Sold

Concrete Apartment

6455 West Boulevard, Vancouver

Apartment Building
18 suites

SOLD $9,000,000

Overview

The subject property is an upgraded and well maintained concrete 18-suite three-storey 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 & Magee High Schools, Maple Grove Park & Elementary School, 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 and 6 one bedrooms 
  • 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 on arterial C-2 zoned routes (such as West Boulevard) and heights of 6 stories
  • Clean site with Stage 1 Environmental Report
  • Potential for assembly with neighbouring properties on either side
  • State-of-the-art Viessmann boiler 
  • Piping upgrade with Epoxy 
  • Double pane windows 
  • Fire upgrades
  • Potential to add approx. 3 suites in excess common area space 
  • 4 washers & 4 dryers
  • Covered and uncovered parking for 19 cars

Summary

Price$9,000,000
Units18
Storeys3
Net Rentable Area16,446 sf
Cap Rate3.7%
GIM22.3
Year Built1955
Lot Size115' x 118' (13,551 sq. ft.)
ZoningC-2
PID009-928-367
Sale Price$9,000,000
Sale Date02/01/2014

Suite Mix

 No. UnitsAvg. Sq. Ft.
One BedroomNo. Units6Avg. Sq. Ft.773
Two BedroomNo. Units12Avg. Sq. Ft.984

Financials

FinancingTreat as clear title.
Assessment 2012
Land
Building
Total
Land$5,759,000
Building$33,800
Total$5,792,800
Taxes 2013
$17,419
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$403,800
Vacancy(6,057)
Effective Gross$397,743
Operating Expenses(66,912)
Net Operating Income$330,831
NotesFor a rent roll and expense statement, please contact Mark at mark@goodmanreport.com

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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