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Pacifica Suites
531 Lonsdale Avenue
North Vancouver

Apartment Building
15 Suites
$6,600,000
4.8% Cap Rate
Rare offering! Pacifica Suites is a totally rebuilt 15-unit boutique apartment building located in the heart of North Vancouver’s sought after Lower Lonsdale neighbourhood. Originally built in 1978, the property was renovated in 2012 to a high-end condo-quality standard to the tune of approximately $1.3M (taken down to the studs).  The building has an excellent suite mix of all large two bedroom units (11 of which are spilt-level) and features contemporary open design many with city/water views.  The building contains secure underground parking, huge private yards or balconies, in-suite laundry, dishwashers, full gourmet kitchens, and stainless steel appliances.  With electric heat/hot water paid by the tenants, this is truly a turnkey property with a genuine pride of ownership that has attracted professional tenants.
  • Pacifica Suites is located in arguably the hottest area of North Vancouver in the heart of the Lower Lonsdale corridor.
  • Situated on Lonsdale Ave. and 5th St., this location offers convenient access to Downtown Vancouver via to the Lions Gate Bridge (5.4km) or Eastbound to the Ironworkers Memorial Bridge (5.1km)
  • The Lonsdale Quay Market and Sea Bus are within 5 minute walking distance which connects to a 12 minute boat ride Downtown.
  • A few minutes’ walk to a wide range of retail amenities, supermarkets, community services such as the John Braithwaite Community Centre, restaurants, boutiques, trendy cafes and excellent bus transportation along Lonsdale.
  • Totally rebuilt wood-frame rental apartment building improved on a large 100’ x 130’ lot
  • Approximately $1.3M spent renovating the building in 2012 (see “Renovations" tab for complete breakdown)
  • 18 parking stalls (15 secure underground parking & 3 surface stalls)
  • Townhouse style building with large two bedroom units (11 of which are spilt-level)
  • Attractive low maintenance landscaping including specially selected BC native plants
  • Most of the suites feature 16-foot and 24-foot high dramatic vaulted ceilings, skylights & water/city views
  • Split level suites feature bathroom and two bedrooms on first level and living room and kitchen on second level (each level has its own entrance)
  • Tenants pay for electric heat & hot water
  • Suites feature in-suite laundry (stacked washer/dryer), dishwashers, hot water tank, full gourmet open concept kitchens with Cesarstone countertops, contemporary bathrooms, under mount sinks, beautiful wood flooring & stainless steel appliances
  • Storage room contains 12 full size storage lockers
  • Nine of the suites have large oversized decks with views while 5 units have huge private yards
  • Building has attracted all professional tenants many of whom are migrating from the Downtown core of Vancouver in search of modern, yet spacious residences
  • Truly a unique turnkey property with no maintenance required for years to come
  • Available clear title with a clean environmental report
  • Excellent assumable CMHC first mortgage financing.  To view financing options, click here.
  • New ashphalt shingle roof (2010 – previous owner)
  • New skylights throughout
  • New premium grade cedar shake roof on northern exposure
  • Complete engineered re-pipe of building including shut offs to each individual suite, installation of plumbing for dishwasher and stacked laundry/dryer in every unit
  • Installation of venting for laundry in each suite
  • New PRV for plumbing
  • Installation of new insulation in all suites where drywall was removed (all bathrooms & most ceilings)
  • All bathrooms completely rebuilt from studs
  • New hotwater tanks
  • 15 new 100Amp panels and rewiring done in all units
  • All new stainless steel appliances, washing machines and dryers
  • All new designer plumbing fixtures, door hardware and  lighting
  • All new custom cabinetry in kitchens and bathrooms
  • All new Ceasarstone counter tops
  • New paint job (interior and exterior)
  • New carpeting in common areas (and on stairs in suites)
  • German-made AC4 (highest grade) wood laminate throughout suites
  • New ashphalt pad at back of building
  • New cedar fencing
  • Installation of new membrane coating to smaller balcony decks at ends of building
  • New garage door opening mechanism and 15 new remotes
  • New ASSA high security rekey to common doors
  • All new UL fire rated hardware and keys for suite doors (Master Keyed)
  • All new door hardware throughout
  • Installation of 12 storage lockers
  • New awning
  • New exterior front entrance railings
  • New safety lighting
  • New intercom system
  • New designer black out roller shades to all bedroom windows an widows requiring privacy in every suite
  • New secondary security locks on patio sliding doors and new rollers  
  • All new landscaping throughout including specially picked BC native plants
  • Complete engineered new ADT live monitored fire alarm system and panel with individual suite buzzers (upgraded as per the City of North Vancouver "life safety program")
  • All work inspected by City of North Vancouver building inspector, electrical inspector, plumbing inspector, fire department (life safety) to bring building up to current BC Building Code

Financing
A CMHC insured first mortgage with CIBC with an outstanding balance of approximately $3,029,872 at an interest rate of 2.98% due September 2022 with monthly payments of $14,312 @ 25 year amortization.  To view financing options, click here.
Assessment 2013
Land
$1,808,000
Building
$1,592,000
Total
$3,400,000
Taxes 2012
$12,699
Income and Expenses
Gross Income
$368,760
Vacancy
(3,688)
Effective Gross
$365,072
Operating Expenses
(47,721)
Net Operating Income
$317,351
Notes
For an income & expense statement, please click here.
David Goodman
david@goodmanreport.com
604 714 4778
Mark Goodman
mark@goodmanreport.com
604 714 4790
HQ Commercial
320-1385 West 8th Ave. Vancouver, BC V6H 3V9
Fax: 604 608 9455
www.goodmanreport.com
The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

Summary

Price$6,600,000
Units15
Net Rentable Area13,500 sf
Cap Rate4.8%
GIM17.8
Year Built1978 and rebuilt 2012
Lot Size99.58' x 129.94' (12,939 sq. ft.)
ZoningCD-203
PID007-325-371
Legal DescriptionLot K Block 120 District Lot 274 Plan 17050

Suite Mix

No. UnitsAvg. Sq. Ft.Avg. Rent
Two Bedroom15900$2,042

Attachments

Income & Expense Statement (74.4 KB)Mortgage Availablilty Summary (68.5 KB)
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