531 Lonsdale Avenue

North Vancouver

SOLD $2,800,000

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Price$2,800,000

Units15

Year built1978

Lot size99.58' x 129.94' (12,939 sq. ft.)

ZoningCD-203

Price/unit$186,667

Cap rate3.9%

GIM16.5

PID007-325-371

Legal descriptionLOT K BLOCK 120 DISTRICT LOT 274 PLAN 17050

Sale price$2,800,000

Sale date08/05/2011

Overview

The subject property is a 15-suite wood frame walk-up apartment building located in North Vancouver’s Lower Lonsdale neighbourhood. Built in 1978, the building features secure underground parking and an excellent suite mix of all two bedroom units (11 of which are spilt level). The suites are spacious with some offering ocean views. Tenants pay for electric heat and hot water.

Location

The subject is located in North Vancouver’s Lower Lonsdale neighbourhood, between 5th and 6th Streets on Lonsdale Avenue. This location offers convenient access to Downtown Vancouver westbound on West 3rd to the Lions Gate Bridge via Marine Drive, as well as north access along Lonsdale Avenue to the Upper Levels Highway. The Lonsdale Quay Market and Sea Bus are all within walking distance.

Features

-Each level has its own entrance
-Some suites offer ocean views from the living room
-Each suite is individually metered for hydro, and contains electric heating baseboards
-Secure underground parking for 15 cars; 3 surface stalls
-All the suites are two bedroom and offer balcony or patio
-Split level suites split levels feature bathroom and bedrooms on first level and living room and kitchen on second level
-Each suites contains as an electric hot water tank installed in the storage room

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	No. units
Two Bedroom	No. units15

Financials

Financing	Treat as clear title.
Assessment 2011	Land Building Total	Land$2,549,000 Building$29,900 Total$2,578,900
Taxes 2010	$13,057.49
Income and expenses	Gross income Vacancy 1.5% Effective gross Operating expenses Net operating income	Gross income$169,530 Vacancy(2,543) Effective gross$166,987 Operating expenses(58,221) Net operating income$108,766

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