Sold

Westwind Apartments

1550 West 11th Avenue, Vancouver

Apartment Building
27 suites

SOLD $12,500,000

Overview

The Westwind Apartments is a well maintained three-storey (plus penthouse) apartment building featuring 27 suites. It is conveniently located on the south side of West 11th Avenue only a half-block west of Granville Street – the premier high-end fashion district in the highly coveted South Granville neighbourhood of Vancouver’s Westside. The building features elevator service, covered parking, balconies and a suite mix comprising 9 bachelor units, 14 one-bedrooms and 4 two-bedrooms. The rents are significantly under market.

Highlights

  • Three-storey (plus penthouse) apartment building constructed in 1965 featuring 27 suites
  • Suites feature balconies/patios, electric breakers and hardwood floors
  • Parking: 21 stalls (10 covered; 11 surface)
  • Laundry room: 2 washers/2 dryers owned by building
  • Storage lockers for tenant’s use
  • Rents are significantly under market, providing investors an opportunity to further enhance the revenue by completing a comprehensive renovation plan as suites turn over

Upgrades

  • Newer gas-fired furnace (1997)
  • New hot water tanks (2012 & 2015)
  • Plumbing replaced (approx. 10 years ago)
  • Windows and patio doors replaced (approx. 6 years ago)
  • Torch-on roof replaced (approx. 7 years ago)
  • Elevator panel recently replaced
  • Appliances replaced as needed
  • Majority of suites feature new toilets

Location

The subject is located at the north side of West 11th Avenue between Fir and Granville Streets in the highly coveted South Granville area of the City of Vancouver.

West Broadway and West 12th Avenue form the major east-west traffic arterial across the City, while Granville Street, Oak Street and Cambie Street are major north-south traffic corridors providing easy access to and from the downtown core and Richmond. Access to the downtown core is via the Cambie Street Bridge, Granville Street Bridge and Burrard Street Bridge, which are all located nearby.

The subject is also located in proximity to West Broadway which is poised to undergo a significant change with future rapid transit expansion.

South Granville remains one of the most popular and convenient locals for rental accommodation due to its proximity to excellent nearby shopping areas, the downtown core and major bus routes. It is also provided with a branch of the Vancouver Public Library and two clubs; The Vancouver Lawn, Tennis and Badminton Club and The Terminal City Lawn and Bowling Club located at West 15th Avenue and Fir. Many employers in the area include the Vancouver General Hospital, Children’s & Women’s Hospitals, the City of Vancouver and office locations along the Broadway Corridor. Public transportation and shopping are available in the immediate area along West Broadway and Granville Street.

Summary

Price$14,600,000
Units27
Storeys3 plus penthouse
Price/Unit$540,741
Cap Rate1.8%
GIM38.9
Year Built1965
Lot Size125’ x 125’ (15,625 SF)
ZoningRM-3 Multiple Family Dwelling
PID015-013-944, 015-013-961, 015-013-995, 015-013-936
Sale Price$12,500,000
Sale Date03/01/2017

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units9Avg. Rent$876
One BedroomNo. Units14Avg. Rent$1,143
Two BedroomNo. Units4Avg. Rent$1,638

Financials

FinancingClear title.
Assessment 2016
Land
Building
Total
Land$7,125,000
Building$50,300
Total$7,175,300
Taxes 2016
$23,070.63
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$375,738
Vacancy(942)
Effective Gross$375,738
Operating Expenses(108,728)
Net Operating Income$267,010
NotesFor a current rent roll and expense 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.

Mortgage Calculator

Mortgage
Interest rate
Amortized over
Your monthly payment is approximately

* Assumes constant interest rate throughout amortization period

%
year(s)