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Kerrisdale Apartments

2346 West 43rd Avenue, Vancouver

SOLD $4,400,000

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Price$4,350,000

Units9

Storeys3

Year built1954

Lot size58' x 120.7' (7,000 SF)

ZoningRM3

Price/unit$483,333

Cap rate2.3%

GIM31.5

PID011-498-315

Legal descriptionLot F (Explanatory Plan 3979) of Lot 4 Block 16 District Lot 526 Plan 4539

Sale price$4,400,000

Sale date03/05/2017

Overview

Kerrisdale Apartments is a rarely available 9-suite apartment building located in Vancouver’s Westside Kerrisdale neighbourhood. Built in 1954, the property is a well maintained three-storey wood-frame apartment building featuring large oversized units and an excellent suite mix of 4 two-bedrooms, 4 one-bedrooms and one bachelor. Rental rates significantly below market.

Highlights

Excellent suite mix—large oversized suites
Hardwood floors
4 covered parking
7 of 9 suites feature dishwashers
Laundry room: one washer/one dryer owned by building (with bike storage)
Brick & stucco exterior
Locker room features full size lockers
Ample in-suite closets
Stage 2 Environmental Report commissioned
Rental rates significantly below market

Upgrades

Re-piped approx. 20 years ago
Hot water tank replaced (December 2012)
Gas furnace (1982)
New roof & roof deck (2015)
Suite doors replaced
Ongoing appliance renewal
Bathrooms feature floor-to-ceiling tile

Location

Kerrisdale, located in the heart of Vancouver’s affluent Westside, is one of Canada’s most established and wealthy communities.

The subject property is located on the south side of West 43rd Avenue between Balsam and Yew Streets, only 2 blocks to West Boulevard in Vancouver’s prime Kerrisdale neighbourhood. Only two blocks to West 41st Avenue, considered one of the best upscale high-end fashion and retail shopping districts in the City. Walking distance to Point Grey High School, Maple Grove Park, seniors centre, bus transportation, restaurants, a branch of the Vancouver Public Library, West Main Health Unit and Kerrisdale Community Centre.

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	No. units	Average rent
Bachelor	No. units1	Average rent$875
One Bedroom	No. units4	Average rent$1,053
Two Bedroom	No. units4	Average rent$1,525

Financials

Financing	Clear title.
Assessment 2016	Land Building Total	Land$2,394,000 Building$663,000 Total$3,057,000
Taxes 2016	$9,827.45
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$138,240 Vacancy(691) Effective gross$137,549 Operating expenses(37,800) Net operating income$99,749
Notes	For a current rent roll and expense statement, please 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.