CBRE National Apartment Group - BC is pleased to present the opportunity to acquire an extensively upgraded apartment building in North Vancouver, British Columbia comprising of 14 suites on 1621 St. Georges Avenue. The building has had a number of recent upgrades with the building was re-piped in 2013*, a new IBC high-efficiency boiler installed in 2019*, and an extensive three suite legalization/renovation to the ground floor where the space was taken down to studs and rebuilt in 2013* to code. (*approximate date of work)
The building is located in the highly desirable neighborhood of Central Lonsdale in the City of North Vancouver and steps away from Loblaws City Market. It is also slated for higher densities as described in the CNV Official Community Plan.
EXCELLENT LOCATION: The property's central location and close proximity to Lower Lonsdale and the Lonsdale Quay provide convenient access to the SeaBus Station and Downtown Vancouver. The location also offers an abundance of tenant-friendly amenities such as grocery shopping in Whole Foods Market & Loblaws City Market as well as a variety of cafes and excellent restaurants;
VALUE-ADD OPPORTUNITY: With many of the rents significantly below market, the property provides investors with a value-add opportunity to significantly increase cash flow by raising rents to market upon turnover through a renovation program;
CAPITAL IMPROVEMENTS: Extensive capital has been invested into the building;
REDEVELOPMENT PROSPECT: The building is slated for higher densities under the current City of North Vancouver Official Community Plan which outlines a 2.60 floor space ratio for new rental residential buildings.