Property Overview

  • Status
    Sold
  • Address
    Twin Manor Apartments
    127 & 129 East 12th Street
    North Vancouver, BC
  • # of Units
    25
  • # of Storeys
    3
  • Year Built
    1959
  • PID
    015-137-341
  • Lot Size
    17,656 SQFT
  • Price
    Please Contact Listing Agents
  • Almost 18,000 sf of medium density residential designated land presenting developers with tremendous future redevelopment opportunity.

    Opportunity

    A rare opportunity to acquire 100% freehold interest in “Twin Manor Apartments” located at 127 & 129 East 12th Street in North Vancouver, BC (the “Subject Property”), a potential medium-density multifamily redevelopment site in the heart of Central Lonsdale. The Subject Property is improved with two exceptionally well- maintained, adjacent, and connected apartment buildings situated on an almost 18,000 sf lot. The offering provides investors and developers secure holding income, current revenue upside, and an ideal site for a future rental apartment building development. Under North Vancouver’s recently adopted OCP, the Subject Property is designated as “R5 – Medium Density” which allows for a total density of 2.60 times the site area, equating to a potential buildable area of approximately 45,905 sf.

    Location, Location, Location...

    Surrounded by a wide variety of key tenant amenities, and the vibrant Lonsdale business district and residential community, the Subject Property is situated in a highly strategic location for not only its current use but to be Central Lonsdale’s next modern apartment building development.

    • Exceptional “Center Ice” North Vancouver location
    • Situated between Lonsdale and St. Georges Avenue on the south side of East 12th Street
    • Midway between the Lonsdale Quay (Seabus Terminal) and the Trans-Canada Highway, lending easy access to Downtown Vancouver and other municipalities in the lower mainland
    • Three (3) blocks southwest of the Lions Gate Hospital, which serves as a major trauma centre for the North Shore
    • One (1) block south of a significant mixed-use development by ONNI which will be home to North Vancouver’s first Whole Foods, and five (5) blocks south of the recently built Loblaw City Market
    • Within two (2) blocks of City Hall, the Public Library, the Police Station, and the Fire Department
    • Three (3) blocks north of Victory Park
    • Excellent Walk (90/100) and Bike Score (88/100), which is critical for today’s apartment tenant
    • Walk or bike to the Harry Jerome Recreation Centre which includes an ice rink, skateboard park, fitness center, soccer fields, and a community resource centre
    • Close to Queen Mary Elementary School, Carson Graham Secondary School, and Sutherland Secondary School
    • Short drive to the Capilano Suspension Bridge, the Lynn Valley Suspension Bridge, Grouse Mountain, Seymour Mountain, Deep Cove, and the Horseshoe Bay BC Ferry Terminal

    Investment Highlights

    • North Vancouver is one of British Columbia’s fastest growing communities which has Metro Vancouver’s lowest vacancy rate (0.2%, CMHC, Fall 2015)
    • South facing views of the ocean and Downtown Vancouver, and north facing views of the North Shore Mountains
    • Desirable suite composition of spacious bachelor, one, and two bedroom units; every unit includes a balcony
    • Exceptionally well-managed and maintained by long-time family ownership, portraying pride-of- ownership throughout the Property
    • Recent building upgrades which include new roofs, hot water tanks, and life-safety upgrades mitigate necessary capital expenditure
    • Current rents are well below market rents which lends near-term holding income growth
    • Irreplaceable location situated on almost 18,000 sf of medium density designated land, and beautiful view corridors present multifamily developers with a tremendous future redevelopment opportunity, with secure holding income
    David Venance
    Executive Vice President

    David Venance

    Property Location