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Glenhaven Apartments

1526 Arbutus Street, Vancouver

Co-op apartment building
10 suites

$7,888,000

Across from Kits Beach

Overview

Rare opportunity to acquire an exceptionally well-maintained 10-suite co-op apartment building in Vancouver’s extremely popular Kitsilano neighbourhood—an irreplaceable location at Cornwall Avenue and Arbutus Street. 

Glenhaven Apartments has immediate access to Kitsilano Beach, restaurants & cafes along Cornwall, and minutes to Downtown Vancouver just across the Burrard Street Bridge. The property also features oversized suites with condo quality upgrades as well as ocean and mountain views. 

Given the housing co-operative ownership structure of the building, there will be no existing tenancies in place allowing the building to be rented at current market levels (market rates estimated to be approximately $3.30 per SF). 

Highlights

  • Prime beach view location – walkable distance to Kitsilano Beach and Pool, Vanier Park, Granville Island and Downtown Vancouver
  • West 4th Avenue & West Broadway corridors provide wide range of shopping, entertainment, and restaurants including Safeway, Whole Foods Market, Urban Outfitters, Fable Kitchen, Burgoo Bistro, and Cineplex
  • Views of the ocean and North Shore Mountains from some suites
  • Newly constructed rooftop viewing deck complete with bar, BBQ, and lounge area
  • Suites feature beautifully refinished hardwood flooring and condo quality upgrades
  • Laundry: 2 dryers; 2 washers (owned)
  • Parking: 2 surface stalls at the south end adjacent to laneway
  • Large workshop area and bike room
  • Suites feature electric breakers
  • Large lockers for each unit 
  • Heating: Superhot boiler with Tekmar system (radiant heat)
  • Very clean exterior, attractive lobby and grounds
  • 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:

  • Sewer pipe replaced along lower hallway (2015)
  • New intercom (2013)
  • Rooftop deck addition and stairway access (2010)
  • New carpets and railings in back stairway (2010)
  • Hot water tank (2009)
  • Torch-on roof replaced (2008)
  • Tile replaced in lobby and lower hallway (2003)
  • All interior and exterior doors replaced (2003)
  • Exterior repainted (2001); south & west side repainted (2016)
  • Boiler replaced (2000)
  • Units have either double or triple paned windows (2000)
  • Oil tank removed (1997)
  • Entirely re-piped (1996)
  • Electrical service updated with breakers over last few years

Location

Glenhaven Apartments is situated on the southeast corner of Arbutus Street and Cornwall Avenue, right across from Kitsilano Beach. Cornwall Avenue, the beach’s waterfront “main drag” offers stunning views of English Bay, the West End’s skyline and the North Shore Mountains. Within walking distance to Kits Beach, Vanier Park and Granville Island, and a few minutes’ drive to Downtown Vancouver. Retail amenities along West Broadway and West 4th Avenue, and Burrard Street include Safeway, Urban Outfitters, Bell, and an abundance of popular restaurants and cafes such as Starbucks, Chewies, Trattoria, and more. 

Kitsilano, especially north of 4th Avenue, is considered one of the most desirable locations in Vancouver (if not Canada) to live, with numerous beaches, parks, recreation centres, retail amenities, bus transportation and its close proximity to city hospitals and UBC. 

Summary

Price$7,888,000
Units10
Storeys3
Net Rentable Area8,225 SF
Price/Unit$788,800
Cap Rate3.7%
GIM24
Year Built1949
Lot Size50’ x 118’ (5,900 SF)
ZoningRM-4 Multiple Family Dwelling
PID014-956-390
Sale Date06/01/2017

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units1Avg. Sq. Ft.464Avg. Rent$1,750
1 BedroomNo. Units4Avg. Sq. Ft.746Avg. Rent$2,450
2 BedroomNo. Units5Avg. Sq. Ft.957Avg. Rent$3,100

Financials

FinancingTreat as clear title.
Assessment 2015
Land
Building
Total
Land$2,740,000
Building$310,000
Total$3,050,000
Taxes 2016
$9,966.30
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$329,000
Vacancy(987)
Effective Gross$328,013
Operating Expenses(40,022)
Net Operating Income$287,991
NotesFor a proforma 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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