For Sale

Mixed-Use Investment

3618 East Hastings Street, Vancouver

Mixed-Use Property
8 residential units & 1 CRU

$5,788,000

Overview

3816 E. Hastings is a well maintained and operated mixed-use commercial/residential property in the popular Hastings corridor. The building is located on the Vancouver side of Boundary Road on a C-2C site with potential for a 3.0 FSR. Commercial ground floor space is fully leased as are the 8 two-bedroom apartment units above, 7 of which have been fully renovated to a high standard. 

Highlights

  • Mixed-use rental concrete block building
  • Approximately $400,000 in improvements spent in the last 6 years by current owner
  • 7 of 8 residential units fully renovated – new appliances, countertops, flooring, designer paint, crown moulding, tiling, etc.
  • Well laid out suites with extra large balconies 
  • Newly created lobby area (last 6 years) with security cameras throughout
  • Large underground parking – 1 stall per unit plus 2 additional stalls.  Another 8 outdoor surface stalls are available and used by the commercial tenant.
  • Extra storage currently generating $200/month in the underground parkade.  Room to add more residential storage units.
  • Laundry area features one washer and one dryer (leased)
  • Commercial tenant just renewed lease for a 5-year term 
  • Clean Stage 1 report
  • Super Hot furnace 
  • Electric baseboard heating          
  • Commercial space is air conditioned

Upgrades

  • New torch on roof (2011) 
  • 7 /8 suites renovated to a high standard (last 5 years)
  • Second floor common area pipes changed (2014)
  • New water shut off valves to each suite (2013) 
  • New common area carpets (2013)
  • New double-glazed windows in units #2 and #4 (2013)
  • 2 hot water tanks (3 and 8 years old)

Location

Nestled up on the ridge, the subject property is located on the south side of E. Hastings Street between Boundary Road and Kootenay Street. The property enjoys excellent transit access with a bus stop right outside on Hastings and fantastic city views south, east and west.

Boundary Road is one of the major north-south connectors at the edge of the Vancouver and Burnaby border. Within walking distance are many neighbourhood amenities as well as restaurants and convenience stores. The PNE, Hastings Racetrack, and Pacfic Colliseum are also nearby.

Summary

Price$5,788,000
Units9
Storeys3
Net Rentable Area10,232 SF
Cap Rate2.6%
GIM27.6
Year Built1980
Lot Size65.38’ x 101.93’ (6,664 SF)
ZoningC-2C Commercial
PID006-728-286; 006-728-219

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
2 bedroomNo. Units8Avg. Sq. Ft.750Avg. Rent$1,139
CommercialNo. Units1Avg. Sq. Ft.5,035Avg. Rent$97,000 gross per annum

Financials

FinancingClear title.
Assessment 2016
Land
Building
Total
Land$2,145,000
Building$1,943,000
Total$4,088,000
Taxes 2016
$35,492
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$211,310
Vacancy(1,268)
Effective Gross$210,043
Operating Expenses(59,406)
Net Operating Income$150,637
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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