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Jordan Lodge

5343 Yew Street, Vancouver

$13,800,000

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Price $13,800,000

Property type Apartment building

Units 27

Storeys 3

Net rentable area 17,186 SF

Year built 1964

Lot size 132’ × 125’ (16,500 SF)

Zoning RM-3 Multiple Family Dwelling

Price per unit $511,111

Cap rate 2.7%

Gross income multiplier 27.0

PID 011-479-922, 011-479-949, 011-479-965

Legal description Amended Lot 9 of Lot 10 Block 17 District Lot 526 Plan 4570

Overview

Rare opportunity to acquire a 27-suite three-storey apartment building in the heart of Vancouver’s Kerrisdale neighbourhood. Constructed in 1964 and improved on a 132’ x 125’ lot (16,500 SF), the property is well-maintained and features a two-bedroom penthouse, an elevator, 21 parking stalls (8 covered; 13 surface), 23 tenant storage lockers (15 interior; 8 exterior), 2 sets of washers/dryers and balconies/patios. Property is held in a bare trust. 8 suites have been held back as vacant allowing a prospective buyer to rent at full market rates.

Upgrades

1987: Fire alarm upgrade: smoke and heat detectors, manual pull stations, emergency lighting
1995: Repainting exterior (elastomeric paint)
1998: Copper re-piping of domestic water supply
2005: New common hallway carpets
2005: Boiler/hot water tanks (high efficiency Viessmann)
2009: New roof exceeding RCABC standards with five year warranty (expired)
2010: Removed fuse boxes and installed electrical panel in suites
2011: Modernization of elevator mechanics and cab interiors
2014: Re-painting exterior of building
2015: Last inspection of roof and minor maintenance
Re-painting, floor re-finishing, replacement of fridges/stoves, all as needed
Balcony floors and railings re-surfaced/replaced, when necessary

Location

Kerrisdale, located in the heart of Vancouver’s affluent Westside, is one of Canada’s most established and wealthy communities. The subject property is located on the west side of Yew Street between W 37th and W 38th Ave, only a few blocks to the Kerrisdale Community Centre. Situated one block to West Boulevard, and only three blocks to West 41st Avenue, considered one of the best upscale high-end fashion and retail shopping districts in the City. Walking distance to Point Grey High School, Maple Grove Park, bus transportation, restaurants, a branch of the Vancouver Public Library and West Main Health Unit.

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	No. units	Average size	Average rent
Bachelor	No. units1	Average size597 SF	Average rent$1,885
1 bedroom	No. units25	Average size632 SF	Average rent$1,516
2 bedroom	No. units1	Average size792 SF	Average rent$1,814

Financials

Financing	Treat as clear title.
Taxes 2021	$32,672
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$512,754 Vacancy(2,564) Effective gross$510,190 Operating expenses(137,285) Net operating income$372,905
Notes	For 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 Goodman Commercial.