$9,500,000
VANCOUVER
Pleased to offer for sale 2139-2147 Kingsway located between Nanaimo and Victoria in one of the most desirable location along Kingsway. Kensington Garden developed by Westbank is just one block away. This offering presents a rare opportunity to acquire a large 11,969 sq.ft. site along Kingsway with Vancouver address.
Current zoning is C-2 which allows density of 2.5, but has rezone potential to density of 3.8. This location has tremendous redevelopment potential, just minutes away from Downtown Vancouver and Metrotown.
The property also has stable income with approximately $307,543 per year from 14 residential rental units and 4 commercial units. NOI per annum is about $225,970 As the current rent is much below the market rent, there is huge potential to increase the rental income while holding the property.
INVESTMENT HIGHLIGHTS
- Prime Kingsway Location close to Downtown and Metrotown
- Excellent access to transit, close to Nanaimo skytrain station and bus lines to Downtown and Metrotown
- Secure net holding income of $225,970 per annum with huge potential upside while applying for city permits
- Current leases offer flexibility in renewals and for redevelopment planning
- Highly desirable residential and retail location
PIDS
006-436-188; 006-436-218; 006-436-269; 006-436-323;
006-436-382; 006-436-421; 006-436-463; 006-436-501;
006-436-544; 006-436-587; 006-436-595; 006-436-641;
006-436-668; 006-436-684; 006-436-706; 006-436-757;
006-436-781; 006-436-862
SITE SIZE
11969 Sq.Ft
DIMENSIONS
100(width)*120(depth)
IMPROVEMENTS
Four Two Story Mixed Use Building
CURRENT ZONING
C-2(2.5 FSR)
POTENTIAL DENSITY
45,482 Sq.Ft (Based on 3.8 FSR)
up to 6 storeys
CURRENT REVENUE
$307,543 per annum
CURRENT NOI
$225,970 per annum
PROPERTY TAXES
$50643.65 (2016)
