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12-UNIT APARTMENT COMPLEX IN KITSILANO - 7,998,000


KEY FEATURES

  • Highly coveted “North-of-Fourth” location two blocks from Kitsilano Beach

  • Impressive suite-mix featuring nine large 2-bedroom suites

  • Remarkable views enjoyed by top-floor tenants

  • Immersed within an abundance of natural and commercial amenities.

LOCATION

  • 2225 West 1st Avenue is strategically located on the north side of West 1st Avenue, between Yew and Vine Streets in the Kitsilano neighbourhood of Vancouver. The subject property’s “North-of-Fourth” location places it within walking distance to Kitsilano’s world-renowned locational amenities, such as, Kitsilano Beach and Pool, the Cornwall Promenade, and an abundance of restaurants and retailers along West 4th Avenue.

  • Kitsilano is known as one of Vancouver’s most prestigious multi-residential districts, which has consistently enjoyed a near 0% vacancy rate and rapidly appreciating rental rates.

  • Renters flock to Kitsilano for stunning natural and commercial amenities all while enjoying an abundance of transit accessibility to UBC, Downtown Vancouver, and beyond.

  • Desirable location, sought-after amenities, and substantial upside combine to present an opportunity to acquire an irreplaceable Kitsilano apartment building.

PROPERTY SPECIFICATIONS

  • Total Site Area: 6,000 SF

  • Site Dimension: 50’ x 120’

  • Improvements: The property is improved with a two-storey plus basement wood-frame apartment complex

  • Property Taxes: $14,218,55 (2017)

  • Current Zoning: RM-4

  • Asking Price: $7,998,000

LEGAL DESCRIPTION

Civic Addresses: 2225 West 1st Avenue Vancouver BC

Legal Description: Lot 13, Block 203, District Lot526, Land District 36, Plan 848

PID: 015-097-293

COLLIERS INTERNATIONAL

IMPROVEMENTS

Built in 1912, the subject property is improved a two-storey plus basement wood-frame apartment building with a well-maintained stucco façade and oversized windows providing an abundance of natural light in each suite. The north-facing top floor tenants enjoy remarkable views of the Burrard Inlet and North Shore mountains.

The building features a highly desirable suite-mix of nine 2-bedrooms, two 1-bedrooms and one bachelor unit. All suites have spacious floorplans, a mix of hardwood and vinyl-plank flooring and some feature updated kitchens and bathrooms. The stairs at the rear of the building provide the majority of the north-facing suites access to either a large patio or deck with private entrances to each suite.

Tenants have access to a washing machine and a dryer, which are owned by the building and located on the ground floor of the building. The torched-on membrane roof was replaced in 2009 and a new 75-gallon Rheem Ruud Commercial hot water thank in was installed in 2014. A natural gas-fired boiler disperses heat from cast iron radiators and the main electrical is 200-amp,whereby, all units receive 100-amp service.

To find out more about this Investment Opportunity and to Private Tour of this site, please contact Han Lee at 778 789 9688.

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