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Concrete Apartment

6455 West Boulevard, Vancouver

Development Site
18 suites

SOLD $7,550,000

High-Exposure Mixed-Use Redevelopment Site

Overview

Rare high-exposure mixed-use redevelopment site!  The subject property is a concrete 18-suite three-storey co-op apartment building located in the highly sought after affluent Kerrsidale neighbourhood of Vancouver.  Built in 1955, the subject is improved on the middle parcel between West 48th and West 49th on West Boulevard.  With the benefit of favourable C-2 zoning, the property has excellent potential for assembly with the neighbouring properties on either side to create a large development site.

Location

The subject property is situated mid-block between West 48th and West 49th on West Boulevard in Vancouver’s prime Kerrisdale neighbourhood.  Walking distance to West 41st Avenue, considered one of the best upscale shopping districts in the City. Minutes to Point Grey High School, Maple Grove Park, bus transportation, restaurants, and Kerrisdale Community Centre.

Highlights

  • Exceptionally well maintained concrete apartment building
  • Rare high-exposure mixed-use redevelopment site
  • Excellent suite mix consisting of 12 two bedrooms (approx. 1050 sf) and 6 one bedrooms (approx. 800 sf)
  • Currently operated as a co-op—to be delivered vacant possession offering the Buyer the ability to rent at full market levels
  • Highly sought after affluent Kerrisdale neighbourhood
  • Favourable C-2 Zoning (2.5 FSR) strengthens land value for redevelopment
  • City’s new Affordable Housing Initiative may allow an increase in density (3.5 – 4 FSR) on arterial C-2 zoned routes (such as West Boulevard) and heights of 6-7 stories
  • Clean site with Stage 1 Environmental Report
  • Potential for assembly with neighbouring properties on either side

Summary

PriceNo List Price
Lot Size13,551 sq. ft.
ZoningC-2
Floor Space Ratio2.5 FSR
Development Potential33,877.50 sq. ft.
PID009-928-367
Sale Price$7,550,000
Sale Date11/30/2012

Suite Mix

 No. UnitsAvg. Sq. Ft.
One BedroomNo. Units6Avg. Sq. Ft.800
Two BedroomNo. Units12Avg. Sq. Ft.1050

Financials

FinancingTreat as clear title.
Assessment 2012
Land
Building
Total
Land$5,759,000
Building$33,800
Total$5,792,800
Taxes 2012
$21,323.85

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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