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Three Lane Manor

1935 Cypress Street, Vancouver

Apartment Building
10 suites in Kitsilano

$4,995,000

Corner lot just off West 4th Avenue

Overview

Three Lane Manor is a well-maintained 10-suite three-storey rental apartment building located in Vancouver’s popular Kitsilano neighbourhood, close to Kits Beach, bus transportation, numerous amenities, shopping, cafes and restaurants. 

Constructed in 1956, the building is improved on a 6,000 SF corner lot and features a suite mix of 6 one-bedrooms and 4 two-bedroom units. The building offers full-size storage lockers for all tenants, one set of washer/dryer and covered surface parking for 4 cars in the rear. 

The property is well cared for and has undergone many updates over the years. The suites feature beautifully refinished hardwood floors and have been upgraded with newer appliances, kitchen countertops, cupboards, tiled flooring and bathroom renewal. Other capital improvements include new double pane windows (1995), and hot water tank (2013). Significant rental upside on suite turnover.

Location

Kitsilano, especially north of 4th Avenue, is considered one of the most desirable locations in the City of Vancouver to live, with its numerous beaches, parks, recreation centres, retail amenities, movie theatre (5th & Burrard), cafés and its close proximity to Downtown Vancouver and UBC. 

The subject property is located on the southwest corner of Cypress and W. 3rd Ave, just 4 blocks to Cornwall Avenue, the waterfront “main drag” which runs parallel to the popular Kitsilano Beach coastline and offers stunning views of English Bay, the West End’s skyline and the North Shore Mountains. Within walking distance is Kits Beach pool and park, tennis courts, the Boat House Restaurant, a seaside walkway that overlooks the Burrard Inlet, Kitsilano Yacht Club and Point Grey Private Hospital.

Summary

Price4,995,000
Units10
Storeys3
Price/Unit$499,500
Cap Rate2.1%
GIM34.2
Year Built1956
Lot Size120’ × 50’ (6,000 SF)
ZoningRM-4 Multiple Family Dwelling
PID015-267-822,015-267-806

Suite Mix

 No. UnitsAvg. Rent
1 bedroomNo. Units6Avg. Rent$1,043
2 bedroomNo. Units4Avg. Rent$1,471

Financials

FinancingTreat as clear title.
Assessment 2018
Land
Building
Total
Land$3,871,000
Building$1,325,000
Total$5,196,000
Taxes 2018
$12,356
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$146,892
Vacancy(734)
Effective Gross$146,158
Operating Expenses(42,944)
Net Operating Income$103,214
NotesFor 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.

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