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The Ellington

3551 Commercial Street, Vancouver

Mixed-Use Complex
6 suites

SOLD $1,808,000

4 residential + 2 commercial

Overview

The Ellington is a mixed-use two storey commercial/residential building located on Commercial Street in the Cedar Cottage neighbourhood of East Vancouver.  The building was recently totally rebuilt and is comprised of 6 units; two commercial units on the ground floor and 4 residential suites on both the ground and second floors. 

Location

The subject is located in East Vancouver on the west side of Commercial Street, between E. 18th and E. 20th Avenue, half a block south of Vancouver’s popular Commercial Drive corridor. Centrally located, a few minutes walk to Trout Lake, elementary and high schools, and the main traffic arteries of Kingsway, Knight Street and Nanaimo Street.

The Drive has a distinct European flavour that you can’t find anywhere else in the city. Sidewalk cafes, small boutiques, bakery and pastry shops, all mingle with the regular types of businesses such as banks, grocery stores, and hardware stores. The area is well serviced by public transit with both bus and Skytrain station nearby. With an increasing population base in the neighborhood, the area has grown to be a vibrant and desirable district.

Highlights

  • Unit mix of 4 residential suites (2 Bach; 2-2Br) and two commercial units
  • The two bachelor units are fully and semi-furnished
  • Totally renovated in 2012-13 “down to the studs”.  Upgrades include piping, electrical, floors, kitchen, bathrooms, windows, roof, fire safety system, appliances, vinyl exterior, new paving at rear
  • The front exterior wall was stripped and rebuilt with new insulation and new hardi-plank siding
  • The rear exterior wall had wood siding which was in good condition; Seller added completely new vinyl siding on top of the wood siding.  The interior walls were stripped and new insulation was added and completely new drywall.  Insulation was also added and blown into the attic
  • Commercial units are fully alarmed
  • Second floor residential units feature covered patio deck at rear
  • All residential suites feature electric baseboard heat—paid by tenants
  • All residential suites have washer/dryer and hot water tanks
  • Stage 1 Environmental Report available

Summary

Price$1,855,000
Units6
Storeys2
Net Rentable Area3,300 sq. ft.
Price/Unit$309,167
Cap Rate4%
GIM21.4
Year Built1910
Lot Size33' x 122.62' (4,046.46 sq. ft.)
ZoningMC-1
PID014-894-505
Sale Price$1,808,000
Sale Date12/31/2014

Suite Mix

 No. UnitsAvg. Sq. Ft.Rent Range
BachelorNo. Units2Sq. Ft. Range400 - 600Rent Range$800 - $900
Two BedroomNo. Units2Sq. Ft. Range785Rent Range$1,475 - $1,550
CommercialNo. Units2Sq. Ft. Range300 - 430Rent Range$995 - $1,500

Financials

FinancingTreat as clear title.
Assessment 2014
Land
Building
Total
Land$809,000
Building$6,200
Total$815,200
Taxes 2014
$3,053.76
Income and Expenses
Effective Gross
Operating Expenses
Net Operating Income
Effective Gross$86,700
Operating Expenses(13,374)
Net Operating Income$73,326
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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