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Granville Villa

1715 West 11th Avenue, Vancouver

Apartment Building
65 suites

SOLD $14,867,000

Overview

Granville Villa is a 65-suite wood frame rental apartment building located in Vancouver’s popular South Granville neighbourhood.  The property is improved on a large 250′ x 125′ RM-3 zoned corner lot and features secure underground parking, balconies/patios and elevator.  This property could eventually become a prime high-rise development site. 

Location

Granville Villa is extraordinarily well located in Vancouver’s prime South Granville neighbourhood. It is situated on the north west corner of West 11th Avenue and Pine Street; one-half block east of Burrard Street, two blocks west of Granville Street and two blocks south of the Broadway Corridor. While in a quiet area, the subject property is only a few minutes’ walk to a wide range of retail amenities, supermarkets, community services, restaurants, boutiques, trendy cafes, excellent bus transportation and a 5 minute drive to Downtown.

Highlights

  • Large 250′ x 125′ RM-3 zoned corner lot in prime South Granville
  • Secured underground parking for 54 cars plus 12 surface stalls
  • Dense bushes and perimeter fences offer significant privacy
  • Parking included in the rents
  • 2 locker rooms (lockers for all tenants)
  • Intercom service
  • Elevator service
  • Enunciator panel in meter room
  • Office located in lobby by front entrance
  • Large separate storage/workshop room in parkade (approx. 27′ x 18′)
  • First floor suites feature private enclosed patios with beautifully landscaped yards
  • Second & third floor suites feature large private balcony
  • Nine suites feature wood burning fireplaces
  • Laundry Room: 4 washers/4 dryers leased
  • Two bedroom suites feature 2 full bathrooms
  • Original gas fired furnace and A.O. Smith hot water tank (approx. 4 years old)
  • Suites separately metered for Hydro
  • Approx. half appliances replaced over last 5 years
  • Approx. 30% of suites have newer carpeting
  • Brick entrance walkways and planter brick redone (2010)
  • Asphalt around back and to parkade redone (2011)
  • Lighting and wiring redone in parkade (2011)
  • Roof approx. 14 years old
  • Brick exterior with aluminum siding
  • Aluminum soffits
  • Non operational sauna

Summary

Price$16,500,000
Units65
Storeys3
Price/Unit$253,846
Cap Rate3.2%
GIM22.1
Year Built1973
Lot Size250' x 125' (31,250 sq. ft.)
ZoningRM-3
PID014-182-424; 014-182-505; 014-182-416; 014-182-432
Sale Price$14,867,000
Sale Date06/07/2013

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
Bachelor & DenNo. Units20Avg. Sq. Ft.444Avg. Rent$805
One BedroomNo. Units36Avg. Sq. Ft.595Avg. Rent$931
One Bedroom & DenNo. Units3Avg. Sq. Ft.710Avg. Rent$1,013
Two BedroomNo. Units6Avg. Sq. Ft.860Avg. Rent$1,447

Financials

FinancingTreat clear as title.
Assessment 2011
Land
Building
Total
Land$10,456,000
Building$3,759,000
Total$14,215,000
Taxes 2011
$50,457.73
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$748,284
Vacancy(3,741)
Effective Gross$752,025
Operating Expenses(228,086)
Net Operating Income$523,940
NotesFor a detailed information package including a rent roll and expense statement, click here.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by HQ Commercial.

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