13TH STREET 14TH STREET MARINE DRIVE 1375 MARINE DRIVE WEST VANCOUVER | BC FOR SALE PROPERTY HIGHLIGHTS • Prime location in the heart of West Vancouver’s Ambleside Village Centre. • Property is 100% occupied on carefree triple net leases with demolition clauses in place. • Excellent redevelopment potential under the existing AC2 zoning with secure holding income in place. A RARE OPPORTUNITY TO ACQUIRE A MULTI-TENANT INVESTMENT PROPERTY WITH REDEVELOPMENT POTENTIAL IN THE HEART OF WEST VANCOUVER
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13TH STREET14TH STREET
MARINE DRIVE
1375MARINE DRIVEWEST VANCOUVER | BC
FOR SALE
PROPERTY HIGHLIGHTS• Prime location in the heart of West Vancouver’s Ambleside Village Centre.
• Property is 100% occupied on carefree triple net leases with demolition clauses in place.
• Excellent redevelopment potential under the existing AC2 zoning with secure holding income in place.
A RARE OPPORTUNITY TO ACQUIRE A MULTI-TENANT INVESTMENT PROPERTY WITH
REDEVELOPMENT POTENTIAL IN THE HEART OF WEST VANCOUVER
MARINE DRIVE
Residences on MarinePPSF - $2,006
Atti Group
Ambleside 2PPSF - $2,491
Grosvenor
AmblesidePPSF - $1,946
Grosvenor
INVESTMENT HIGHLIGHTS
• 100% occupied on carefree triple net leases with demolition clauses in place.
• Strong rental income of $119,550.
• Expanding neighbourhood with a recent development achieving new benchmark pricing of over $2,400 per sq. ft.
A 100% OCCUPIED MULTI-TENANT INVESTMENT OPPORTUNITY WITH ATTRACTIVE ZONING FOR FUTURE REDEVELOPMENT
92Walking Score
$1,771Avg. Condo Price Per Sq. Ft. (West Vancouver – Active Concrete Development)
QUICK STATS AC2 Zoning
Provides a Wide Range of UsesNOI - $119,550
Projected FY2019
HOLLYBURN ELEMENTRY
7-ELEVEN
SUBWAY
PETRO-CANADA
AMBLESIDEMEDICAL CENTRE
LIQUOR STORE
SHOPPERS DRUG MART
LIBRARY
RBC
BMO
CONTINUUMMEDICAL CENTRE
STARBUCKS
WEST VANCOUVER SECONDARY
FRESH ST. MARKET
EARLS
MEINHARDT FINE FOODS
LOCATION HIGHLIGHTS
• Located on the high-exposure street of Marine Drive.
• Steps away from an abundance of retail amenities and mixed-use developments that have spurred strong demographic growth in the area.
• Close to West Vancouver’s waterfront with easy access to the Trans-Canada Highway, Park Royal Mall, and the Lions Gate Bridge.
DEVELOPMENT POTENTIAL
• Attractive AC2 zoning provides for a wide range of potential uses that include both commercial and residential.
• Zoning provides for a density of up to 1.75x FSR, or 6,895 buildable square feet, and a maximum height of 37 feet.
• The area is witnessing a significant increase in residential and mixed-use development along the Marine Drive corridor.
• The Subject Property will fall under the future Ambleside Town Centre Plan, which is currently under review by the City’s planning department.
THE OPPORTUNITY
The Offering represents a rare opportunity to acquire a 100% occupied investment property with excellent redevelopment potential. The Property has attractive zoning in place that provides for a buildable density of up to 6,895 sq. ft. The Property is located in the heart of West Vancouver, the Ambleside Village Centre, providing excellent frontage along West Vancouver’s main retail strip.
Projected Net Operating Income (2019 FY) $119,550 per annum
Site Size 3,940 sq. ft.
Zoning AC2
OCP Ambleside Village Centre (BF-C 3)
Permitted Density 1.75x FSR
Permitted Buildable Sq. Ft. 6,895 sq. ft.
Permitted Height 37 feet
Property Taxes (2018) $39,785.60
Offer Process
Interested parties will be required to execute and submit the Vendor’s form of Confidentiality Agreement prior to receiving detailed information about the Property.
