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Commercial Drive

1122 Commercial Drive, Vancouver

Mixed-Use Property
6 suites

SOLD $3,120,000

4 residential + 2 commercial

Overview

The subject property is a mixed-use two-storey commercial/residential building located in the heart of East Vancouver’s trendy Commercial Drive neighbourhood.  The building was recently totally renovated and is comprised of 6 units; two commercial units on the ground floor and 4 furnished residential suites on the top floor. This is truly a turnkey property with a genuine pride of ownership. 

Highlights

  • Built in 1907; property has been extensively renovated to both the common areas and suites—see “Upgrades” tab for details
  • Residential suites are fully furnished with high ceilings and beautiful refinished hardwood floors
  • Parking: 5 stalls at rear, metered and permit parking
  • Top floor rear residential suites feature a large patio deck
  • Coin operated laundry on top floor
  • All units feature new forced-air heating and air conditioning
  • Commercial store front units feature long-term leases to Still Fabulous Clothing and Manifesto Hair Salon
  • Clean Stage 1 Environmental report available

Upgrades

  • Building underwent a comprehensive renovation program in 2001
  • Architect & Engineer: Chercover Engineering Ltd., 50 years of integrated architectural engineering including architectural design consulting, structural engineering design consulting and building code consulting
  • Plumbing: All new water-service lines throughout
  • Windows: All new double-glazed windows throughout. Roller shades in every suite. Blackout roller shades in every bedroom
  • New roof (2001)
  • Flooring: Solid oak hardwood polished on top floor (2007)
  • Main floor units feature new laminate: unit 1126 (2001) & unit 1124 (2006)
  • Kitchens: European-finished hardwood oak and modern stainless steel cabinets
  • Large wardrobes mirrored and flat high-quality finishes, track-lighting, led lighting, glass stove-top appliances
  • Venting: programmable and circular fans
  • Electrical: Panels with breakers in every suite (original)
  • New Canadian Mailbox Company mailboxes
  • Laundry: New commercial coin operated washers & dryers (2007)
  • Huge terraces: Top floor new cedar privacy lattice throughout
  • Air-conditioning for both residential and commercial units
  • New furnace: forced air and air cooling system on top floor (2005)
  • Hot water tank (2007)
  • Ground floor commercial units striped to studs (2001)
  • CRU 1126; interior faux stone wall the full length and width of the unit, built-in plugs in custom-designed solid wood mirrors, designer bathroom with solid wood door and laundry facilities in unit

Location

The subject is located in East Vancouver on the east side of Commercial Drive, between Napier and William Streets, in the heart of Vancouver’s thriving Commercial Drive corridor. 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.

Summary

Price$3,350,000
Units4 residential + 2 commercial
Storeys2
Net Rentable Area3,696 SF
Cap Rate3.9%
GIM23.4
Year Built1907
Lot Size33' x 112' (3,696 SF)
ZoningC-2C1 Commercial
PID008-172-846
Sale Price$3,120,000
Sale Date06/30/2016

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units3Avg. Sq. Ft.365Avg. Rent$1,240
One bedroomNo. Units1Avg. Sq. Ft.386Avg. Rent$1,290
Retail 1124No. Units1Avg. Sq. Ft.1,465Avg. Rent$3,775
Retail 1126No. Units1Avg. Sq. Ft.750Avg. Rent$3,063

Financials

FinancingClear title.
Assessment 2015
Land
Building
Total
Land$1,407,000
Building$445,600
Total$1,852,600
Taxes 2015
$24,488.91
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$143,222
Vacancy(573)
Effective Gross$142,649
Operating Expenses(12,531)
Net Operating Income$130,119
NotesFor a detailed rent roll and expense statement, please contact Mark Goodman 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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