For Sale

Oakview Apartments

3591 Oak Street, Vancouver

Co-op apartment building
26 suites

$17,000,000

Overview

Rare opportunity to acquire an exceptionally well-maintained 26-suite co-op apartment building in Vancouver’s affluent Shaughnessy neighbourhood. The property is improved on a large RM-3A zoned 15,840 SF site offering potential redevelopment.
 
The property features oversized suites, secure parking garages, ample tenant storage, views from majority of suites looking north and east, and an ongoing maintenance and capital upgrades program. Given the housing co-operative ownership structure of the building, there will be no existing tenancies in place allowing the building to be rented at current market levels (market rates estimated to be approximately $3.14 per SF).  

Location

The subject property is located on the west side of Oak Street at West 20th Avenue in the Shaughnessy neighbourhood of Vancouver. A few minutes’ walk to Douglas Park with immediate access to bus transportation along Oak Street.

West Broadway, West 12th, West 16th and King Edward form the major east-west traffic arteries across the city (direct bus access to UBC), while Oak, Granville and Cambie are the major nearby north-south traffic corridors which provide access to and from the downtown core and South Richmond (YVR). 

Public transportation, shopping and banking is available in the immediate vicinity on Oak Street. Additionally, the Cambie and South Granville corridors are excellent shopping destinations and offer tenants easy access to numerous amenities, art galleries, coffee shops, restaurants, banks and theatre, to name a few.

Highlights

  • Irreplaceable Shaughnessy location at Oak Street and W. 20th Avenue
  • Fabulous views from majority of suites looking north and east
  • Very clean exterior, attractive lobby and grounds
  • Oversized suites with many featuring beautifully refinished original hardwood flooring
  • Majority of suites feature original character details such as penny tiles, glass built-ins, French doors, in-suite storage, coved ceilings and arches
  • Laundry: 2 dryers; 2 washer (owned)
  • Parking garages: 11—some used as art studios, some as storage—unique feature!
  • Storage room: large locker for each unit
  • Bike storage
  • Furnace: Superhot furnaces (radiant heating)
  • Oil tank decommissioned with a Stage 1 Environmental Report citing no further investigation recommended
  • Given the housing co-operative ownership structure of the building, there will be no existing tenancies in place allowing the building to be rented at current market levels
  • Oversized laundry area may be considered to have the potential for adding another suite 

Upgrades

  • Various in-suite upgrades made by individual owners
  • Exterior paint and restoration (2016)
  • Smoke alarms replaced (2015)
  • Drain tile replaced (2015)
  • Hallway carpeting repaired and cleaned (2015)
  • Hallway light fixtures (2015)
  • Re-piping of hot and cold water supply to all suites, laundry, boiler room and hose bibs (2014–2015)
  • Sump pump installed (2012)
  • Exterior restoration (2010)
  • 2 hot water tanks replaced (2008)
  • Complete exterior painting (2007)
  • Windows replaced (2007)
  • Replace Hydro line main service (2007)
  • New washer (2005), one new dryer (2009)
  • Roof replaced (2005)

Summary

Price$17,000,000
Units26
Storeys3
Net Rentable Area17,754 SF
Price/Unit$653,846
Cap Rate3.5 (projected)%
GIM24 (projected)
Year Built1947
Lot Size132’ x 120’ (15,840 SF)
ZoningRM-3A Multiple Family Dwelling
PID011-531-037, 011-531-029

Suite Mix

 No. UnitsAvg. Sq. Ft.
1 bedroomNo. Units25Avg. Sq. Ft.672
2 bedroomNo. Units1Avg. Sq. Ft.955

Financials

FinancingClear title.
Projected Income & Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$708,913
Vacancy(2,127)
Effective Gross$706,786
Operating Expenses(115,172)
Net Operating Income$591,615
NotesFor a projected 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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