Whiteley Gardens

2601 - 2697 Whiteley Court, North Vancouver

SOLD $9,500,000

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Price$9,500,000

Lot size110,206 sq. ft.

ZoningRM-3

Floor space ratio2.5

Development potential275,515 sq. ft.

Price/SF buildable$34.48

Sale price$9,500,000

Sale date01/01/2006

Overview

Known as Whiteley Gardens, the subject property is situated in Lynn Valley, a community within the District of Vancouver and lies in a cul-de-sac immediately south of the Lynn Valley Shopping Centre.

Location

Located adjacent to the Town Centre, the property enjoys excellent exposure on both Whitely Court and East 27th Street and lies within very close proximity (across the street) to the shopping centre. Easy access to the Upper Levels Highway is only 3-4 minutes by car via the main arterial routes of Mtn. Highway and Lynn Valley Rd.

Improvements

The site contains a multi-family rental project of 46 units, including outdoor pool. It is in excellent condition.

Proposed Development Summary

There is a strong likelihood that the subject property can be rezoned to allow for two high-rise towers. With a lot size of 110,206 sq. ft. and FSR of 2.5, the potential building site is 275,515 sq. ft. ($34.48/sq. ft.).

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Financing	Treat as clear title.
Income and expenses	Gross income Operating expenses Net operating income	Gross income$525,000 Operating expenses$180,000 Net operating income$345,000

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