Back to Listing

Sold

Heatherlea Apartments

1406 Laburnum Street, Vancouver

Apartment Building
10 suites at Kits Point

$7,000,000

6/10 suites exquisitely renovated

Overview

Rare Kits Point offering! Heatherlea Apartments is a 10-suite three-storey rental apartment building located in Vancouver’s popular Kits Point neighbourhood, only a half block north of Cornwall Avenue and one block to Kits Beach. Improved on 5,757 SF RM-4 zoned lot, the property has undergone a comprehensive renovation program of 6 suites and common areas. Renovated suites feature contemporary high-end suite design with new flooring, rebuilt kitchens and bathrooms, modern stainless steel appliances, open concept floor plans with lots of natural light. The remaining four suites can be rented “as is” or undergo a similar luxury renovation program upon suite turnover.

Summary

Price$7,000,000
Units10
Storeys3
Net Rentable Area7,044 SF
Price/Unit$700,000
Cap Rate2.5%
GIM33
Year Built1950
Lot Size5,756.64 SF
ZoningRM-4 Multiple Family Dwelling
PID013-930-303, 013-930-290

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units1Avg. Sq. Ft.528 SFAvg. Rent$872
1 bedroomNo. Units3Avg. Sq. Ft.736 SFAvg. Rent$1,110
1 bedroom (renovated)No. Units6Avg. Sq. Ft.718 SFAvg. Rent$2,225

Highlights

  • Wood-frame 10-suite apartment building in Kits Point
  • 6 of the 10 suites renovated to a high-end luxury standard
  • Appliance package (renovated suites) includes dishwashers, laundry machines and microwave
  • 4 secure parking garages
  • Storage room with 10 lockers (includes bike rack and washer and dryer) 
  • Gas-fired hot water radiant heat
  • Nicely landscaped; private front lawn
  • Option to expand the bachelor suite in to a one-bedroom by combining adjacent storage room
  • Stage 1 Environmental Report available

Renovations

  • Spent approx. $100,000 per suite on 6 suites (suites were renovated down to the studs and insulated)
  • Exterior features new vinyl siding
  • Drain tiles redone
  • Front lawn had sprinklers installed
  • Roof is approximately 10 years old
  • Newer Mighty Term (for hot water)
  • 2 Viesmann furnaces
  • Tekmar controls
  • Renovated suites have new breakers and plumbing
  • Windows replaced 9 years ago
  • Annunciator panel in hallways
  • Renovated suites features totally new:
    • bathrooms
    • kitchens (including cabinets, splashes, 
    • and countertops)
    • flooring
    • window coverings
    • built-in closets
    • hand-held shower
    • desk off eating area
    • thermostat and appliances (including stove, microwave, dishwasher, laundry machine)

Location

Kitsilano, especially north of 4th Avenue, is considered one of the most desirable locations in the City of Vancouver to live, with its numerous beaches, parks, recreation centres, retail amenities, movie theatre (5th & Burrard), cafes and its close proximity to Downtown Vancouver and UBC. 

Heatherlea Apartments is located in Kits Point, just half a block to Cornwall Avenue, the waterfront “main drag” which runs parallel to popular Kitsilano Beach coastline and offers stunning views of English Bay, the West End’s skyline and the North Shore Mountains. One block away is Kits Beach pool and park, tennis courts, the Boat House Restaurant, a seaside walkway that overlooks the Burrard Inlet, Kitsilano Yacht Club and Point Grey Private Hospital. 

Financials

Assessment 2018
Land
Building
Total
Land$3,548,000
Building$837,000
Total$4,385,000
Taxes 2017
$9,921.21
Income and Expenses
Gross Income
Less vacancy at 0.5%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$221,313
Vacancy(1,107)
Effective Gross$220,207
Operating Expenses(46,452)
Net Operating Income$173,755
NotesFor a projected rent roll and income 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.

Map

Get directions