531 Lonsdale Avenue, North Vancouver
Rare offering! Pacifica Suites is a totally rebuilt 15-unit boutique apartment building located in the heart of North Vancouver’s sought after Lower Lonsdale neighbourhood. Originally built in 1978, the property was renovated in 2012 to a high-end condo-quality standard to the tune of approximately $1.3M (taken down to the studs). The building has an excellent suite mix of all large two bedroom units (11 of which are spilt-level) and features contemporary open design many with city/water views. The building contains secure underground parking, huge private yards or balconies, in-suite laundry, dishwashers, full gourmet kitchens, and stainless steel appliances. With electric heat/hot water paid by the tenants, this is truly a turnkey property with a genuine pride of ownership that has attracted professional tenants.
- Pacifica Suites is located in arguably the hottest area of North Vancouver in the heart of the Lower Lonsdale corridor.
- Situated on Lonsdale Ave. and 5th St., this location offers convenient access to Downtown Vancouver via to the Lions Gate Bridge (5.4km) or Eastbound to the Ironworkers Memorial Bridge (5.1km)
- 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.
- Totally rebuilt wood-frame rental apartment building improved on a large 100′ x 130′ lot
- Approximately $1.3M spent renovating the building in 2012 (see “Renovations” tab for complete breakdown)
- 18 parking stalls (15 secure underground parking & 3 surface stalls)
- Townhouse style building with large two bedroom units (11 of which are spilt-level)
- Attractive low maintenance landscaping including specially selected BC native plants
- Most of the suites feature 16-foot and 24-foot high dramatic vaulted ceilings, skylights & water/city views
- Split level suites feature bathroom and two bedrooms on first level and living room and kitchen on second level (each level has its own entrance)
- Tenants pay for electric heat & hot water
- Suites feature in-suite laundry (stacked washer/dryer), dishwashers, hot water tank, full gourmet open concept kitchens with Cesarstone countertops, contemporary bathrooms, under mount sinks, beautiful wood flooring & stainless steel appliances
- Storage room contains 12 full size storage lockers
- Nine of the suites have large oversized decks with views while 5 units have huge private yards
- Building has attracted all professional tenants many of whom are migrating from the Downtown core of Vancouver in search of modern, yet spacious residences
- Truly a unique turnkey property with no maintenance required for years to come
- Available clear title with a clean environmental report
- Excellent assumable CMHC first mortgage financing. To view financing options, click here.
- New ashphalt shingle roof (2010 â€“ previous owner)
- New skylights throughout
- New premium grade cedar shake roof on northern exposure
- Complete engineered re-pipe of building including shut offs to each individual suite, installation of plumbing for dishwasher and stacked laundry/dryer in every unit
- Installation of venting for laundry in each suite
- New PRV for plumbing
- Installation of new insulation in all suites where drywall was removed (all bathrooms & most ceilings)
- All bathrooms completely rebuilt from studs
- New hotwater tanks
- 15 new 100Amp panels and rewiring done in all units
- All new stainless steel appliances, washing machines and dryers
- All new designer plumbing fixtures, door hardware and lighting
- All new custom cabinetry in kitchens and bathrooms
- All new Ceasarstone counter tops
- New paint job (interior and exterior)
- New carpeting in common areas (and on stairs in suites)
- German-made AC4 (highest grade) wood laminate throughout suites
- New ashphalt pad at back of building
- New cedar fencing
- Installation of new membrane coating to smaller balcony decks at ends of building
- New garage door opening mechanism and 15 new remotes
- New ASSA high security rekey to common doors
- All new UL fire rated hardware and keys for suite doors (Master Keyed)
- All new door hardware throughout
- Installation of 12 storage lockers
- New awning
- New exterior front entrance railings
- New safety lighting
- New intercom system
- New designer black out roller shades to all bedroom windows an widows requiring privacy in every suite
- New secondary security locks on patio sliding doors and new rollers
- All new landscaping throughout including specially picked BC native plants
- Complete engineered new ADT live monitored fire alarm system and panel with individual suite buzzers (upgraded as per the City of North Vancouver “life safety program”)
- All work inspected by City of North Vancouver building inspector, electrical inspector, plumbing inspector, fire department (life safety) to bring building up to current BC Building Code
|A CMHC insured first mortgage with CIBC with an outstanding balance of approximately $3,029,872 at an interest rate of 2.98% due September 2022 with monthly payments of $14,312 @ 25 year amortization. To view financing options, click here.
|Income and expenses
Net operating income
|For an income & 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.