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The Inverness

1325 Pendrell Street, Vancouver

Apartment Building
21 suites

SOLD $5,175,000

Overview

The Inverness is an exceptionally well maintained 21-suite two storey plus basement wood frame apartment building located in Vancouver’s popular West End neighbourhood.  

Location

The subject is extraordinarily well located in the heart of the West End on the north side of Pendrell Street between Jervis and Broughton Streets, only one short block to Davie Street, a trendy shopping district in the City.  Nearby are the popular pedestrian shopping areas of Robson and Denman Street.  Georgia Street, the financial district of Downtown is also a few minutes’ walk.  Situated close to the beaches of the English Bay waterfront, the lush greenery of the world famous thousand-acre Stanley Park and Coal Harbour.

Highlights

  • Well maintained heritage-style rental building built in the 1928
  • Excellent curb appeal highlighted by three Camellia trees, an elegant entrance and fencing along the north side of the property extending to the parking area
  • Suites are well apportioned, with lots of natural light, high ceilings and functional layouts
  • Abundance of closet space; bachelor suites feature Murphy beds
  • Three suites significantly under market
  • Suites are continuously updated as needed with appliances, counter tops, flooring (80% of appliances replaced over last 5 years)
  • Gas fireplaces in 12 of the units
  • Most suites feature China tubs and hardwood floors
  • Wiring replaced to 600 amp service (1976)
  • Plumbing replaced (1986) and continually updated as needed
  • Suites 19, 20, 21 pay for their own electric heat
  • Bathrooms feature floor-to-ceiling tile
  • Lower level contains an office which could potentially be converted to a non-conforming suite (approx. 310 sq. ft.)
  • Lower level also features laundry room, furnace room and workshop area
  • Laundry room: one washer/one dryer leased
  • Parking: 8 surface stalls at rear
  • New Teledyne Laars boiler (2001)
  • Roof replaced (2008)
  • Built-in vacuum on all floors
  • Oil tank decommissioned (2004)
  • One unauthorized suite currently used as an office

Summary

Price$5,275,000
Units21
Storeys2
Net Rentable Area9,945
Price/Unit$251,190
Cap Rate3.5%
GIM21.0
Year Built1928
Lot Size66' x 131' (8,646 sq. ft.)
ZoningRM-5
PID015-741-532
Sale Price$5,175,000
Sale Date05/22/2014

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units14Avg. Sq. Ft.411Avg. Rent$880
One BedroomNo. Units7Avg. Sq. Ft.627Avg. Rent$1,191

Financials

FinancingTreat as clear title
Assessment 2013
Land
Building
Total
Land$2,593,000
Building$1,435,000
Total$4,028,000
Taxes 2013
$11,661.21
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$252,660
Vacancy(1,263)
Effective Gross$251,397
Operating Expenses(64,169)
Net Operating Income$187,228
NotesFor a current 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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