Apartment For For Sale

Abana Court Apartments – 5454 Balsam Street

Summary

CIVIC ADDRESS 5454 Balsam Street, Vancouver, BC
PID 008-987-131
STOREYS 3-Storeys plus Penthouse
YEAR BUILT 1965
# OF SUITES 33 Suites
SITE SIZE 21,900 SF (BC Assessment)
PARKING 33 Underground Stalls
ZONING RM-3
FINANCING Treat as Clear Title
Stabilized NOI $422,272
PRICING Contact Agents for Details

The Opportunity

The Abana Court Apartments represent a rare opportunity to acquire an institutional quality 33-suite apartment building in the highly desirable Kerrisdale neighbourhood. The building comprises larger than average suites, balconies, a penthouse suite and amenities such as a swimming pool, storage lockers, and underground parking. Located a block from West 41st Avenue, offering an abundance of amenities and multiple transit lines to UBC and Downtown Vancouver.

Investment Highlights

+ Boutique Character Property 33-suite property in Vancouver’s desirable Kerrisdale Village Neighbourhood offering excellent scale and a sought-after location.
+ NOI Growth Meaningful upside opportunity to double NOI.
+ Well Capitalized Asset Professionally managed with significant capital expenditures (over $500K) including elevator, boilers, heat exchangers and hot water tanks, new risers and plumbing into suites, new water main and upgraded and automated lighting.
+ Conversion Potential Larger than average suites present the potential opportunity to convert the large 1-bedrooms into 1 bed plus dens and large 2 bedrooms into 2 beds plus dens
+ Penthouse Large 1,248 SF 2-bedroom plus den penthouse.
+ Pool Building amenities include a shared pool facility and change rooms with the neighbor for tenant enjoyment.
+ Demographic The median household income in Kerrisdale is $101,925 which is 18% higher than British Columbia.
+ Strong Fundamentals Canadian multifamily is one of the tightest property sectors in North America and the Vancouver rental market is characterized by a growing housing undersupply, ownership cost challenges and record population growth leading to near zero vacancy levels and rapid market rent growth.
+ Residential Demand The median home price in Kerrisdale is $2,559,070 which is 185% higher than British Columbia.
+ Transit-Accessibility Conveniently positioned within close proximity to the East-West 41 Bus Line as well as the North-South 16 Arbutus Bus Line.
+ Lifestyle & Amenities Superior walkability to restaurants and lifestyle amenities and services within the Kerrisdale Village neighbourhood.

Property Photos

Address:
5454 Balsam Street, Vancouver, BC
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