FOR
SALE
1745 West
12th Avenue, Vancouver, B.C.
Kimberly
Manor is ideally situated on West 12th Avenue in the chic South Granville area of Vancouver's west side.
Tenants of Kimberly Manor enjoy convenient access to a wide variety of
amenities on South Granville and West Broadway, including shops, restaurants,
medical offices and services. For nearly 100 years, South Granville has been regarded as one of Vancouver's most exclusive shopping areas. A neighbourhood that is both lively and intimate, South Granville is well known for its high-end home furnishing and fashion boutiques, stylish cafes and restaurants, and Vancouver's best art galleries. Among the long list of exceptional amenities, South Granville is home to the Stanley Theatre, Meinhardt's gourmet grocery store, DKNY, Max Mara Restoration Hardware, and West Restaurant, which is consistently rated the best in the city and is of international acclaim.
Kimberly Manor is also within walking distance to
several parks, Granville Island Public Market, and the seawall along south
False Creek. For those tenants employed
in downtown Vancouver, frequent bus stops on Granville Street and Burrard
Street provide a quick, hassle-free transportation option to work. Students also enjoy express service to the University of British Columbia via West Broadway's 99 B-Line bus route.
The Offering
47 unit multi-family residential building on a 0.574 acre site in Vancouver's popular South Granville area. This offering represents an opportunity
to acquire a 100% occupied, well-maintained, multi-family residential property
in a desirable neighbourhood with numerous amenities to attract and retain
excellent tenants.
Executive Summary
|
Municipal Address |
1745 West 12th Avenue, Vancouver, B.C. |
|
Legal Description |
Lot C
BLK 388 DLot 526 PLN 1949, PID 014-183-773 |
|
Zoning |
RM-3 (Highrise zoning) |
|
Land Size |
200Õ x 125Õ (with lane) |
|
Average Suite Size |
662 sq.ft. |
|
Net Rentable Area |
31,109 sq.ft. |
|
Average Rent PSF |
$176.79 |
|
2007 Projected Revenue 2007 Operating Expense |
$642,064.00 $140,759.56 |
|
Net Operating Income |
$501,304.44 |
Highlights
l
Two blocks to South Granville, long regarded as one of Vancouver's most affluent shopping districts.
l
Three blocks to West Broadway, Vancouver's main east-west connector.
l Quick, convenient access to downtown
Vancouver and the University of British Columbia via car or public
transportation.
l Access to numerous amenities in a safe
neighbourhood that is both lively and intimate.
l Walking distance to several parks, the
south False Creek seawall, and Granville Island.
l Well-maintained building on an
attractively landscaped property.
l Tenants appreciate the convenience of
underground parking, large balconies and patios, ample storage, dishwashers and
an elevator.
Building Features
l Wood frame building with a painted stucco
exterior constructed in 1971.
l 3 storeys of rental apartments, with
underground parking.
l Basement contains mechanical rooms,
laundry facilities and storage.
l Well-maintained tar and gravel roof.
l 47 units each with large balconies or
patios. Sliding glass doors provide abundant natural light to interior spaces.
l Commercial grade finishes in common
areas. Rental units are well kept
with finishes consistent with peer buildings in the neighbourhood.
l Ample in-suite storage with some units
offering walk-in closets.
l One and two-bedroom suites feature
dishwashers.
l Vertical transportation provided by a Horn
elevator and two stairwells.
Suite Brekdown
|
Unit Type |
Quantity |
% |
Average Unit Size |
|
Studio |
6 |
13 |
432 sq.ft. |
|
One Bedroom |
31 |
66 |
645 sq.ft. |
|
Two Bedroom |
10 |
21 |
851 sq.ft. |
|
Total |
47 |
100% |
NRA = 31,109 sq.ft. |
Site and Parking
l Level, rectangular site with 200 feet of
frontage on 12th Avenue.
l Building is located at the centre of the
site.
l Driveway at north-west corner of site.
l Balance of site features attractive lawns
and gardens, trees and shrubs along the perimeter and a concrete paved walkway.
l 42 underground parking stalls.
l 5 additional surface stalls accessed via
municipal lane.
Upgrades
l New roof with warranty
l All deck upgrades
l Painted out of building
l New paint inside
l Electric panel box upgrades (breakers)
l New lite fixtures in hall & entrance
l Landscaping & pruning trees
l New carpets in hallways
l New entrance – Paver blocks
l Some suites upgraded
l Low vacancies
l Property manager in place
l No current live-in caretaker
l Phase 1 Environmental Report completed /
January 2007 ( to be provided)
l
Financing – can be assumed with Bank of Montreal (would consider a larger mortgage)
Balance – November
1, 2007 - $4,367,688.53
Rate – 5.05%
due June 1, 2011
Monthly payment – Principal + Interest $26,300.48
l Owner – Grankerris Holdings Ltd
(February 15, 2007)
l
Current List Price - $12,900,000
For Info & Private Showing please
call
Hans & John Gust
Prudential United Realty
Phone: (604) 263-8800 or Cell: (604) 551-3900