For Sale

Augustin House

2328 Galt Street, Vancouver

New Purpose-Built Rental Apartment
28 suites

$16,900,000

Scheduled for completion by the summer of 2018

Overview

A rare opportunity to own a brand new purpose-built wood-frame rental apartment building in the heart of Vancouver’s vibrant Norquay neighbourhood. Known as Augustin House, this 4-storey property will feature 28 family-oriented suites (27 two-bedrooms & 1 three-bedroom) averaging 824 SF in size. The project is currently under construction and scheduled for completion by the summer of 2018.

Building Features

Parking stalls: 24
Bicycle stalls: 41
Storage lockers: 28

Kitchens

  • Quartz countertops
  • Richelieu hardware
  • Stainless steel double bowl sink, brush satin finishGrohe polished chrome single control faucets
  • Ceramic tile backsplash
  • Designer selected laminate cabinets
  • Warm LED under cabinet lighting


Baths and Master Ensuites

  • Quartz countertops
  • Quartz backsplashes (4’)
  • Richelieu hardware
  • American Standard single bowl undermount sink
  • Grohe bathroom accessories and soaker tub
  • Large format ceramic tile floors
  • Laminate and melamine cabinetry
  • Kohler dual-flush high efficiency toilets
  • Ceramic wall tiles

Appliances

  • Whirlpool classic 30” electric ceramic cooktop w/ oven
  • Whirlpool front loading washer
  • Whirlpool front loading electric dryer
  • Whirlpool refrigerator/freezer
  • Whirlpool dishwasher

Safety and Security

  • Lobby/parkade – FOB access
  • Phone linked intercom
  • Motion-sensor activated thermostat
  • Motion-sensor lighting in parkade/common area hallways

Location

The Norquay Village neighbourhood is located in East Vancouver, with Kingsway being the centre artery. Primarily a residential neighbourhood with single detached homes, the area will soon see rapid change with the addition of apartment projects due to the recent zoning amendments in February 2016.

Walking distance to two Skytrain stations; Nanaimo Station (8 minutes) & 29th Avenue (14 minutes) ensures easy transportation to downtown. It is situated “top of the hill”, providing views to the north overlooking General Brock Park and the North Shore Mountains. Located a half-block to the south along Kingsway are numerous amenities such as Shoppers Drug Mart, the Royal Bank and many cafes and restaurants. At 2220 Kingsway, Westbank’s “Kensington Gardens” will provide 428 new homes, a premium supermarket and other retail amenities.

Development Team

Bold Properties
At Bold, we’re driven by the human experience of space, merging technology & design to create unparalleled homes. We believe the human experience should drive every detail. We’re not just developers. We design, build, and sell homes that put people at the forefront. Our homes bring livability and convenience to a whole new level. With our human-centered approach, our working culture promotes creativity and collaboration within our passionate team of real estate professionals.

Carscadden
At Carscadden Stokes McDonald Architects, we’re problem solvers. We push until we find the most creative, pragmatic solution possible. We see our ideas through until they become inspired, functional, and well-considered buildings. We’re with our clients from the beginning of a project until the very end. We do the thinking, the drawings; we’re at meetings and on site. No detail is too small for us to care about or tend to. As a result, our clients can be confident that our shared vision for the project will come to fruition, on time and on budget.

Bold Construction
Bold was formed out of a passion for construction. Over the past few years, members of our team have earned success for contributions to the single family, multi-family, and mixed-use markets across the Lower Mainland. With technology and innovation driving us forward, we make it our mission to deliver exceptional quality.

Summary

Price$16,900,000
Units28
Storeys4-storeys (41.5’)
Building Size31,346.5 SF
Net Rentable Area23,442 SF
Price/Unit$603,571
Year BuiltNew construction; summer 2018
Lot SizeApprox 99’ x 122’ (~12,011 SF)
ZoningCD-1 (Comprehensive Development) Bylaw No. 632
PID029-774-608

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
2 bedroomNo. Units27Avg. Sq. Ft.811 SFAvg. Rent$1,923
3 bedroomNo. Units1Avg. Sq. Ft.1,182 SFAvg. Rent$2,396

Financials

FinancingClear title
2019 Proforma
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$917,613
Vacancy(4,588)
Effective Gross$913,025
Operating Expenses(197,391)
Net Operating Income$715,634
NotesThe proforma assumes stabilized rents after the first year of operation. For rent projections, click here.

Please contact cynthia@goodmanreport.com for more details.

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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