Info Pack 115 East Keith Road, North Vancouver.pdf
115 East Keith Road North Vancouver
FOR SALE
$6,500,000
David Venance Personal Real Estate Corporation (604) 264-5752 [email protected]
CENTRALLY LOCATED 23-UNIT NORTH VANCOUVER APARTMENT BUILDING WITH EXCELLENT REDEVELOPMENT AND VALUE-ADD POTENTIAL Selling Apartment Buildings as if they were our own!
RE/MAX Bill Goold Realty
Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness.
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
www.BillGooldRealty.com
410 – North Tower, 650 West 41st Avenue, Vancouver, BC V5Z 2M9
EXECUTIVE SUMMARY OPPORTUNITY HIGHLIGHTS
23-unit apartment building in the heart of one of Canada’s strongest residential markets
Situated on approximately 14,000 sq.ft. of highdensity (RS-6) designated land
Features approximately 140 feet of depth which gives street to street frontage on perpendicular Keith Road and 6th Street
Lends itself to spectacular view corridors of the ocean, Vancouver’s downtown skyline, and the North Shore mountains
Prime and highly south after Central Lonsdale location directly across the street from Victoria Park
Easy walking distance to shopping, restaurants, and all of the services along the Lonsdale corridor
Access to frequent public transportation along Lonsdale Avenue as well as Keith Road Below market rents provides the potential to enhance revenue through a comprehensive renovation program Vacancy rates in North Vancouver remain extremely low Title will be delivered free and clear of all financial encumbrances allowing prospective purchasers to capitalize on the current historic low interest rate environment
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
CIVIC ADDRESS 115 East Keith Road North Vancouver
OCP DESIGNATION RS-6 (High Density Multi-Family)
PARCEL IDENTIFIER 009-870-822
POTENTIAL OCP DENSITY 3.30 FSR including 1.0 FSR of bonus density
LOT SIZE Approximately 13,981 sq.ft.*
IMPROVEMENT 23-unit apartment building
LOT FRONTAGE Approximately 100 feet* on Keith Road as well as 6th Street
YEAR BUILT 1968
LOT DEPTH Approximately 140 feet* ZONING RH-1 / R-6
CURRENT NET INCOME $191,873 PRICE $6,500,000 CAP RATE 2.95%
*All site measurements are approximate and are subject to verification by the purchaser
115 EAST KEITH ROAD, NORTH VANCOUVER
LOCATION OVERVIEW Lions Gate Bridge
Stanley Park
West Vancouver
Mahon Park BCIT Marine Campus SeaBus Terminal Lonsdale Quay
115 East Keith Road Victoria Park
Bus Stops Nearby
Walk Score Methodology: Walk Score measures the walkability of any address. For each address, Walk Score analyzes hundreds of walking routes to nearby amenities. Points are awarded based on the distance to amenities in each category. Walk scores are based out of 100. (Information courtesy of www.walkscore.com)
91
62
The Property is located across the street from Victoria Park in the Central Lonsdale area of North Vancouver, just one property lot, or about 100 feet east of Lonsdale Avenue. It is conveniently situated within walking distance to shopping, restaurants, and all of the services along the Lonsdale corridor. Public buses run immediately along Lonsdale Avenue, providing residents with convenient access to Marine Drive, West Vancouver, Capilano University, and most notably, the SeaBus terminal located at the Lonsdale Quay for public transit to Downtown Vancouver. The Property has a prominent location which lends itself to spectacular views of the City as well as the North Shore mountains. It has 140’ of depth giving it street to street frontage; 100’ of frontage on both East Keith Road and East 6 th Street.
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
115 EAST KEITH ROAD, NORTH VANCOUVER
BUILDING FEATURES
SUITE MIX Bachelor 1 Bedroom 2 Bedroom Total
3 19 1 23
CONSTRUCTION Three storey, wood-frame ELEVATOR Basement traction BALCONIES All suites have a balcony PARKING 25 secure covered stalls LAUNDRY Two owned washers and dryers STORAGE 24 storage lockers in secure storage room ROOF Torched-on asphalt WINDOWS Single pane ELECTRICAL Fuses HEAT & HOT WATER Beaver boiler and a 276 Litre Giant Model hot water storage tank FINANCING Treat as free and clear PROPERTY REPORTS A redevelopment study by Richard White Planning Advisory Services Ltd. commissioned by Bill Goold Realty is available upon request.
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
115 EAST KEITH ROAD, NORTH VANCOUVER
PROPERTY HIGHLIGHT
Future Redevelopment Potential Data Based on the City of North Vancouver’s Official Community Plan adopted in April 2014, 115 East Keith Road is designated as a Residential Level 6 Lot with a max density of 2.3 FSR and a potential bonus of 1.0 FSR, in consideration for certain CAC’s.
Residential Level 6
Purpose
To provide well-designed high density development in the Lonsdale Regional City Center.
Form
Mid-rise and High-rise building
High-Rise Apartment (High Density)
Max Density
2.3 FSR
Max Bonus
A maximum increase of 1.0 FSR may* be considered when public benefits are provided as per Section 2.2.
*The amount of density bonus to be considered should reflect the value of the public benefit provided and be consistent with good urban design principles and practice. The City’s Density Bonus and Community Amenity Policy may guide density bonus decisions. Density bonuses are at Council’s absolute discretion. The following public amenities will be considered: Rental Housing, Community Amenity Space, Employment Generation, or Heritage Conservation.
Growth Projections 2011
2021
2031
2041
Population
48,168
56,000
62,000
68,000
Dwelling Units
24,206
25,600
28,000
30,200
Employment
30,422
34,000
37,000
40,000
Ten Year Housing Demand Estimates (# of Units) Total Demand
Ownership Demand
Rental Demand
Total Affordable Rental Demand
Moderate Income Rental Demand
Market Rental Demand
2,400
1,600
800
600
300
200
115 East Keith Road
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
115 EAST KEITH ROAD, NORTH VANCOUVER
RENT ROLL CURRENT
POTENTIAL: MARKET
UNIT #
TYPE
ROOMS
MONTHLY RENT
ANNUALIZED RENT
MONTHLY RENT
ANNUALIZED RENT
101
2-Bdrm
4
$1,029
$12,348
$1,300
$15,600
102 103 104 105 106 107 201 202 203 204 205 206 207 208 301 302 303 304 305 306 307 308 TOTAL
1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm Bach 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm Bach 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm Bach 23 UNITS
3 3 3 3 3 2 3 3 3 3 3 3 3 2 3 3 3 3 3 3 3 2 67
$1,050 $925 $911 $950 $925 $850 $970 $950 $1,000 $913 $1,007 $950 $950 $825 $975 $885 $900 $950 $1,025 $971 $848 $799 $21,558
$12,600 $11,100 $10,932 $11,400 $11,100 $10,200 $11,640 $11,400 $12,000 $10,956 $12,088 $11,400 $11,400 $9,900 $11,700 $10,620 $10,800 $11,400 $12,300 $11,652 $10,176 $9,588 $258,700
$1,100 $1,100 $1,100 $1,100 $1,100 $900 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $900 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $900 $24,900
$13,200 $13,200 $13,200 $13,200 $13,200 $10,800 $13,200 $13,200 $13,200 $13,200 $13,200 $13,200 $13,200 $10,800 $13,200 $13,200 $13,200 $13,200 $13,200 $13,200 $13,200 $10,800 $298,800
3 19 1
TYPE
ROOMS
AVG. RENT
Bach 1-Bdrm 2-Bdrm
6 57 4
$825 $950 $1,029
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
115 EAST KEITH ROAD, NORTH VANCOUVER
CASH FLOW ANALYSIS REVENUE Rental Revenue Laundry Revenue [1] Parking & Storage Revenue Potential Gross Revenue (PGR) Less: Vacancy Allowance (0.50%) EFFECTIVE GROSS REVENUE (EGR)
Net Operating Income (NOI)
Potential NOI Projection
ANNUALLY $258,700 $4,140 $6,060 $268,900 ($1,345) $267,556
ANNUALLY
OPERATING EXPENSES Property Taxes Insurance Utilities Elevator [2] Licence Caretaker Repair & Maintenance [4] TOTAL OPERATING EXPENSES NET OPERATING INCOME
$20,504 $7,259 $16,521 $0 $437 $12,000 $18,962 $75,683 $191,873
$ PER UNIT $11,248 $180 $263 $11,691 ($58) $11,633 $ PER UNIT $891 $316 $718 $0 $19 $600 $750 $3,291
[5]
$298,800 $4,140 $6,060 $309,000 ($1,545) $307,455 % OF EGR 7.66% 2.71% 6.17% 0.00% 0.16% 4.49% 7.09% 28.29%
$ PER UNIT $20,504 $7,259 $16,521 $3,000 $437 $13,800 $17,250 $78,771 $228,684
$891 $316 $718 $130 $19 $600 $750 $3,425
% OF EGR 7.66% 2.71% 6.17% 1.12% 0.16% 5.16% 6.45% 29.44%
[1] Laundry is estimated @ $14/unit/month [2] Elevator cost is built into the R&M. In the Potential NOI Projection it is stabilized to $250/month [3] Currently an off-site caretaker managing property. In the Potential NOI Projection we've stabilized this cost to be $600 / unit / year [4] R&M cost is stabilized in the Potential NOI Projection to be $750 / unit / year [5] Potential NOI Projection is based on achieving market rents for the respective units in North Vancouver
PURCHASE PRICE $6,500,000
CAP RATE % 2.95%
$ PER UNIT
$ PER ROOM
$282,609
$97,000
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
115 EAST KEITH ROAD, NORTH VANCOUVER
Bill Goold Realty | Exclusive Agents For more information, please contact:
David Venance
Personal Real Estate Corporation
Senior Associate (604) 264-5752 [email protected]
Selling Apartment Buildings as if they were our own!
RE/MAX Bill Goold Realty
Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness.
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
www.BillGooldRealty.com 115 EAST KEITH ROAD, NORTH VANCOUVER
FOR SALE
$6,500,000
David Venance Personal Real Estate Corporation (604) 264-5752 [email protected]
CENTRALLY LOCATED 23-UNIT NORTH VANCOUVER APARTMENT BUILDING WITH EXCELLENT REDEVELOPMENT AND VALUE-ADD POTENTIAL Selling Apartment Buildings as if they were our own!
RE/MAX Bill Goold Realty
Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness.
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
www.BillGooldRealty.com
410 – North Tower, 650 West 41st Avenue, Vancouver, BC V5Z 2M9
EXECUTIVE SUMMARY OPPORTUNITY HIGHLIGHTS
23-unit apartment building in the heart of one of Canada’s strongest residential markets
Situated on approximately 14,000 sq.ft. of highdensity (RS-6) designated land
Features approximately 140 feet of depth which gives street to street frontage on perpendicular Keith Road and 6th Street
Lends itself to spectacular view corridors of the ocean, Vancouver’s downtown skyline, and the North Shore mountains
Prime and highly south after Central Lonsdale location directly across the street from Victoria Park
Easy walking distance to shopping, restaurants, and all of the services along the Lonsdale corridor
Access to frequent public transportation along Lonsdale Avenue as well as Keith Road Below market rents provides the potential to enhance revenue through a comprehensive renovation program Vacancy rates in North Vancouver remain extremely low Title will be delivered free and clear of all financial encumbrances allowing prospective purchasers to capitalize on the current historic low interest rate environment
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
CIVIC ADDRESS 115 East Keith Road North Vancouver
OCP DESIGNATION RS-6 (High Density Multi-Family)
PARCEL IDENTIFIER 009-870-822
POTENTIAL OCP DENSITY 3.30 FSR including 1.0 FSR of bonus density
LOT SIZE Approximately 13,981 sq.ft.*
IMPROVEMENT 23-unit apartment building
LOT FRONTAGE Approximately 100 feet* on Keith Road as well as 6th Street
YEAR BUILT 1968
LOT DEPTH Approximately 140 feet* ZONING RH-1 / R-6
CURRENT NET INCOME $191,873 PRICE $6,500,000 CAP RATE 2.95%
*All site measurements are approximate and are subject to verification by the purchaser
115 EAST KEITH ROAD, NORTH VANCOUVER
LOCATION OVERVIEW Lions Gate Bridge
Stanley Park
West Vancouver
Mahon Park BCIT Marine Campus SeaBus Terminal Lonsdale Quay
115 East Keith Road Victoria Park
Bus Stops Nearby
Walk Score Methodology: Walk Score measures the walkability of any address. For each address, Walk Score analyzes hundreds of walking routes to nearby amenities. Points are awarded based on the distance to amenities in each category. Walk scores are based out of 100. (Information courtesy of www.walkscore.com)
91
62
The Property is located across the street from Victoria Park in the Central Lonsdale area of North Vancouver, just one property lot, or about 100 feet east of Lonsdale Avenue. It is conveniently situated within walking distance to shopping, restaurants, and all of the services along the Lonsdale corridor. Public buses run immediately along Lonsdale Avenue, providing residents with convenient access to Marine Drive, West Vancouver, Capilano University, and most notably, the SeaBus terminal located at the Lonsdale Quay for public transit to Downtown Vancouver. The Property has a prominent location which lends itself to spectacular views of the City as well as the North Shore mountains. It has 140’ of depth giving it street to street frontage; 100’ of frontage on both East Keith Road and East 6 th Street.
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
115 EAST KEITH ROAD, NORTH VANCOUVER
BUILDING FEATURES
SUITE MIX Bachelor 1 Bedroom 2 Bedroom Total
3 19 1 23
CONSTRUCTION Three storey, wood-frame ELEVATOR Basement traction BALCONIES All suites have a balcony PARKING 25 secure covered stalls LAUNDRY Two owned washers and dryers STORAGE 24 storage lockers in secure storage room ROOF Torched-on asphalt WINDOWS Single pane ELECTRICAL Fuses HEAT & HOT WATER Beaver boiler and a 276 Litre Giant Model hot water storage tank FINANCING Treat as free and clear PROPERTY REPORTS A redevelopment study by Richard White Planning Advisory Services Ltd. commissioned by Bill Goold Realty is available upon request.
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
115 EAST KEITH ROAD, NORTH VANCOUVER
PROPERTY HIGHLIGHT
Future Redevelopment Potential Data Based on the City of North Vancouver’s Official Community Plan adopted in April 2014, 115 East Keith Road is designated as a Residential Level 6 Lot with a max density of 2.3 FSR and a potential bonus of 1.0 FSR, in consideration for certain CAC’s.
Residential Level 6
Purpose
To provide well-designed high density development in the Lonsdale Regional City Center.
Form
Mid-rise and High-rise building
High-Rise Apartment (High Density)
Max Density
2.3 FSR
Max Bonus
A maximum increase of 1.0 FSR may* be considered when public benefits are provided as per Section 2.2.
*The amount of density bonus to be considered should reflect the value of the public benefit provided and be consistent with good urban design principles and practice. The City’s Density Bonus and Community Amenity Policy may guide density bonus decisions. Density bonuses are at Council’s absolute discretion. The following public amenities will be considered: Rental Housing, Community Amenity Space, Employment Generation, or Heritage Conservation.
Growth Projections 2011
2021
2031
2041
Population
48,168
56,000
62,000
68,000
Dwelling Units
24,206
25,600
28,000
30,200
Employment
30,422
34,000
37,000
40,000
Ten Year Housing Demand Estimates (# of Units) Total Demand
Ownership Demand
Rental Demand
Total Affordable Rental Demand
Moderate Income Rental Demand
Market Rental Demand
2,400
1,600
800
600
300
200
115 East Keith Road
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
115 EAST KEITH ROAD, NORTH VANCOUVER
RENT ROLL CURRENT
POTENTIAL: MARKET
UNIT #
TYPE
ROOMS
MONTHLY RENT
ANNUALIZED RENT
MONTHLY RENT
ANNUALIZED RENT
101
2-Bdrm
4
$1,029
$12,348
$1,300
$15,600
102 103 104 105 106 107 201 202 203 204 205 206 207 208 301 302 303 304 305 306 307 308 TOTAL
1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm Bach 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm Bach 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm 1-Bdrm Bach 23 UNITS
3 3 3 3 3 2 3 3 3 3 3 3 3 2 3 3 3 3 3 3 3 2 67
$1,050 $925 $911 $950 $925 $850 $970 $950 $1,000 $913 $1,007 $950 $950 $825 $975 $885 $900 $950 $1,025 $971 $848 $799 $21,558
$12,600 $11,100 $10,932 $11,400 $11,100 $10,200 $11,640 $11,400 $12,000 $10,956 $12,088 $11,400 $11,400 $9,900 $11,700 $10,620 $10,800 $11,400 $12,300 $11,652 $10,176 $9,588 $258,700
$1,100 $1,100 $1,100 $1,100 $1,100 $900 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $900 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $1,100 $900 $24,900
$13,200 $13,200 $13,200 $13,200 $13,200 $10,800 $13,200 $13,200 $13,200 $13,200 $13,200 $13,200 $13,200 $10,800 $13,200 $13,200 $13,200 $13,200 $13,200 $13,200 $13,200 $10,800 $298,800
3 19 1
TYPE
ROOMS
AVG. RENT
Bach 1-Bdrm 2-Bdrm
6 57 4
$825 $950 $1,029
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
115 EAST KEITH ROAD, NORTH VANCOUVER
CASH FLOW ANALYSIS REVENUE Rental Revenue Laundry Revenue [1] Parking & Storage Revenue Potential Gross Revenue (PGR) Less: Vacancy Allowance (0.50%) EFFECTIVE GROSS REVENUE (EGR)
Net Operating Income (NOI)
Potential NOI Projection
ANNUALLY $258,700 $4,140 $6,060 $268,900 ($1,345) $267,556
ANNUALLY
OPERATING EXPENSES Property Taxes Insurance Utilities Elevator [2] Licence Caretaker Repair & Maintenance [4] TOTAL OPERATING EXPENSES NET OPERATING INCOME
$20,504 $7,259 $16,521 $0 $437 $12,000 $18,962 $75,683 $191,873
$ PER UNIT $11,248 $180 $263 $11,691 ($58) $11,633 $ PER UNIT $891 $316 $718 $0 $19 $600 $750 $3,291
[5]
$298,800 $4,140 $6,060 $309,000 ($1,545) $307,455 % OF EGR 7.66% 2.71% 6.17% 0.00% 0.16% 4.49% 7.09% 28.29%
$ PER UNIT $20,504 $7,259 $16,521 $3,000 $437 $13,800 $17,250 $78,771 $228,684
$891 $316 $718 $130 $19 $600 $750 $3,425
% OF EGR 7.66% 2.71% 6.17% 1.12% 0.16% 5.16% 6.45% 29.44%
[1] Laundry is estimated @ $14/unit/month [2] Elevator cost is built into the R&M. In the Potential NOI Projection it is stabilized to $250/month [3] Currently an off-site caretaker managing property. In the Potential NOI Projection we've stabilized this cost to be $600 / unit / year [4] R&M cost is stabilized in the Potential NOI Projection to be $750 / unit / year [5] Potential NOI Projection is based on achieving market rents for the respective units in North Vancouver
PURCHASE PRICE $6,500,000
CAP RATE % 2.95%
$ PER UNIT
$ PER ROOM
$282,609
$97,000
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
115 EAST KEITH ROAD, NORTH VANCOUVER
Bill Goold Realty | Exclusive Agents For more information, please contact:
David Venance
Personal Real Estate Corporation
Senior Associate (604) 264-5752 [email protected]
Selling Apartment Buildings as if they were our own!
RE/MAX Bill Goold Realty
Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness.
David Venance | Bill Goold | Ray Townsend | Patrick McEvay |James Blair | Margaret Zheng
www.BillGooldRealty.com 115 EAST KEITH ROAD, NORTH VANCOUVER
