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Kerrisdale Apartments

2346 West 43rd Avenue, Vancouver

Apartment Building
9 suites

SOLD $4,400,000

Overview

Kerrisdale Apartments is a rarely available 9-suite apartment building located in Vancouver’s Westside Kerrisdale neighbourhood. Built in 1954, the property is a well maintained three-storey wood-frame apartment building featuring large oversized units and an excellent suite mix of 4 two-bedrooms, 4 one-bedrooms and one bachelor. Rental rates significantly below market.

Highlights

  • Excellent suite mix—large oversized suites
  • Hardwood floors
  • 4 covered parking
  • 7 of 9 suites feature dishwashers
  • Laundry room: one washer/one dryer owned by building (with bike storage)
  • Brick & stucco exterior
  • Locker room features full size lockers
  • Ample in-suite closets
  • Stage 2 Environmental Report commissioned
  • Rental rates significantly below market

Upgrades

  • Re-piped approx. 20 years ago
  • Hot water tank replaced (December 2012)
  • Gas furnace (1982)
  • New roof & roof deck (2015)
  • Suite doors replaced
  • Ongoing appliance renewal
  • Bathrooms feature floor-to-ceiling tile

Location

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

The subject property is located on the south side of West 43rd Avenue between Balsam and Yew Streets, only 2 blocks to West Boulevard 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$4,350,000
Units9
Storeys3
Price/Unit$483,333
Cap Rate2.3%
GIM31.5
Year Built1954
Lot Size58' x 120.7' (7,000 SF)
ZoningRM3
PID011-498-315
Sale Price$4,400,000
Sale Date03/05/2017

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units1Avg. Rent$875
One BedroomNo. Units4Avg. Rent$1,053
Two BedroomNo. Units4Avg. Rent$1,525

Financials

FinancingClear title.
Assessment 2016
Land
Building
Total
Land$2,394,000
Building$663,000
Total$3,057,000
Taxes 2016
$9,827.45
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$138,240
Vacancy(691)
Effective Gross$137,549
Operating Expenses(37,800)
Net Operating Income$99,749
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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