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Oceanside Apartments

1847 Pendrell Street, Vancouver

Apartment Building
23 suites + 2 sleeping rooms

SOLD $8,225,000

Overview

To acquire an exceptionally well maintained and renovated 23-suite three storey plus penthouse apartment building in Vancouver’s most prominent and sought after rental market — the west of Denman neighbourhood of the West End.

Known as Oceanside Hotel, the property was originally built as a rental building but is currently operated as a hotel.  It can be delivered vacant to a Buyer providing a rare opportunity for an investor to hand-pick tenants and rent out the renovated suites at true market levels.  Alternatively, a Buyer may wish to continue running Oceanside as a hotel. For a brochure, click here.

Summary

Price$8,490,000
Units23 suites + 2 sleeping rooms
Storeys3
Price/Unit$369,130
Cap Rate4.2%
GIM18.7
Year Built1957
Lot Size66' x 131' (8,646 sq. ft.)
ZoningRM-5B
PID015-735-940
Sale Price$8,225,000
Sale Date03/05/2015

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
One BedroomNo. Units22Avg. Sq. Ft.600Avg. Rent$1,490
Two Bedroom PHNo. Units1Avg. Sq. Ft.900Avg. Rent$2,400
Sleeping RoomNo. Units2Avg. Sq. Ft.250Avg. Rent$700

Location

The West End — especially west of Denman — is considered Vancouver’s most desirable rental market and known as an established and dynamic neighbourhood located on the periphery of the Downtown Core.  

Oceanside Apartments is extraordinarily well located west of Denman in the heart of Vancouver’s thriving West End, on the north side of Pendrell Street. Denman is a popular pedestrian shopping area considered “the main drag” of the neighbourhood.  Sidewalk cafes, small boutiques, trendy restaurants and bars, bakery shops, all mingle with the regular types of businesses such as banks, grocery stores and hardware stores. Only two short blocks to Davie Street, another popular thoroughfare and close to Robson Street, Vancouver’s pre-eminent high-end shopping destination.  Georgia Street, the financial district of Downtown and Granville Street, the entertainment corridor, is also a few minutes’ walk. The property is also located within walking distance of numerous transit options proving connections to all areas of Metro Vancouver.  Finally, Oceanside Apartment is situated one block to the beaches of the English Bay waterfront and steps to the lush greenery of the world famous thousand-acre Stanley Park.

Highlights

  • Oceanside Apartments is improved with a three-storey wood-frame plus penthouse building comprised of 25 suites; 23 authorized suites and two unauthorized sleeping rooms
  • Located in a proven rental market as Vancouver’s West End has historically enjoyed one of the lowest apartment vacancy rates in Canada
  • Currently operated as a hotel, but originally designed and built as a purpose-built rental apartment building
  • Residential suites have large efficiently designed layouts with ample closet space 
  • The top floor penthouse suite features city views
  • Main floor features office, laundry room, furnace room and workshop
  • Recent renovation program over the years includes capital upgrades such as torch-on roof replacement (2013), piping repairs as needed, electrical breakers, extensive suite renovations (including upgraded hotel-quality furnishings), common area modernization, double glazed windows (2014), an efficient wall-mounted IBC furnace (2012), exterior paint (2014) and appliance renewal.  
  • Suites have been tastefully modernized with new carpet flooring, renovated kitchens and bathrooms with new appliances, countertops and cabinetry
  • Attractive modern lobby area with marble floors and reception area
  • Secure covered parking for 8 vehicles plus 2 surface stalls at rear

Financials

FinancingClear title.
Assessment 2014
Land
Building
Total
Land$2,723,000
Building$1,909,000
Total$4,632,000
Taxes 2014
$63,328.70
2014 Proforma
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$455,400
Vacancy(2,277)
Effective Gross$453,123
Operating Expenses (97,780)
Net Operating Income$355,343
NotesIncome and Expenses are projected.  To review the proforma, 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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