Three Lane Manor

1935 Cypress Street, Vancouver

$4,995,000

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Price4,995,000

Units10

Storeys3

Year built1956

Lot size120’ × 50’ (6,000 SF)

ZoningRM-4 Multiple Family Dwelling

Price/unit$499,500

Cap rate2.1%

GIM34.2

PID015-267-822,015-267-806

Legal descriptionLots 19 & 20 Block 236 District Lot 526 Plan 590

Sale date05/20/2019

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.

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	No. units	Average rent
1 bedroom	No. units6	Average rent$1,043
2 bedroom	No. units4	Average rent$1,471

Financials

Financing	Treat 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
Notes	For 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.