martello tower - Commercial Real Estate Vancouver British Columbia

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martello tower
1011 beach avenue
Vancouver, BC
Partnership. Performance.
For Sale
Martello Tower is one of the West End’s Premier High Rise Waterfront Apartment
Buildings comprised of 220 residential units situated on close to an acre of land.
Rob Greer*, Principal
604.647.5084
robert.greer@avisonyoung.com
* Robert Greer Personal Real Estate Corporation
Chris Wieser, Principal
604.647.5089
chris.wieser@avisonyoung.com
Amanda Payne, Senior Analyst
604.646.8389
amanda.payne@avisonyoung.com
Carey Buntain, Associate
604.647.1352
carey.buntain@avisonyoung.com
martello towers
Executive Summary
Municipal Address
1011 Beach Avenue, Vancouver, BC
Legal Description
LOT A BLOCK 14 PLAN 12302 DISTRICT LOT
185 NEW WESTMINSTER
PID
008-920-796
Site Dimensions
130 ft X 271 ft X 188 ft X 277 ft
Site Size
43,152 sf
Year Built
1969
OCP Designation
Located in the Beach Neighborhood of the
West End (maintain the existing RM zoning
regulations)
Zoning
RM-5A
Current Uses
30-storey, high rise apartment building.
Concrete construction.
Current Availability
2-Bdrm: $2,400/mo & 1-BDRM: $1,600/month
(heat and hot water included in rent)
Lockers
One full sized locker per unit
Parking
156 secured underground parking stalls and
52 Surface stalls
1011 beach avenue
Vancouver, BC
Offering
Avison Young is pleased to present this opportunity to acquire a 100%
interest in Martello Tower located at 1011 Beach Avenue in Downtown
Vancouver, BC. Martello Tower is situated on close to an acre of waterfront
land (43,152 sf) and is one of the West End’s premier high rise rental
buildings.
Location
Martello Tower offers an unparalleled Beach Avenue location on Sunset
Beach and The Stanley Park Seawall in Downtown Vancouver. Located
just one block from Burrard St, one of Downtown Vancouver’s main
thoroughfare’s, this scenic area is considered one of the most desirable
and livable locations in the region, offering residents the tranquility of a
residential neighbourhood, the amenities of urban living, and the beauty of
Vancouver’s parks and waterfront.
✓✓ Sunset Beach and The Vancouver Seawall are located at the doorstep of
Martello tower
✓✓ Opposite Vancouver Aquatic Centre, which offers an Olympic sized pool,
whirlpool and fitness centre
✓✓ Vancouver Public Library is within walking distance
✓✓ Abundance of transit options on Burrard St and Beach Avenue and the
Granville Island Seabus is directly across from Martello Tower
✓✓ Extraordinary views of the ocean, parks, mountains and Vancouver
landscape
Accessibility
Walk Score: 94 “Walker’s Paradise”:
Daily errands do not require a car.
Transit Score: 89 “Excellent Transit”:
Transit is convenient for most trips.
Amenities
Outdoor heated pool, saunas, smart card
laundry
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Vancouver
Aquatic Centre
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Property Taxes 2015
$225,855
$40,476,000
$28,351,000
$68,827,000
Sunset
Beach
ac
Assessed Value
Land
Improvements
Total
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Elevators
3 fully refurbished elevators
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Building Overview
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30 storey concrete high rise
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220 residential units (180 X 1-Bdrms & 40 X 2-Bdrms)
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All residential units on the 2nd through 22nd floors are 1-bdrm units.
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All residential units on the 23rd through 32nd floors offer six units per floor
with four 2-bdrm units and two 1-bdrm units
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No deferred maintenance
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New roof
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Three (3) fully refurbished elevators
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All one bedroom units have balconies
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Abundance of building amenities including a heated pool and saunas
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156 secured underground parking stalls and 52 surface stalls
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New Plumbing - building has been fully re-piped with a new system that
allows for separate water metering per tenant (water is now a recoverable
expense)
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Two clever brook boilers which are very well maintained and re-piped every
five years
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Renovated, bright and spacious residential units
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No pets allowed
Unit Breakdown
Type
Units
Avg Size
Avg Rent
$psf
1 - BDRM
180
536 sf
$1,357
$2.53
2 - BDRM
40
828 sf
$2,023
$2.44
Total
220
589 sf
$1,478
$2.51
Investment Highlights
✓✓ Situated on close to an acre of waterfront land (43,152 sf)
✓✓ Development Potential under RM-5A zoning and the West End RM Design
Guidelines for Infill Housing
✓✓ Rare investment opportunity to acquire 220 premier rental residential units
in Downtown Vancouver
✓✓ No deferred maintenance
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✓✓ Majority of tenants are on fixed term leases
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✓✓ Potential rental upside on turnover
✓✓ Luxury furnished rental units are commanding close to $4 per square foot in
the area
✓✓ Located in one of the strongest rental markets in Vancouver
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✓✓ Premier waterfront location surrounded by an abundance of amenities and
main transit routes
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Subject Property
1011 Beach Avenue
Beach Avenue
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24
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False Creek
Ferry Dock
Burrard Stre
Sunset
Beach
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Source: Google
Surrounding Amenities & Businesses
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Vancouver Aquatic Centre
Burrard Bridge Marine Bar & Grill
Ten Ten Tapas
Sushi Osaka
Saigon Venture
Moxie’s Grill & Bar
The Junction
Stepho’s Souvlaki Greek Tavern
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Los Amigos Taqueria
Samurai Sushi
Thai Basil
Shoppers Drug Mart
La Brassierie
Banana Leaf
Marquis Wine Cellars
Downtown Urban Fitness Club
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Steve Nash Fitness World
Fritz European Fry House
Tsui Hang Village
Two Parrots Perch & Grill
Spin Society Cycling Studio
White Spot
Tartine Bread & Pies
Ancora Waterfront Dining & Patio
Partnership. Performance.
Avison Young
#2900-1055 W. Georgia Street
Box 11109 Royal Centre
Vancouver, BC V6E 3P3, Canada
Rob Greer*, Principal
604.647.5084
robert.greer@avisonyoung.com
* Robert Greer Personal Real Estate Corporation
Chris Wieser, Principal
604.647.5089
chris.wieser@avisonyoung.com
Amanda Payne, Senior Analyst
604.646.8389
amanda.payne@avisonyoung.com
Carey Buntain, Associate
604.647.1352
carey.buntain@avisonyoung.com
avisonyoung.com
© 2016 Avison Young. All rights reserved.
E. & O.E.: The information contained herein was obtained from
sources which we deem reliable and, while thought to be
correct, is not guaranteed by Avison Young Commercial Real
Estate (B.C.) Inc.; DBA, Avison Young.