Steve Fame and Dan Chatfield are pleased to present the opportunity to acquire 106 West 1st Street, North Vancouver, a four-storey mixed-use commercial building, totaling 21,686 SF of rentable area, prominently located in North Vancouver’s Lower Lonsdale commercial district.

• $2 Million in capital improvements recently invested 
• Long-term stable tenancies with further upside potential 
• Held in a Bare Trust allowing for potential Property Transfer Tax savings 
• Priced at only $447 per SF and over a 5.00% capitalization rate 
• Freight elevator, high ceilings, and attractive open layouts 

Originally constructed in 1910, 106 West 1st Street is improved with a four-storey, mixed-use building consisting of a mix of cast concrete, concrete block and brick and beam construction with ground-floor retail space and three levels of office above. Boasting 21,686 SF of rentable area across 18 separate spaces, the building offers varying office sizes, from 249 SF to 2,109 SF. This, coupled with the flexible LL2 (Lower Lonsdale Zone 2) zoning, ensures higher than average occupancy and demand from a wide range of tenant profiles.

Since 2016, the building has undergone an extensive renovation program totaling $2 million. The capital improvements include a new two-ply torched-on roof, as well as substantial electrical and plumbing upgrades. It also includes over $300,000 in structural reinforcing including a new steel-enforced stairway at the front of the building. Following the completion of these upgrades, the building now meets the current City of North Vancouver building code.

There are three ground-floor retail CRUs, currently occupied by a popular vintage clothing shop in the alley, an organic grocery store and a plant-based quick-service restaurant with access from West 1st Street. Tenants access the office portion through a main front door on West 1st Street, recently fitted with a keycard scanner for ease and individual keys for their respective units. Through a main door, tenants and visitors enter a renovated lobby, with dark tile flooring accented by the exposed brick walls and floor to ceiling windows.

The second, third and fourth floors feature a mix of maple hardwood and durable vinyl flooring, and all units have been renovated over the past ten years. The second floor is currently demised as four spaces, two of which are accessed at the rear of the building in the east-west alley. The third floor boasts 15-foot ceilings and a total of eight units while the four fourth-floor units enjoy skylights and large windows, drenching the spaces in natural light. The fourth-floor units have also been extensively renovated and the south-facing units enjoy sweeping views of the Burrard Inlet and the Downtown Vancouver skyline. With a 2,101 SF vacancy on the fourth floor, the building is a perfect option for an owner-occupier looking to invest and work on the North Shore.

The retail units on the ground-floor are heated by their own HVAC units while second to fourth-floor tenants are heated by way of electric baseboard heaters. The main electrical service is 400-amp and is located in Unit 303 and the cost of hydro is allocated to each unit on a per-SF basis and covered by the tenants. There is an original freight elevator located at the northeast corner of the building which is fully functional and serviced on a regular basis.