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Lonsdale Court

8669 Heather Street, Vancouver

$6,980,000

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Price $6,980,000

Property type Apartment building

Units 23

Storeys 3

Year built 1966

Lot size 100’ x 121.6’ (12,145 SF)

Zoning RM-3A

Price per unit $303,478

Cap rate 2.7%

Gross income multiplier 22.6

Parking 16 secured underground stalls

PID 014-245-191, 014-245-272

Legal description Lot 3 & 4 of Lot Y Blocks 7 to 10 of Block C District Lots 319, 323 and 324 Plan 1870

Overview

Lonsdale Court is a 23-suite three-storey apartment building conveniently located in Vancouver’s Marpole neighbourhood. Constructed in 1966 on a 100’ x 121.6’ (12,145 SF) RM-3A zoned lot, the building’s suite mix comprises 22 one-bedroom suites and 1 two-bedroom suite. The property features mature landscaping on a tree-lined street within a 10-minute walk to the Marine Drive Skytrain station and all the shops and services at Marine Gateway.

The building offers secured underground parking (16 stalls), leased washer/dryer (2 sets), tenant storage (18 lockers) and balconies/patios for all suites. Various upgrades have been completed over the years, including new laminate flooring in 11 suites and updated balconies for 3 suites. All suites have been converted to circuit breakers, while a new roof was installed in 2004 and 4 new domestic hot water boilers were installed in 2007 / 2009.

Location

Lonsdale Court is well-positioned near the rapidly growing Marine Gateway transit hub in Marpole, only a half-block north of Southwest Marine Drive and four blocks west of Cambie Street and the Marine Drive Skytrain station. Marine Gateway, an award-winning mixed-use development anchored by a T&T Supermarket, Cineplex Cinemas, and WeWork co-working office space is located less than a 10-minute walk from the property. Furthermore, significant new multi-tower developments by both Chard and Intracorp have been approved within three blocks of the site, while a major expansion of both residential and employment space has been proposed in PCI’s Marine Gateway 2 project.

The area continues to evolve into a modern transit-oriented community, affording residents easy access to restaurants, retail, and other everyday amenities. Additionally, with the increasing list of office and industrial development slated for construction in this neighbourhood, it will soon become a major employment and economic hub for the city.

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	No. units	Average size	Average rent
1 bedroom	No. units22	Average rent$1,111
2 bedroom	No. units1	Average rent$1,008

Financials

Financing	Treat as clear title.
Assessment 2023	Land Building Total	Land$5,950,000 Building$2,073,000 Total$8,023,000
Taxes 2023	$22,816
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$311,029 Vacancy(1,555) Effective gross$309,473 Operating expenses(122,277) Net operating income$187,197
Notes	For a rent roll 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 Goodman Commercial.