KITSILANO INVESTMENT PROPERTY
KITSILANO INVESTMENT PROPERTY
1876 - 1880 W 1ST AVENUE VANCOUVER, BC
1876-1880 W 1ST AVENUE VANCOUVER, BC
DOWNTOWN VANCOUVER
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GRANVILLE ISLAND
SUBJECT SITE KITS POINT
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JON BUCKLEY*
604 630 0215
[email protected] FORM RETAIL ADVISORS
DAVID MORRIS*
604 638 2123
[email protected] *Personal Real Estate Corporation
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ARMOURY DISTRICT
Head Office
CURTIS LEONHARDT* 604 638 1999
[email protected] KITSILANO INVESTMENT PROPERTY 1876 - 1880 W 1ST AVENUE VANCOUVER, BC
OPPORTUNITY Form Retail Advisors Inc. (the “Listing Agent”) has been exclusively engaged to facilitate the sale of a fully leased investment property located in Vancouver’s trendy and upscale Kitsilano neighbourhood. Municipally referred to as 1876 - 1880 W 1st Avenue (the “Subject Property”), the 6,000 square foot site is improved with an 8,100 square foot 2-storey building with retail at grade and office above. The Subject Property’s choice location in an affluent and desirable residential neighbourhood, combined with its close proximity and easy access to Downtown, makes this a prime site for future redevelopment. HIGHLIGHTS • Fully leased to Rocky Mountain Flatbread and Distrix Network Ltd. with respective terms expiring in April 2021 and July 2017, providing near term upside through contractual rent escalations •
Well positioned to benefit from the busy shops and services along W 4th Avenue, nearby offices including Lululemon’s Head Office, and burgeoning design and lifestyle community of the Armoury District
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The Subject Property is in good condition and, in addition to ongoing maintenance and repairs, has received the following upgrades and capital replacements:
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2014 perimeter drainage redone 2012 the west portion of the roof was replaced and the upstairs front windows replaced 2011 substantial cosmetic improvements and electric upgrades invested into the second floor premises 2009 addition of the rear deck complete with staircase and replacement of the HVAC unit servicing the second floor premises 2007 replacement of the HVAC unit servicing the ground floor premises 2006 Rocky Mountain Flat Bread completed major renovations & improvements including upgrade to water, sewer and electrical systems; at this time the main water service to the building was also upgraded
The Subject Property’s attractive location in the desirable residential neighbourhood of Kitsilano and close proximity to Downtown, make this a prime future redevelopment site (C-2B zoning permits density of up to 2.5 FSR)
KITSILANO Kitsilano, known locally as Kits, is a vibrant and dynamic community characterized by a mix of local shops, services, and unique attractions including famous Kits Beach, Burrard Bridge, the Museum of Vancouver/H.R. MacMillan Space Centre and retail destinations of West 4th and West Broadway. Kitsilano is home to a population of 41,547 people (2014) and is part of Vancouver’s West Side, which has some of the highest real estate values in all of Canada. A relatively wealthy and affluent Vancouver neighbourhood, Kitsilano is home to 22,735 households with average household incomes of $96,103. There are several new developments in close proximity to the Subject Property including Radius on W 4th & Fir (51 units, estimated completion 2015), West 10th & Maple (145 units, estimated completion 2016), and West Five on Burrard and West 5th Avenue (24 units, estimated completion 2017).
FORM RETAIL ADVISORS
DOWNTOWN
BURRARD BRIDGE
GRANVILLE BRIDGE
KITSILANO
SUBJECT SITE
MOLSON BREWERY
GRANVILLE ISLAND
ARMOURY DISTRICT
KITSILANO INVESTMENT PROPERTY 1876 - 1880 W 1ST AVENUE VANCOUVER, BC
PROPERTY OVERVIEW MUNICIPAL ADDRESS 1876 - 1880 West 1st Avenue, Vancouver, BC PID 015-226-549 015-226-484
Seaforth Armoury
LEGAL DESCRIPTION LOT 4 & 5 BLOCK 217 DISTRICT LOT 526 PLAN 590 LOT SIZE Approximately 6,000 Square Feet
Cypress Street
Central Gourmet Produce & Deli
SUBJECT SITE W 1st Avenue
Burrard Street
RENTABLE AREA 8,100 Square Feet (Coming April 2015)
TENANTS Rocky Mountain Flatbread : Distrix Network Ltd.:
4,100 SF (Ground Floor) 4,000 SF (Second Floor)
ZONING C-2B - permitting a wide range of retail, commercial and residential uses. Maximum Floor Space Ratio (FSR) of 2.5 ENVIRONMENTAL The Vendor has recently commissioned a Phase I environmental report by JMB Environmental, which indicates that no further investigation is warranted at this time. A copy of the report will be made available to qualified buyers. OCCUPANCY 100% FINANCING Clear title
FORM RETAIL ADVISORS
CURRENT NOI $166,400 / Annum May 2016 increases to $182,800 / Annum SALE PRICE Please contact Listing Agent
W 2nd Avenue
KITSILANO INVESTMENTPROPERTY PROPERTY KITSILANO INVESTMENT 1876 - 1880 W 1ST AVENUE
1876 - 1880 W 1ST AVENUE VANCOUVER, BC Population Dot D BC 1880 WVANCOUVER, 1st Ave, Vancouver, BC V6J 1G5, Can
Legend
The Orpheum
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DOWNTOWN VANCOUVER Vancouver Public Library
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HR MacMilan Space Centre
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Kitsilano Pool
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CAC TUS CLU B CAFE
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Granville Island Public Market
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BC Place
SUBJECT SITE Cornwall Avenue
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W 1st Avenue
W 4th Avenue
W Broadway
CAC TUS CLU B CAFE
2014 ESTIMATES & PROJECTIONS
1 KM
3 KM
5 KM
Population
21,223
196,325
328,455
Households
13,391
112,374
169,082
Average Household Income
$81,866
$84,857
$92,939
FORM RETAIL ADVISORS INC. 1280-333 SEYMOUR STREET VANCOUVER, BC V6B 5A6 T 604 638 2121 F 604 638 2122 FORMRETAIL.CA The information contained herein was obtained from sources which we deem reliable and while thought to be correct, are not guaranteed by Form Retail Advisors inc.
FORM RETAIL ADVISORS
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