Acquire 100% freehold interest in two exceptionally maintained, identical, and adjacent apartment buildings situated on approximately 48,000 SQFT of medium density designated land in the heart of North Vancouver’s highly sought after Lower Lonsdale neighborhood. The two buildings are comprised of 64 authorized residential rental units, and the property boasts approximately 400’ of frontage on East 2nd Street. This investment opportunity will appeal to apartment investors seeking secure and stable cash flow in one of the Lower Mainland’s hottest rental markets and presents an extremely rare redevelopment opportunity in one of the fastest growing and land locked markets in the region.
• Lower Londsdale neighbourhood of North Vancouver
• Northeast corner of East 2nd Street and St Georges Avenue
• Property extends approximately 400 feet along the north side of East 2nd Street
• One block east of Lonsdale Avenue
• Five minute walk south to the Seabus Terminal in the Lonsdale Quay
• Two adjacent apartment buildings situated on over an acre of RM-5 designated land
• Total of 64 residential rental units with a desirable suite mix
• North Vancouver vacancy rate is 0.40% (CMHC, October 2015); secure and stable cash flow
• Property is professionally managed by Gateway Property Management
• Several capital upgrade recently completed
• Exceptional location with a very high walk score: 88/100
Price & Offering Process
This exclusive offering is unpriced with a formal bid date for offers on July 12th, 2016.
Access to a Dropbox is available to qualified investors upon execution of a Confidentiality Agreement (CA). Upon review of the information in the Dropbox, parties are asked to contact the Listing Agents to coordinate an appointment to view the Property.
The London Pacific Dropbox will include:
• Current Rent Roll and Income Data
• ALTUS Building Condition Report (May 2016)
• Keystone Environmental Phase-1 Report (May 2016)
• Property Operation Due Diligence Materials
• Vendor Approved Offer Form