Mountain Ash Manor & Carlton Court

Overview

Building	Carlton Court	Mountain Ash Manor
Address	2295 W 1st Avenue	2291 W 1st Avenue
Location	Northeast corner of West 1st Ave and Vine St	2nd property in from the northeast corner of Vine St & 1st Ave
Units	12	12
Net rentable area	8,250 SF	7,050 SF
Year built	1930	1961
Lot size	6,000 SF (50’ × 120’)	6,000 SF (50’ × 120’)
Storeys	3	3
Taxes (2022)	$13,540	$14,391
NOI	$236,300	$213,411
List price	$5,988,000 ($499k per unit)	$6,100,000 ($508k per unit)

An extraordinary opportunity to acquire two side-by-side apartment buildings featuring 24 suites and 100 feet of frontage on the northeast corner of West 1st Ave and Vine St, only two blocks to Kitsilano’s famed beach waterfront.

Properties can be purchased together or separately.

2295 W 1^st Avenue, Vancouver – Carlton Court

Carlton Court is a 12-suite three-storey apartment building located on the northeast corner of West 1^st Ave and Vine St, only two blocks to Kitsilano’s famed beach waterfront.

Built in 1930 and improved on a 6,000 SF comer lot, the property exudes old-world charm inside and out. The building is well maintained and features a unit mix of 12 large one-bedrooms averaging 687 SF in size. There are amazing views of the ocean, Downtown and North Shore mountains from the west side of property. The building contains storage for each tenant (12 lockers) and one washer / dryer set.

There have been several updates to the suites and common areas over the years:

• New torch on roof – 2007
• Half of the building’s exterior fully rain screened ($300,000) – 2007 and 2014
• Corner windows replaced with double pane on south, southeast corner, and southwest elevations  – 2014
• High-efficiency boiler ($20,000) – 2012
• Hot water tank – 2016
• New washer / dryer – 2021
• All frost-free fridges replaced after 2008
• All stoves replaced after 2008
• Oil tank removed – 2003
• Unit upgrades as required including flooring, appliances and kitchen / bathroom modernization

2291 W 1^st Avenue, Vancouver – Mountain Ash Manor

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.

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

Carlton Court and Mountain Ash Manor are side-by-side buildings located on the northeast corner of West 1^st Ave and Vine St in the heart of Vancouver’s Kitsilano neighbourhood. The buildings are 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.