For Sale

Maddock Manor

2146 W 43rd Avenue, Vancouver

Co-op wind-up / development site
16 suites in the heart of Kerrisdale

Unpriced bid process

Overview

Buy and hold as a rental building conversion or redevelop! Rare opportunity to acquire an 11,951 SF, RM-3 zoned development site improved with an exceptionally well-maintained 16-suite co-op apartment building in the heart of Vancouver’s Kerrisdale neighbourhood. The property features oversized suites, surface parking, ample storage, a roof-top deck and an ongoing maintenance and capital upgrades program. Given the ownership structure of the building, there will be no existing tenancies in place allowing the building to be rented at current market levels. The favourable RM-3 zoning also allows for redevelopment to market uses (condo / townhome) without going through the rezoning process.   

All prospective purchasers will be advised of an offer submission date after an initial marketing period and will be invited to submit offers to purchase. The property sale is subject to a bid process with no formal asking price. For more information, please contact the listing agent.

Highlights

  • Irreplaceable Kerrisdale location at W 43rd Ave and Yew St
  • Very clean exterior, attractive lobby and grounds
  • Oversized suites with many featuring beautifully refinished original  hardwood flooring
  • Modern tiled entrance with newer mailboxes
  • Large laundry room: 2 dryers; 2 washer (owned) & bike storage
  • Storage: large locker for each unit (floor to ceiling)
  • Roof-top deck
  • Motorized stairwell chair lift
  • Radiant hot water heat
  • Suites viewed have varying degree of upgrades and finishes—generally superior to typical rental stock
  • Oil tank removed—Stage 1 report available
  • Parking: 8 covered parking stalls—each includes an additional storage locker
  • Given the nature of the building as a co-op, no tenancy agreements to consider. Move to market right away.
  • Favourable RM-3 zoning

Upgrades

  • Emergency lighting installed 
  • Fire alarm and fire doors installed
  • Two new washing machines and one dryer (2017) and second dryer (2007)
  • Chairlift rebuilt 1995 and 2005
  • Outside trim and window panes re-caulked and window frames painted in 2000
  • Complete water pipe replacement in 2004
  • Exterior drainage upgrades in 2012
  • Balconies for suites 103 and 203 rehabilitated in 2011
  • Suites #2, 3, 101,106, 201, 202 & 206 installed new energy efficient windows from 2005–2014, paid for by suite owners
  • New roof (torch on) installed and new roof deck & walkway constructed in 2007
  • New intercom system installed in 2007
  • New carpets in common areas installed in 2009
  • New domestic hot water tank (80 gals) installed in 2012
  • Many insuite upgrades: new cabinets, appliances, bathrooms, etc.

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 West Boulevard and Yew Street, across the street from the Kerrisdale Community Centre. 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, bus transportation, restaurants, a branch of the Vancouver Public Library and West Main Health Unit.

Summary

PriceUnpriced bid process
Units16
Storeys3
Net Rentable Area14,862 SF
Year Built1956
Lot Size93’ × 128.5’ (11,950.5 SF)
ZoningRM-3 Multiple Family Dwelling
PID013-830-961

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
1 bedroomNo. Units8Avg. Sq. Ft.786 SFAvg. Rent$2,275
2 bedroomNo. Units8Avg. Sq. Ft.1,072 SFAvg. Rent$2,975

Financials

FinancingTreat as clear title.
Assessment 2017
Land
Building
Total
Land$5,960,000
Building$357,000
Total$6,317,000
Taxes 2017
$17,023
Projected Income & Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$513,920
Vacancy(2,570)
Effective Gross$511,350
Operating Expenses(66,139)
Net Operating Income$445,212
NotesFor a projected rent roll and income and expense proforma, please contact the listing agent.

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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