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Skyline Manor

111 West Windsor Road, North Vancouver

SOLD $7,200,000

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Price$8,000,000

Units26

Storeys3

Net rentable area19,025 SF

Year built1970

Lot size20,832 SF

ZoningRL-2 Low Rise Residential

Price/unit$307,692

Cap rate2.4%

GIM24.5

PID004-181-212

Legal descriptionLot A South 1/2 of Block F of Blocks 4 to 13 District Lot 2026 Plan 13505

Sale price$7,200,000

Sale date07/25/2016

Overview

Skyline Manor is a well-maintained 26-suite wood frame rental apartment building located in the District of North Vancouver. Built in 1970, the property is improved on a massive 20,832 SF corner lot at West Windsor Road and Lonsdale Avenue. The building features secure underground parking and oversized units comprising an excellent suite mix of 16 one-bedroom and 10 two-bedroom suites. Suite rents are significantly under market, providing investors an opportunity to further enhance the revenue by completing a comprehensive renovation plan as suites turnover. Click here for brochure.

Highlights

Built in 1970; 26-suite walk-up three-storey wood-frame rental apartment building
Massive 20,832 SF corner lot at West Windsor Road and Lonsdale Avenue
Extra-large suites feature balconies or patios
Water and city views from 3rd floor south side
Two-bedroom & den suites feature additional 2-piece ensuite bathroom
Laundry room: 2 washers/2 dryers (leased)
Parking: 31 stalls (29 secured underground; 2 uncovered surface)
Attractive landscaping with large mature trees
Roof replaced (2007)
Windows, kitchens, bathrooms, flooring and appliances renewed as needed
Approx. 5-6 suites totally or partially upgraded
Rents significantly under market based on latest CMHC Rental Market Report: 1-bedroom units are 19% under market; 1-bedroom-and-den units are 19% under market; 2-bedroom units are 21% under market; and 2-bedroom-and-den units are 28% under market

Location

Skyline Manor is located in the District of North
Vancouver’s Upper Lonsdale neighbourhood on the southwest corner of W Windsor and Lonsdale. The shops of Lynn Valley Town Centre and Upper Lonsdale, neighbourhood cafés, grocery stores and great restaurants are within close proximity. Carisbrooke Elementary School and the sought-after Argyle Secondary School offering French immersion are close by. Close by the property is Princess Park, a 38.3 acre park offering two tennis courts, picnic shelter, washrooms, open grassy area and forest trails along Hastings Creek.

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	No. units	Average size	Average rent
1 Bedroom	No. units15	Average size675	Average rent$928
1 Bedroom + Den	No. units1	Average size750	Average rent$1,075
2 Bedroom	No. units7	Average size800	Average rent$1,146
2 Bedroom + Den	No. units3	Average size850	Average rent$1,207

Financials

Financing	Treat as clear title.
Assessment 2015	Land Building Total	Land$2,444,000 Building$2,769,000 Total$5,213,000
Taxes 2015	$23,918.52
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$327,790 Vacancy(1,311) Effective gross$326,479 Operating expenses(138,128) Net operating income188,351
Notes	For a 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.