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The York

2358 York Avenue, Vancouver

Apartment Building
11 suites in Kitsilano

$8,000,000

Ocean and mountain views

Overview

  • Prime Kitsilano! The York is an exceptionally well-maintained 11-suite three-storey (plus penthouse level) rental apartment building located in Vancouver’s popular Kitsilano neighbourhood, only one block to Kits Beach. 
  • The building is improved on 6,000 SF RM-4 zoned lot and has undergone a comprehensive renovation program of suites, common areas and building systems. There is still significant rental upside that can be realized on suite turnover without additional renovations required.
  • There are balconies or decks for 9 of the 11 units and most feature hardwood floors. There is a gas-fired boiler for hot water radiant heat and separate individual meters for electricity. There are 5 surface parking stalls in the rear, full-size lockers for tenant storage and washer/dryer laundry facilities. An updated clean Stage 1 Environmental Report has recently been commissioned.
  • The highlight of this offering are the two massive penthouse units with oversized 500 SF patio decks featuring sweeping ocean views of English Bay and the North Shore Mountains (additionally, unit #306 and #309 have views). Ideal for owner-occupier—potential to combine both penthouse units for a total of 1,720 SF + 1,000 SF of patio featuring unobstructed views.

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. 

The York is located on the south side of  York Avenue between Balsam and Vine Streets, just one 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. Within walking distance 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. 

Upgrades

The property is very well maintained and has featured a comprehensive program of upgrades since 2015 to both the suites and common areas:

  • All 11 suites renovated to a condo-quality standard
  • New laminate flooring and doors
  • New window blinds and paint  
  • Unit plumbing and electrical upgrades
  • Updated kitchens and bathrooms include new appliances, modern cabinets, durable faux-granite counter-tops, flooring, new showers, tubs and toilets
  • New roof and membrane with 15 year warranty (added reinforcement with “Tuf-Dek” 66 mil vinyl)
  • Penthouse suites: new patios and sliding glass doors (includes dishwasher & stacked washer/dryer appliance package)
  • Renovated balconies and railings
  • Total building exterior and interior painting and window refurbishing re-caulking/sealing 
  • New interior/common area commercial-grade durable carpeting throughout
  • Surveillance system with cameras and live monitoring option for owner (over-looking front & rear of building)  
  • New hot-water tank and extensive heating/boiler upgrades allowing for more efficient energy savings 

Summary

Price $8,000,000
Units11
Storeys4
Net Rentable Area7,490 SF
Price/Unit$727,273
Cap Rate2.2%
GIM35.9
Year Built1959
Lot Size50’ × 120’ (6,000 SF)
ZoningRM-4 Multiple Family Dwelling
PID015-097-498

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
1 bedroomNo. Units9Avg. Sq. Ft.641 SFAvg. Rent$1,430
2 bedroom (penthouse)No. Units2Avg. Sq. Ft.860 SFAvg. Rent$2,850

Financials

FinancingTreat as clear title.
Taxes 2017
$13,209
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income 225,901
Vacancy(1,130)
Effective Gross $224,772
Operating Expenses(49,554)
Net Operating Income $175,218
NotesFor current rent roll and expense statement, 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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