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Esquire Apartments

2424 West Broadway, Vancouver

Apartment Building
10 suites

SOLD $4,300,000

Overview

Esquire Apartments in a 10-suite, three-storey walk-up rental apartment building located in Vancouver’s popular Kitsilano neighbourhood. Built in 1949, the building is clean and well-maintained and features hardwood floors and a suite mix of 8 one-bedrooms and 2 bachelor units. Significant rental up-side (currently $1.57/sf avg).

Highlights

  • 3-storey wood-frame rental building featuring 10 suites
  • Suite mix: 2 bachelors (450 sf) and 8 one-bedrooms (650 sf)
  • Central Kitsilano location on W. Broadway with convenient bus transportation and amenities 
  • 4 enclosed garages at rear rented out as storage
  • Surface parking stalls for approx 8 cars
  • Separate locker room for tenants
  • Washer/dryer owned by building
  • Oil tank removed; clean Stage 2 Environmental Report

Upgrades

  • Piping renewed (2000)
  • Windows in rear and east side replaced
  • Doors in suites changed
  • Hardwood floors refinished in all suites
  • Smoke/heat detectors in all suites
  • Hot water tank replaced (2008)
  • Roof replaced (2007)
  • New hallway carpets (2016)
  • Suites are for the most part original, except for ongoing renewal of appliances and bathroom fixtures

Location

Esquire Apartments is located on the south side of West Broadway between Larch and Balsam Streets in Vancouver’s popular Kitsilano neighbourhood. West Broadway offers convenient shopping, amenities, cafes, restaurants and bus transportation for direct access to UBC and Downtown.

Summary

Price$4,000,000
Units10
Storeys3
Net Rentable Area6,100 SF
Price/Unit$400,000
Cap Rate2.1%
GIM32.0
Year Built1949
Lot Size50’ x 125’ (6,250 SF)
ZoningRM-4 Multiple Family Residential
PID004-649-982
Sale Price$4,300,000
Sale Date11/28/2016

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units2Avg. Sq. Ft.450Avg. Rent$850
One BedroomNo. Units8Avg. Sq. Ft.650Avg. Rent$982

Financials

FinancingTreat as clear title.
Assessment 2015
Land
Building
Total
Land$2,283,000
Building$292,000
Total$2,575,000
Taxes 2016
$8,286.61
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$123,144
Vacancy(742)
Effective Gross$122,405
Operating Expenses(38,122)
Net Operating Income$84,283
NotesFor 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.

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