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Beach Park

2280 Cornwall Avenue, Vancouver

Apartment Building
24 Suites

SOLD $4,650,000

Overview

Beach Park is a 24 suite frame apartment building located in Kitsilano directly across Kits Beach on Cornwall Avenue. Unparalleled views and location. Rarely is such a prime investment available in the marketplace.

Improvements

Built in approximately 1973, the subject property features balconies/patios for each suite, secure underground parking for 31 cars, lockers, in-suite storage, elevator and bike storage area. The attractive stucco and brick exterior, well maintained gardens, and unique location make this a special offering.

Recent Upgrades

– Most stoves & fridges replaced last 13 years
– 50% countertops replaced
– Hall carpets like new
– Piping renewal in 1998
– New domestic H/W tank
– Suite carpets replaced as needed (40% renewed approx)
– 8 year old Super Hot furnace

Summary

Price$5,500,000
Units24
Year Built1973 approx.
Lot Size100' x 120'
ZoningRM-4
PID003-410-307
Sale Price$4,650,000
Sale Date01/01/2005

Suite Mix

 No. Units
BachelorNo. Units2
One BedroomNo. Units22

Financials

FinancingClear title.
Assessment 2004
Land
Building
Total
Land$2,580,000
Building$361,000
Total$2,941,000
Taxes 2003
$17,672.02
Income and Expenses
Gross Income
2003 Expenses stabilized
Net Operating Income
Gross Income$287,795
Operating Expenses(87,500)
Net Operating Income$200,295
Notes Income annualized as of August 2004. Includes parking $11,109 and laundry $2,966. For rent roll, 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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