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For sale

Patricia Apartments

2357 Lonsdale Avenue, North Vancouver

$4,200,000

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Price $4,200,000

Property type Apartment building

Units 12

Storeys 3

Net rentable area 6,175 SF

Year built 1952

Lot size 8,299 SF (64.3’ x 128.8’)

Zoning RM-1

Price per unit $350,000

Cap rate 3%

Gross income multiplier 22

Parking 4 surface stalls

Development potential Up to 2.6 FSR under Residential Level 5

PID 013-710-851

Legal description Lot 5, Except the West 10 Feet and the East 17 Feet Now Highways, of Lot B Block 215 District Lot 545 Plan 1064

Overview

Patricia Apartments is a 12-suite, three-storey rental building located in the heart of North Vancouver’s popular Central Lonsdale neighbourhood.

Constructed in 1952, the building sits on an 8,299 sq ft lot (64’ × 128’) and consists of 11 one-bedroom suites and 1 bachelor suite. The property features four surface parking stalls, electric heat paid by tenants, a shared laundry room with one owner-operated washer and dryer, and four large storage lockers at the rear that are currently rented to non-residents.

The building underwent substantial reconstruction in 1997 and has since received ongoing upgrades as needed. These include the replacement of all windows with double-pane units in 2006, the installation of a new intercom system in 2022, and continued plumbing improvements as suites have turned over.

The site is zoned RM-1 and designated Residential Level 5, which supports a maximum floor space ratio (FSR) of 2.6 and permits a mid-rise apartment building of up to six storeys.

Official Community Plan

Location

Patricia Apartments is located on the east side of Lonsdale Avenue in North Vancouver’s Central Lonsdale neighbourhood, near the new Harry Jerome Community Recreation Centre and with convenient access to the Trans-Canada Highway.

This well-connected location offers residents easy access to a wide range of retail amenities, parks and recreational facilities, restaurants, breweries, and popular cafés, along with strong transit service across the North Shore and into Downtown Vancouver.

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	No. units	Average size	Average rent
Bachelor	No. units1	Average size400	Average rent$1,400
1 bedroom	No. units11	Average size525	Average rent$1,205

Financials

Financing	Treat as clear title
Assessment 2025	Land Building Total	Land$3,870,000 Building$22,900 Total$3,892,900
Taxes 2025	$12,529
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$190,774 Vacancy(954) Effective gross$189,820 Operating expenses(62,806) Net operating income$127,013
Notes	For a rent roll and expense statement, please contact 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.