For Sale

The Leeward

1686 W. 12th Avenue, Vancouver

Apartment High-Rise
11-storey 48-suite concrete rental tower

$21,950,000

Significant upside in rents

Overview

The Leeward is an 11-storey concrete rental apartment tower featuring 48 suites. It is conveniently located on the southeast corner of West 12th Avenue and Pine Street, only two blocks west of Granville Street – Vancouver’s premier high-end fashion district in the highly coveted South Granville neighbourhood. The building features views, elevator service, underground parking, balconies and a suite mix comprising 9 bachelor units, 35 one-bedrooms and 4 two-bedrooms. The rents are significantly under market.

Highlights

  • 11-storey rental tower plus basement in prime South Granville
  • Spectacular views from upper suites facing north & north-west
  • Favourable large corner lot: 150’ x 125’ (18,750 SF)
  • 48 suites (9-studio, 35-1Br, 4-2Br)
  • Elevator – “traction” based
  • Parking: underground parking for 48 stalls (sprinklered) plus 4
    surface parking at rear
  • Some additional parking for non residents at $35 per stall/month
  • 48 lockers (sprinklered)
  • Laundry room – 3 washers & 3 dryers (leased)
  • Mail delivered directly to suites
  • Thermostats in-suite
  • Perfectly situated by the proposed rapid transit line along the
    Broadway/Granville corridor
  • Recent Stage 1 Environmental Report – no further investigation
    recommended
  • Significant upside on rents

Upgrades

The property has featured a varied program of upgrades over the years to both the suites and common areas:

  • Ongoing program of renewal of counter tops, flooring, appliances, bathroom fixtures including toilets and vanities, some kitchen cabinets, overhead fans, splashes, tile, laminated floors, floor-to-ceiling tile in bathroom
  • It is estimated that 30 – 50% of suites have been renovated
  • Torch-on roof (2002)
  • Plumbing replaced (1995)
  • 3 hot water tanks replaced (2007)
  • Electric breakers updated (2006/7)
  • Furnaces – 2 Super Hot (2008)
  • 3 backflow preventers (2015)
  • Drain tiles on south side replaced
  • New hallway carpets

Location

South Granville remains one of the most popular and conveniently located neighbourhoods due to its proximity to the downtown core, major bus routes and shopping. It is also includes 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, City Hall and the office tower developments along the Broadway Corridor.

The subject property is located in a walker’s paradise just west of Granville Street on the south side of West 12th Avenue in the South Granville neighbourhood of Vancouver. West Broadway and West 12th Avenue form the major east-west traffic arteries across the city (direct bus access to UBC), while Granville Street is the major nearby north-south traffic corridor which provide access to and from the downtown core through the subject area to South Granville and Richmond (YVR).

Public transportation and shopping is available in the immediate area just steps away along Granville Street and West Broadway. South Granville’s prime retail corridor is one of Vancouver’s trendiest shopping destinations and offers tenants easy access to numerous amenities, art galleries, coffee shops, restaurants, banks and Stanley Industrial Alliance Theater, to name a few.

Summary

Price$21,950,000
Units48
Storeys11 plus basement
Net Rentable Area29,223 SF
Price/Unit$457,292
Cap Rate1.9%
GIM32.9
Year Built1968
Lot Size150’ x 125’ (18,750 SF)
ZoningRM-3
PID013-301-659, 013-301-691, 013-301-721

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units9Avg. Sq. Ft.461 SFAvg. Rent$996
One BedroomNo. Units35Avg. Sq. Ft.612 SFAvg. Rent$1,125
Two BedroomNo. Units4Avg. Sq. Ft.916 SFAvg. Rent$1,310

Financials

FinancingClear title.
Assessment 2016
Land
Building
Total
Land$9,745,000
Building$9,042,000
Total$18,787,000
Taxes 2016
$47,598.56
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$670,980
Vacancy(3,355)
Effective Gross$667,625
Operating Expenses(249,863)
Net Operating Income$417,762
NotesFor a current rent roll and expense statement, 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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