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Avesta Apartments

1629 St. Georges Avenue, North Vancouver

Apartment Building
22 large luxury suites

$12,000,000

Totally rebuilt in 2013

Overview

Avesta Apartments is a totally rebuilt luxury 22-suite five-storey rental apartment building located in North Vancouver’s popular Central Lonsdale neighbourhood, only two blocks east of Lonsdale Avenue just off East 17th Street. 

Improved on a 9,299 SF RM-4 zoned lot, the entire building was stripped down to the studs, completely rebuilt and expanded by 2 additional storeys in 2013. Avesta Apartments features excellent curb appeal with a striking entrance highlighted by a West Coast designed timber trellis and beautiful landscaping. 

Of the 22 large oversized units, 11 are one-bedrooms averaging 605 SF; 10 are two-bedrooms averaging 856 SF; and one is a two-bedroom & den totalling 1,180 SF.

The lobby is modern with metal benches and tasteful art work. The suites feature contemporary high-end suite design with new flooring, rebuilt kitchens and bathrooms, modern appliances (including in-suite laundry, microwaves and dishwashers) and open concept floor plans with lots of natural light. Additional features include surface parking, secure storage for tenants (21 lockers), bicycle storage, balconies and electric heat paid by the tenants.

Avesta Apartments provides investors a worry-free building with professional property management in place and an unparalleled level of fit and finish. Additionally, it offers tenants an extremely convenient location in terms of public transit, shopping, entertainment and various amenities along Lonsdale Avenue.

Summary

Price$12,000,000
Units22
Storeys5
Net Rentable Area16,387 SF
Price/Unit$545,455
Cap Rate2.74%
GIM27.6
Year Built2013 (rebuilt)
Lot Size66’ × 140.8’ (9,299 SF)
ZoningCD-603, Comprehensive Development Zone
PID010-719-504

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
1 bedroomNo. Units11Avg. Sq. Ft.605 SFAvg. Rent$1,466
2 bedroomNo. Units10Avg. Sq. Ft.856 SFAvg. Rent$1,838
2 bedroom + denNo. Units1Avg. Sq. Ft.1,180 SFAvg. Rent$1,900

Financials

FinancingTreat as clear title.
Assessment 2017
Land
Building
Total
Land$3,719,000
Building$5,567,000
Total$9,286,000
Taxes 2018
28,131
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income $440,875
Vacancy(5,731)
Effective Gross $435,144
Operating Expenses(106,814)
Net Operating Income $328,330
NotesFor a 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.

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