St. Andrews

240 St. Andrews Avenue, North Vancouver

Apartment Building
19 suites

SOLD $7,420,000

Totally renovated


St. Andrews is a totally renovated 19-suite apartment building located in the heart of North Vancouver’s sought after Lower Lonsdale neighbourhood. Originally built in 1979, the property was extensively renovated in early 2015 to a high-end condo-quality standard. The property features covered parking, elevator service, private yards or balconies, dishwashers and storage lockers. With electric heat paid by the tenants, this is truly a turnkey property with a genuine pride of ownership that has attracted professional tenants. Incredible water and city views from penthouse level.


  • Totally renovated 19-suite three-story wood-frame rental apartment building built in 1979
  • Incredible water and city views from third floor 
  • Concrete skim coat flooring
  • Electric heat paid by the tenants; hot water supplied by building
  • Parking for 22 cars (13 covered; 9 uncovered)
  • 19 full-size storage lockers
  • All floors are serviced by an elevator
  • Clean modern lobby
  • Modern suites feature balconies or patios and dishwashers
  • Beautiful inlaid oak flooring and panelling on penthouse level
  • All new professional tenants with one-year leases
  • No dogs in building/non-smoking
  • Recently updated clean Stage 1 Environmental Report
  • Suite #100 is unauthorized
  • Property held in a bare trustee — can purchase the shares of the company and save PTT
  • See “2015 Upgrades” tab for an extensive summary of work

Potential additional suites:

  • City has indicated they would approve 4 additional rental units to be built on the ground level of the building (no DP required; direct to BP)
  • Site density lends itself well for the addition of a 4th floor totalling 8 suites (would feature incredible water views and Downtown Vancouver)

2015 Upgrades

  • New double-glazed windows and patio doors (hi-grade aluminium on penthouse level and vinyl on all lower floors)
  • Replacement of nearly all of the exterior wood siding with new cedar
  • Exterior repaint using premium grade 100% acrylic latex paint
  • Rebuilt all exterior decks and applied new industrial strength liquid membrane and flashings
  • New designer carpet, tile, paint, lighting in lobby and common area corridors
  • New lobby mailboxes
  • New high-security ASSA locks to common area doors
  • New stylish fire-rated door hardware throughout
  • Suites have new stainless steel appliances including dishwashers
  • Some top floor units have luxury grade appliances (Sub Zero, Miele, Wolfe)
  • Suite upgrades: New paint, laminate/inlaid oak hardwood flooring, new custom cabinetry, new blinds, new stainless steel appliances, new lighting, renovated bathrooms (2 bathrooms have finishes from prior renovation), granite counter tops
  • Plumbing updated and repiped on top floor, all hot & cold shut off valves and plumbing hoses to fixtures new throughout
  • Installed landscaping throughout with native BC plants and landscape lighting to showcase the building in the evening (on timers)
  • Torch-on roof new (2010) plus new torch-on membrane (2015) to replace the old membrane underneath recently removed penthouse deck
  • Installed new air handling unit for consistent fresh air supply throughout corridors
  • New ballasts installed in parkade for bright lighting
  • Completed engineering/fire/life safety upgrades as per City and fire regulations (live-monitored security system with individual suite buzzers)


The property is located on the southeast corner of St. Andrews Avenue and East 3rd Street in the City of North Vancouver’s Lower Lonsdale neighbourhood. The area is considered a prime multi-family location due to its proximity to transportation, shopping and harbour Sea Bus to Vancouver. The Lonsdale Quay Market and Sea Bus are within 5 minute walking distance which connects to a 12 minute boat ride Downtown. A few minutes’ walk to a wide range of retail amenities, supermarkets, community services such as the John Braithwaite Community Centre, restaurants, boutiques, trendy cafes and excellent bus transportation along Lonsdale.


Net Rentable Area11,300 sq. ft.
Cap Rate3.7%
Year Built1979
Lot Size99.97' x 119.56' (11,952 sq. ft.)
Sale Price$7,420,000
Sale Date12/11/2015

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units1Avg. Sq. Ft.500Avg. Rent$1,190
One BedroomNo. Units18Avg. Sq. Ft.600Avg. Rent$1,499


FinancingTreat as clear title.
Taxes 2015
Income and Expenses
Gross Income
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$350,776
Effective Gross$349,022
Operating Expenses(67,629)
Net Operating Income$281,393
NotesFor a detailed rent roll and expense statement, please contact Mark Goodman at

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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