Overview
Mountain Ash Manor is a 12-suite three-storey apartment building located on West 1st Ave, between Vine St and Yew St, only two blocks to Kitsilano’s famed beach waterfront.
Built in 1961 and improved on a 6,000 SF beautifully landscaped lot, this well-maintained property features a suite mix of 11 one-bedrooms and one bachelor. Additionally, there is a fully renovated manager’s office which includes a kitchenette, 3-piece bathroom, TV and internet hookup.
There are amazing 180-degree views of the ocean, Downtown and North Shore mountains from the two roof-top decks. The building contains storage for each tenant (12 full-size lockers), one large common storage room, one washer / dryer set and surface parking for 6 cars around back. Share purchase option — held in a bare trust.
Mountain Ash Manor can be purchased as a standalone building, or together with neighbouring Carlton Court.
Upgrades
There have been several updates to the suites and common areas over the years:
- New lower torch-on roof – 1998
- New upper torch-on roof – 2014
- Retaining wall reinforced ($20,000) – 2012
- West foundation wall fully waterproofed ($60,000) – 2007
- East elevation windows replaced ($200,000) – 2007
- 4 balcony doors replaced (cost included in window replacement) – 2007
- 4 balconies rebuilt and new railings installed (cost included in window replacement) – 2007
- 2 rooftop decks rebuilt and new railings installed – 2004
- Laundry room tiled – 2012
- Washer & dryer replaced – 2020/2021
- High-efficiency boiler and water tank combo ($35,000) – 2018
- New breaker panels installed in 7 suites in 2014–2018
- All frost-free fridges replaced after 2010
- Stoves replaced after 2008
- Storage room next to boiler room updated with steel door – 2008
- New steel door to access roofs – 2018
- New steel door for side entrance to building with push bar – 2018
- 5 new commercial, frost-free hose bibs – 2019
- Oil tank removed – 2003
- Updated plumbing in most suites and mostly throughout the building
- Updated electrical system in kitchen and bathrooms of fully renovated suites
- Unit upgrades as required including flooring, appliances and kitchen / bathroom modernization
Location
Mountain Ash Manor is the second property in from the northeast corner of Vine St and 1st Ave in the heart of Vancouver’s Kitsilano neighbourhood. The building is positioned steps to Kits Beach and a block west of the lively Yew Street commercial node. Just two blocks north, local bus routes along Cornwall Ave provide convenient access to UBC and Downtown, while West 4th Ave, 3 blocks south, offers extensive shopping, amenities, cafes and restaurants.
The property is also within a 15-minute walk from the future Broadway Line Skytrain station at Arbutus and Broadway, and the Burrard Bridge is only 4 blocks away offering easy access to Downtown Vancouver.
Kitsilano Beach is one of the most popular and scenic parks in all of Metro Vancouver. The seawall and beach itself offer stunning views of English Bay, the West End’s skyline and the North Shore Mountains. The park is also home to Kitsilano Pool, a much-loved heated outdoor facility right on the waterfront, along with tennis, beach volleyball and basketball courts, the Kitsilano Yacht Club, waterfront Boathouse restaurant, and picnic areas.
Suite mix
No. units | Average size | Average rent | |
---|---|---|---|
Bachelor | No. units1 | Average size450 SF | Average rent$2,300 |
1 bedroom | No. units11 | Average size600 SF | Average rent$1,902 |
Financials
Financing | Treat as clear title. Or option to assume a CMHC first mortgage in favour of CMLS with an approx. outstanding balance of $1.45M at an interest rate of 2.65%, maturing June 2027. | |
---|---|---|
Assessment 2023 | Land Building Total | Land$3,654,000 Building$1,409,000 Total$5,063,000 |
Taxes 2022 | $14,391 | |
Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income$283,102 Vacancy(1,416) Effective gross$281,686 Operating expenses(68,276) Net operating income$213,411 |
Notes | For additional information including detailed financials, 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 Goodman Commercial.
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Ian Brackett
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
Mortgage calculator
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Ian Brackett
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3