FOR SALE $6,500,000 CENTRALLY LOCATED 23-UNIT NORTH VANCOUVER APARTMENT BUILDING WITH EXCELLENT REDEVELOPMENT AND VALUE-ADD POTENTIAL

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1 FOR SALE 115 East Keith Road North Vancouver $6,500,000 David Venance Personal Real Estate Corporation (604) Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness. CENTRALLY LOCATED 23-UNIT NORTH VANCOUVER APARTMENT BUILDING WITH EXCELLENT REDEVELOPMENT AND VALUE-ADD POTENTIAL Selling Apartment Buildings as if they were our own! RE/MAX Bill Goold Realty North Tower, 650 West 41 st Avenue, Vancouver, BC V5Z 2M9

2 EXECUTIVE SUMMARY OPPORTUNITY HIGHLIGHTS 23-unit apartment building in the heart of one of Canada s strongest residential markets Situated on approximately 14,000 sq.ft. of highdensity (RS-6) designated land Features approximately 140 feet of depth which gives street to street frontage on perpendicular Keith Road and 6th Street Lends itself to spectacular view corridors of the ocean, Vancouver s downtown skyline, and the North Shore mountains Prime and highly south after Central Lonsdale location directly across the street from Victoria Park Easy walking distance to shopping, restaurants, and all of the services along the Lonsdale corridor Access to frequent public transportation along Lonsdale Avenue as well as Keith Road Below market rents provides the potential to enhance revenue through a comprehensive renovation program Vacancy rates in North Vancouver remain extremely low Title will be delivered free and clear of all financial encumbrances allowing prospective purchasers to capitalize on the current historic low interest rate environment CIVIC ADDRESS 115 East Keith Road North Vancouver PARCEL IDENTIFIER LOT SIZE Approximately 13,981 sq.ft.* LOT FRONTAGE Approximately 100 feet* on Keith Road as well as 6 th Street LOT DEPTH Approximately 140 feet* ZONING RH-1 / R-6 OCP DESIGNATION RS-6 (High Density Multi-Family) POTENTIAL OCP DENSITY 3.30 FSR including 1.0 FSR of bonus density IMPROVEMENT 23-unit apartment building YEAR BUILT 1968 CURRENT NET INCOME $191,873 PRICE $6,500,000 CAP RATE 2.95% *All site measurements are approximate and are subject to verification by the purchaser

3 LOCATION OVERVIEW Stanley Park Lions Gate Bridge West Vancouver Mahon Park BCIT Marine Campus SeaBus Terminal Lonsdale Quay 115 East Keith Road Victoria Park Bus Stops Nearby Walk Score Methodology: Walk Score measures the walkability of any address. For each address, Walk Score analyzes hundreds of walking routes to nearby amenities. Points are awarded based on the distance to amenities in each category. Walk scores are based out of 100. (Information courtesy of The Property is located across the street from Victoria Park in the Central Lonsdale area of North Vancouver, just one property lot, or about 100 feet east of Lonsdale Avenue. It is conveniently situated within walking distance to shopping, restaurants, and all of the services along the Lonsdale corridor. Public buses run immediately along Lonsdale Avenue, providing residents with convenient access to Marine Drive, West Vancouver, Capilano University, and most notably, the SeaBus terminal located at the Lonsdale Quay for public transit to Downtown Vancouver. The Property has a prominent location which lends itself to spectacular views of the City as well as the North Shore mountains. It has 140 of depth giving it street to street frontage; 100 of frontage on both East Keith Road and East 6 th Street.

4 BUILDING FEATURES SUITE MIX Bachelor 3 1 Bedroom 19 2 Bedroom 1 Total 23 CONSTRUCTION Three storey, wood-frame ELEVATOR Basement traction BALCONIES All suites have a balcony PARKING 25 secure covered stalls LAUNDRY Two owned washers and dryers STORAGE 24 storage lockers in secure storage room ROOF Torched-on asphalt WINDOWS Single pane ELECTRICAL Fuses HEAT & HOT WATER Beaver boiler and a 276 Litre Giant Model hot water storage tank FINANCING Treat as free and clear PROPERTY REPORTS A redevelopment study by Richard White Planning Advisory Services Ltd. commissioned by Bill Goold Realty is available upon request.

5 PROPERTY HIGHLIGHT Future Redevelopment Potential Data Based on the City of North Vancouver s Official Community Plan adopted in April 2014, 115 East Keith Road is designated as a Residential Level 6 Lot with a max density of 2.3 FSR and a potential bonus of 1.0 FSR, in consideration for certain CAC s. Residential Level 6 High-Rise Apartment (High Density) Purpose Form Max Density Max Bonus To provide well-designed high density development in the Lonsdale Regional City Center. Mid-rise and High-rise building 2.3 FSR A maximum increase of 1.0 FSR may* be considered when public benefits are provided as per Section 2.2. *The amount of density bonus to be considered should reflect the value of the public benefit provided and be consistent with good urban design principles and practice. The City s Density Bonus and Community Amenity Policy may guide density bonus decisions. Density bonuses are at Council s absolute discretion. The following public amenities will be considered: Rental Housing, Community Amenity Space, Employment Generation, or Heritage Conservation. Growth Projections Population 48,168 56,000 62,000 68,000 Dwelling Units 24,206 25,600 28,000 30,200 Employment 30,422 34,000 37,000 40,000 Ten Year Housing Estimates (# of Units) Total Ownership Rental Total Affordable Rental Moderate Income Rental Market Rental 2,400 1, East Keith Road

6 RENT ROLL CURRENT POTENTIAL: MARKET UNIT # TYPE ROOMS MONTHLY RENT ANNUALIZED RENT MONTHLY RENT ANNUALIZED RENT Bdrm 4 $1,029 $12,348 $1,300 $15, Bdrm 3 $1,050 $12,600 $1,100 $13, Bdrm 3 $925 $11,100 $1,100 $13, Bdrm 3 $911 $10,932 $1,100 $13, Bdrm 3 $950 $11,400 $1,100 $13, Bdrm 3 $925 $11,100 $1,100 $13, Bach 2 $850 $10,200 $900 $10, Bdrm 3 $970 $11,640 $1,100 $13, Bdrm 3 $950 $11,400 $1,100 $13, Bdrm 3 $1,000 $12,000 $1,100 $13, Bdrm 3 $913 $10,956 $1,100 $13, Bdrm 3 $1,007 $12,088 $1,100 $13, Bdrm 3 $950 $11,400 $1,100 $13, Bdrm 3 $950 $11,400 $1,100 $13, Bach 2 $825 $9,900 $900 $10, Bdrm 3 $975 $11,700 $1,100 $13, Bdrm 3 $885 $10,620 $1,100 $13, Bdrm 3 $900 $10,800 $1,100 $13, Bdrm 3 $950 $11,400 $1,100 $13, Bdrm 3 $1,025 $12,300 $1,100 $13, Bdrm 3 $971 $11,652 $1,100 $13, Bdrm 3 $848 $10,176 $1,100 $13, Bach 2 $799 $9,588 $900 $10,800 TOTAL 23 UNITS 67 $21,558 $258,700 $24,900 $298,800 TYPE ROOMS AVG. RENT 3 Bach 6 $ Bdrm 57 $ Bdrm 4 $1,029

7 CASH FLOW ANALYSIS Net Operating Income (NOI) Potential NOI Projection [5] REVENUE ANNUALLY $ PER UNIT ANNUALLY Rental Revenue $258,700 $11,248 $298,800 Laundry Revenue [1] $4,140 $180 $4,140 Parking & Storage Revenue $6,060 $263 $6,060 Potential Gross Revenue (PGR) $268,900 $11,691 $309,000 Less: Vacancy Allowance (0.50%) ($1,345) ($58) ($1,545) EFFECTIVE GROSS REVENUE (EGR) $267,556 $11,633 $307,455 OPERATING EXPENSES $ PER UNIT % OF EGR $ PER UNIT % OF EGR Property Taxes $20,504 $ % $20,504 $ % Insurance $7,259 $ % $7,259 $ % Utilities $16,521 $ % $16,521 $ % Elevator [2] $0 $0 0.00% $3,000 $ % Licence $437 $ % $437 $ % Caretaker $12,000 $ % $13,800 $ % Repair & Maintenance [4] $18,962 $ % $17,250 $ % TOTAL OPERATING EXPENSES $75,683 $3, % $78,771 $3, % NET OPERATING INCOME $191,873 $228,684 [1] Laundry is $14/unit/month [2] Elevator cost is built into the R&M. In the Potential NOI Projection it is stabilized to $250/month [3] Currently an off-site caretaker managing property. In the Potential NOI Projection we've stabilized this cost to be $600 / unit / year [4] R&M cost is stabilized in the Potential NOI Projection to be $750 / unit / year [5] Potential NOI Projection is based on achieving market rents for the respective units in North Vancouver PURCHASE PRICE CAP RATE $ PER UNIT $ PER ROOM % $6,500, % $282,609 $97,000

8 Bill Goold Realty Exclusive Agents For more information, please contact: David Venance Personal Real Estate Corporation Senior Associate (604) Each office independently owned and operated. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to independently confirm its accuracy and completeness. Selling Apartment Buildings as if they were our own! RE/MAX Bill Goold Realty