Sold

Home / Apartment buildings / Past sales / Driftwood Apartments – 2055 York Avenue, Vancouver

Sold

Driftwood Apartments

2055 York Avenue, Vancouver

SOLD $35,250,000

Print options

Would you like to print the gallery images?

Yes No

Price Call listing agent

Property type Apartment building

Units 74

Storeys 3

Net rentable area 48,128 SF

Year built 1966

Lot size 38,312 SF (325’ × 118’)

Zoning RM-4

Parking 62 underground stalls

PID 024-365-351

Legal description Lot D Block 195 District Lot 526 Group 1 New Westminster District Plan 15558

Sale price $35,250,000

Sale date 11/10/2022

Overview

Driftwood Apartments is a 74-suite three-storey apartment building located on the corner of York Avenue and Arbutus Street in the highly sought-after Kitsilano neighbourhood, only a half-block from the Kitsilano Beach waterfront.

The property is improved on a large 38,312 SF corner lot and features an impressive 325 feet of frontage. Built in 1966, the building has been well maintained with many upgrades, and features elevator service, secured underground parking (62 stalls) and storage lockers. The unit mix includes 11 bachelors, 50 one-bedrooms and 13 two-bedrooms.

Upgrades

The building has been meticulously maintained with many upgrades over the years, including:

Balcony railings replaced and floors resurfaced (2022)
Replaced 13 windows and 2 sliding doors (2022)
Replaced two sections of cedar siding (2022)
New LED lighting in parkade (2021)
Replaced sewer to fence line (2021)
Upgraded landscaping in rear yard (2021)
Replaced domestic water mains (2021)
Upgraded parkade security gate (2020)
Installed 200 solar panels on roof (2019)
Replaced emergency generator (2019)
New TPO roof membrane (2018)
New high efficiency gas boiler and hot water tank (2018)
Elevator modernization (2018)

Location

Driftwood Apartments is ideally located on the northeast corner of York Ave. and Arbutus St. in the heart of Vancouver’s Kitsilano neighbourhood. The building is steps to Kits Beach and a block east of the lively Yew Street commercial node. Local bus routes along Cornwall Avenue, a half-block north, provide convenient access to UBC and Downtown, while West 4th Avenue, four-blocks south, offers extensive shopping, amenities, cafes and restaurants.

The property is also within a 15-minute walk from the future Broadway Line Skytrain station at Arbutus and Broadway, and the Burrard Bridge is only 2 blocks away offering easy access to Downtown Vancouver.

Kitsilano Beach is one of the most popular and scenic parks in all of Metro Vancouver. The seawall and beach itself offer stunning views of English Bay, the West End’s skyline and the North Shore Mountains. The park is also home to Kitsilano Pool, a much-loved heated outdoor facility right on the waterfront, along with tennis, beach volleyball and basketball courts, the Kitsilano Yacht Club, waterfront Boathouse restaurant, and picnic areas.

Show less

	No. units	Average size	Average rent
Bachelor	No. units11	Average size504 SF	Average rent $1,265
1 bedroom small	No. units12	Average size558 SF	Average rent $1,439
1 bedroom	No. units33	Average size635 SF	Average rent $1,420
1 bedroom large	No. units5	Average size734 SF	Average rent $1,771
2 bedroom	No. units13	Average size866 SF	Average rent $2,091

Financials

Financing	Treat as clear title.
Assessment 2022	Land Building Total	Land$23,355,000 Building$7,917,000 Total$31,272,000
Taxes 2022	$93,066
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$1,405,544 Vacancy(7,028) Effective gross$1,398,516 Operating expenses(402,021) Net operating income$996,495
Notes	For a rent roll and expense statement, please contact listing agent.

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