The CBRE National Apartment Group – BC is pleased to present the opportunity to acquire the 100% freehold interest in the Lonsdale Apartments located at 2525 Lonsdale Avenue in the City of North Vancouver, BC. The property is centrally located near Highway 1 with direct frontage and exposure onto Lonsdale Avenue providing convenient access to both the Second Narrows and Lions Gate Bridges and is in close proximity to an excellent cross section of tenant friendly amenities. The Lonsdale Apartments is currently improved with a 25-suite rental apartment building that is inclusive of a 2-bedroom Penthouse suite with a large rooftop deck with views toward the North Shore mountains and Downtown Vancouver. The subject property has enjoyed a number of capital upgrades in recent years to the major building components including; the roof, boilers, windows just to name a few and as a result is in a good overall state of repair.

This offering presents and ideal opportunity for an investor or developer to acquire a well-located rental property that they can hold for a few years with the future plan of redeveloping the site that may consist of a new purpose-built rental building up to 6-storeys and approximately 50 plus units based on the City of North Vancouver’s Land-Use designation for the area.

+ EXCELLENT FUTURE REDEVELOPMENT POTENTIAL: The subject property is part of a community plan that allows for future higher density when constructing new purpose rental buildings under the City of North Vancouver’s land-use guidelines as shown on page 11 herein. Situated on a large 14,472 square foot rectangular shaped land parcel, the Lonsdale Apartments is ideally suited for an investor or developer to take advantage of the Residential Level 5 zoning that may allow for a new purpose-built rental building up to 6 storey and approximately 50 or more rental units. In addition, the recent capital improvements completed to the building by the current Vendor will minimize
the capital requirements that a new investor or developer may have to spend on the building during their desired holding period.

+ WELL MAINTAINED APARTMENT BUILDING WITH EXTENSIVE CAPITAL UPDATES: The Lonsdale Apartments has been exceptionally managed by the current ownership and has received extensive capital upgrades including a new entrance lobby (2024), two newer Super Hot atmospheric boilers (2018), newer hot water tank (2018), new double-glazed windows (2018), upgraded main water line (2014), exterior painting (2018), updated intercom (2014), upgraded washers (2017), upgraded dryers (2022), and life safety upgrades (2013).

+ RENTAL INCOME UPSIDE & REPOSITIONING: With many of the suites rented at below market rents averaging approximately $2.17 per square foot, there is significant income upside through modernizing the suites upon turnover and re-leasing at market rents.