For Sale $12,000,000 - Apartment Building
Manoa Yew was built in 1929, the same year that Point Grey and South Vancouver amalgamated with the City of Vancouver. On the property a laneway house was built, likely hosting the original owners or caretaker of the property. A few years later the Burrard Street Bridge was built connecting Kitsilano with downtown Vancouver. This vibrant neighbourhood exploded during the early 1900’s as students and hippies found affordable accommodation downtown. Since then the building has only changed hands a couple of times. The current owners have run and operated the building for generations. In which time, rents in Kitsilano have skyrocketed as population continues to increase and rental stock diminishes.
A new owner has the opportunity to turn a new chapter for Manoa Yew. Keeping the beautiful character finishes of the property, an investor can input some capital into suite renovations to meet the higher end demands of Millennials. Residents today appreciate more than ever the extravagant wood finishings, high ceilings, and spacious units that were common during this era of construction. The roof and plumbing have already been replaced reducing capital required. A unique aspect of the property is the additional house. Many residents in Kitsilano are still more of the creative type and prefer eclectic accommodation or their own separated house that can feel more homey.
|Number of units||22 units plus a legal triplex laneway house|
|Net operating income (2016)||$173,948|
|Lot size||9,000 SF (75’ x 120’)|
|Bachelor (House)||1 unit|
|One-Bedroom (House)||1 unit|
|Two-Bedroom (House)||1 unit|
|Total Legal Units