maintained three-storey plus penthouse-level 12-suite rental apartment building located in Vancouver’s extremely popular north-of-fourth Kitsilano neighbourhood. Built in 1962, the property is improved on a 50’ x 120’ (6,000 sq. ft.) RM-4 zoned lot. Only three blocks south of Kits Beach, the property features two penthouse units providing sweeping views of English Bay and the North Shore Mountains. Ideal for owner-occupier. Unbeatable location.

The property is subject to a bid process, with no formal asking price. The bid date deadline for receipt of offers is June 15th, 2016.

Highlights

  • Top “north-of-fourth” Kitsilano location—easy access to beaches and parks, a highly walkable community of shops, restaurants, and cafés along 4th Avenue
  • Stellar ocean and mountain views from six of the north facing suites
  • Top level features two penthouse suites and a common area viewing deck
  • Very clean exterior, attractive lobby and grounds
  • Balconies: 9 of the 12 suites have balconies
  • One-bedroom penthouse features a dishwasher
  • Laundry: 2 dryers; 1 washer (Coinamatic)
  • Parking: 5 surface stalls around back
  • Suites feature electric breakers
  • Flooring: combination of hardwood, carpets and linoleum
  • Storage room: lockers for every unit
  • Furnace: Two Superhot furnaces with Tekmar system
  • Bike storage
  • All suites are month-to-month tenancies
  • Large workshop area—possible conversion for additional suite
  • Oil tank removed with clean Stage 1 Environmental report

Upgrades

The property is very well maintained and has featured a varied program of upgrades over the years to both the suites and common areas:

  • Some of the suites have had new laminate flooring, refinished hardwood flooring, carpet and linoleum in the kitchen and bathrooms
  • Majority of the suites have new kitchen countertops; some have refinished kitchen cabinets
  • Bathroom renovations vary with new tubs and surrounds, flooring, toilets and sinks
  • Windows: double pane replaced (2006)
  • Plumbing: replaced by Cambridge (2006)
  • Paint: Exterior and interior repainting (2011)

Location

The subject is situated on the north side of West 1st Avenue between Larch and Balsam Streets in prime Kitsilano. Only two 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, Kitsilano Yacht Club, Point Grey Private Hospital a seaside walkway that overlooks the Burrard Inlet. 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, cafes and its close proximity to Downtown Vancouver and UBC.

Summary

PriceBid Process
Units12
Storeys3 plus penthouse level
Net Rentable Area7,350 SF
Year Built1962
Lot Size50’ x 120’ (6,000 SF)
ZoningRM-4 Multiple Family Dwelling
PID015-021-467
Sale Price$6,050,000
Sale Date08/02/2016

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
Bachelor PHNo. Units1Avg. Sq. Ft.425Avg. Rent$1,157
1 bedroomNo. Units9Avg. Sq. Ft.600Avg. Rent$1,233
1 bedroom PHNo. Units1Avg. Sq. Ft.700Avg. Rent$1,660
2 bedroomNo. Units1Avg. Sq. Ft.825Avg. Rent$1,750

Financials

FinancingClear title.
Assessment 2016
Land
Building
Total
Land$2,740,000
Building$1,634,000
Total$4,374,000
Taxes 2015
$12,144.42
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$187,773
Vacancy(563)
Effective Gross$187,210
Operating Expenses(43,350)
Net Operating Income$143,860
NotesFor a detailed rent roll and expenses 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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