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Langara Apartments

2930 Cambie Street, Vancouver

Apartment Building
14 suites

SOLD $3,070,000

Overview

Langara Apartments is a wood frame 14-suite three-storey apartment building located in Vancouver’s popular Mount Pleasant neighbourhood within walking distance to a wide range of amenities, cafes and only two blocks to the Cambie Canada Line Station. Built in the 1940s, the property is improved on a corner C-2C zoned site providing an excellent opportunity for a future land assembly or for an investor to update the suites to a high-quality standard and reposition the building.  The building is “tired” and in need of upgrades.

Location

Langara Apartments is situated along the popular and rapidly developing Cambie Corridor on the south-east corner of Cambie and 13th Avenue in Vancouver’s trendy Mount Pleasant neighborhood. Major transportation routes flow in a north/south direction along Cambie, Main and Oak Street, with east/west travel provided by Broadway, 12th & 16th Avenue.

Only two blocks to the Cambie Canada Line Station offering convenient rapid transit to both Downtown Vancouver and YVR.  Only one block south of City Hall and City Square Shopping Centre.

A wide range of retail amenities, supermarkets, community services, restaurants, boutiques, trendy cafes and excellent bus transportation characterize this vibrant community. 

Highlights

  • Prime corner site location in central and rapidly developing Cambie Corridor location
  • Excellent opportunity for an investor to update the suites to a high-quality standard and reposition the building
  • Rents are significantly below market
  • Recent rental rates on renovated product within the neighbourhood demonstrate huge potential if significantly upgraded
  • Favourable C-2C Zoning (2.5 – 3.0 FSR) reinforces land value for future redevelopment
  • Potential for assembly with neighbouring properties
  • Three entrances to property: on Cambie, and on the south and north side of the building
  • Building is “tired” and in need of major upgrades (windows, plumbing, electrical, kitchen & bathroom, etc.)
  • Kitchens and bathrooms are basically original
  • Building features sprinklers in common areas and suites
  • Suites feature high ceilings, hardwood floors and gas stoves
  • Two newer hot water tanks
  • Laundry room: 1 washer; 1 dryer (leased)
  • Bicycle storage off laundry room
  • Storage lockers for all tenants
  • Oil tank removed; Stage 1 Environmental Report to be available soon

Summary

Price$3,250,000
Units14
Storeys3
Price/Unit$232,143
Cap Rate2.3%
GIM21.4
Year Built1940s
Lot Size49.5' x 98.25' (4,863 sq. ft.)
ZoningC-2C
PID014-569-442
Sale Price$3,070,000
Sale Date02/01/2014

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units2Avg. Rent$620
One BedroomNo. Units9Avg. Rent$885
Two BedroomNo. Units3Avg. Rent$1,104

Financials

FinancingTreat as clear title.
Assessment 2013
Land
Building
Total
Land$2,455,000
Building$310,000
Total$2,765,000
Taxes 2013
$11,418.19
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$151,989
Vacancy(1,520)
Effective Gross$150,469
Operating Expenses(75,517)
Net Operating Income$74,952
NotesFor a current rent roll and proforma 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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