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FOR SALE Prime Kitsilano Mulfamily Investment Opportunity Featuring Prominent Penthouse Suites with Stunning Views 2044 West 3rd Avenue, Vancouver
2044 West 3rd Avenue, Vancouver
FOR SALE
Prime Kitsilano Multifamily Investment Opportunity Featuring Prominent
Penthouse Suites with Stunning Views
2044 West 3rd Avenue, Vancouver
11 Units (1 U/A)
1- Bachelor7 - 1 Bedroom1 - 2 Bedroom2 - 1 Bedroom Penthouse
PID 015-343-596 & 015-343-600
Construction 3 Storey + Penthouse Wood Frame
Lot Size 6,000 sf (50’ x 120’)
Laundry Coin Operated Laundry1 Washer & Dryer
Parking 5 Surface Stalls
Zoning RM-4
Year Built 1959
NOI $154,159
Assessed ValueLand $ 3,871,000Building $ 1,571,000Total $ 5,442,000
PROPERTY DETAILS OPPORTUNITY HIGHLIGHTS › Highly coveted “North of 4th” location surrounded by tenant
friendly amenities with a walk score of 96/100
› Small scale of property is ideal for self management
› Building upgrades include double paned windows and individual breakers in each suite
› Functional layouts provide ample natural light and spectacular views of English Bay and Downtown Vancouver
› Two premium penthouse units include dishwashers and boast large extended solariums and oversized roof top decks offering quintessential Kits living - ideal for an owner/occupier
› Large storage room presents additional revenue potential
› Storage lockers provided for every unit
› Average monthly rental rates of $1,312 are 35% below potential market rents achieved upon modernization of units
› Two units are currently being held vacant for immediate deployment of renovations and revenue upside
THE OPPORTUNITY Located in the heart of Kitsilano perched between Maple and Arbutus Streets, “Nimerick Apartments” presents investors a unique opportunity to acquire a primely located multifamily asset. This 11 unit apartment building boasts two quintessential one bedroom penthouse suites with stunning views of the North Shore mountains and English Bay. These units could easily command premium rental rates, or be perfect for an owner/occupier. Situated just off iconic West 4th Avenue the Property enjoys immediate proximity to world-class amenities and transit.
List Price
$5,475,000
Price per Unit
$497,727
Cap Rate
2.82%
The community of Kitsilano is synonymous with the famous Kits Beach—named one of the “top 10 best city beaches in the world” by international travel magazines, and perfect for outdoor fitness.
Kitsilano is one of Vancouver’s most sought after neighbourhoods for tenants, situated between the Downtown core and the UBC Peninsula.
The Property is located one block away from the main shopping arterial of West 4th Avenue, where a plethora of shops, amenities, and restaurants are easily accessible.
Situated 650 meters from the Seaside Greenway bike and walk path stretching from Spanish Banks, around False Creek, and to Stanley Park.
The Property is a 10-minute walk from West Broadway and Arbutus Street which is a future Skytrain stop along the Millennium Line Extension slated for construction as early as 2019.
West 4th Avenue
West 3rd Avenue
50’
120’
Arbu
tus S
tree
t
Map
le S
tree
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Kitchen Bathroom
Bedroom Living Room
2044 WEST 3RD AVENUE
View from Penthouse Unit
WEST 4TH AVENUE
BURR
ARD
STRE
ET
GRAN
VILL
E ST
REET
BIKE PATHS
WEST BROADWAY
*Personal Real Estate Corporation
©2019 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof. E. & O. E. Jones Lang LaSalle Real Estate Services, Inc. Real Estate Brokerage
ARBU
TUS
STRE
ET
Kitsilano Beach
Broadway
Safeway
Granville Island
10 minute walk
10 minute walk
6 minute walk
20 minute walk
2044 WEST 3RD AVENUE
Market Meats
Whole Foods
Sophie’s CafeLululemon
Urban OutfittersParallel 49David’s Tea
IGALondon Drugs
BC Liquor StoresGreens
Local Nook
ChewiesBlue Martini
Rain or ShineFable
Las Margaritas
FUTURE SKYTRAIN - BROADWAY EXTENSION
JLL Real Estate Services, Inc. 14th Floor, 355 Burrard Street Vancouver, BC, V6C 2G6
PATRICK MCEVAY*
Senior Vice President +1 604 789 0720 [email protected]
JAMES BLAIR*
Senior Vice President +1 604 790 7089 [email protected]
DAVID VENANCE*
Executive Vice President+1 604 910 3842 [email protected]
