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Creswell Apartments

1455 West 8th Avenue, Vancouver

Apartment Building
25 suites

SOLD $7,100,000

Overview

Creswell Apartments represents an exceptional opportunity to purchase a 25-suite, 104-year-old rental apartment building on a C-3A zoned site in the Burrard Slopes area of Vancouver.  This is a unique offering with original details including hardwood flooring, crown moldings and façade. Situated on the north side of W. 8th, between Granville and Hemlock Streets, this character building features a suite mix comprising 3 bachelor, 18 one-bedroom and 3 two-bedroom suites. 

Highlights

Features

  • Historic 25-suite character building
  • Laundry area features one washer and one dryer plus two large sinks
  • Property is listed on the City of Vancouver’s Heritage Registry under Category “C”
  • Suites 2 and 3 share a washroom 
  • Super Hot furnace
  • Gas stoves 
  • Torch on roof
  • Rents significantly under market

Recent Upgrades

  • Newer hot water tanks
  • New torch on roof
  • Newly constructed fire escape at rear of property
  • Annunciator panel
  • Appliances renewed as required

Neighbourhood Rezoning

The Masonic Hall site is located next door to the west and is currently undergoing a rezoning process to allow for the construction of an 18-storey secured rental building and new Vancouver Masonic Centre.  

If successful, a 4-storey building fronting W. 7th Avenue and an 18-storey, 154-unit rental building fronting W. 8th Avenue, will be constructed.  The open house was held April 26, 2016 and a public hearing will be scheduled at a later date.

Value-Add Options

  1. Undertake a major retrofit of entire building and restore to its original character and former glory;
  2. Future potential may exist to redevelop site under the C3-A zoning. Also possibility to merge with adjacent property to the east;
  3. Potential may exist to propose a creative application involving heritage incentives. 

Summary

Price$9,250,000
Units25
Storeys3
Price/Unit$370,000
Cap Rate1.61%
GIM38.8
Year Built1912
Lot Size50' x 120' (6,000 SF)
ZoningC-3A Commercial
PID004-712-331
Sale Price$7,100,000
Sale Date08/22/2016

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units3Avg. Rent$505
1 bedroomNo. Units18Avg. Rent$813
2 bedroomNo. Units3Avg. Rent$927

Financials

FinancingTreat as clear title.
Assessment 2016
Land
Building
Total
Land$5,163,000
Building$32,000
Total$5,195,000
Taxes 2015
$16,316.21
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$239,575
Vacancy(1,437)
Effective Gross$238,138
Operating Expenses(88,938)
Net Operating Income$149,200
NotesFor a detailed rent roll and expenses statement, please 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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