For Sale

Mount Pleasant Manor

275 East 13th Avenue, Vancouver

Apartment Building
23 suites

$10,500,000

Overview

Mount Pleasant Manor is a well maintained and updated 3-storey wood-frame rental apartment building featuring 23 suites. Constructed in 1969, the building is improved on a 99’ × 122’ (12,078 SF) RM-4 zoned lot a block east of Main Street on East 13th Avenue. The property features balconies/patios, secure underground parking, storage lockers and an ongoing capital upgrades program. The rents are significantly under market.

Highlights

  • Irreplaceable Mount Pleasant location a block from Main Street and along E. 13th Avenue
  • 23 suites: 6 bachelors; 16 one-bedrooms; 1 two-bedroom
  • Many upgrades over the years to suites and common areas
  • Very clean brick and stucco exterior, attractive lobby and grounds
  • Gas-fired hot water heat 
  • Laundry: 2 dryers; 2 washers (leased)
  • Parking: Secure underground parkade featuring 22 stalls
  • Storage: large full-size lockers for each tenant
  • 99 feet of frontage
  • Mid block, quiet location
  • A Stage 1 Environmental Report has been commissioned

Upgrades

  • New roof (2005)
  • New windows (2012)
  • New sliding doors (2012)
  • Membrane in underground parking area renewed with heavy sealant and gravel, also with drainage around outside perimeter (2007)
  • New balcony sub floors, paint and railings
  • All bathrooms floor-to-ceiling tiles
  • 11 suites have been totally renovated, including kitchen cabinets, appliances, countertops, flooring, overhead fans, and bathroom (toilets, vanities, tubs, etc.)
  • Lights—power smart upgrades
  • Breakers in majority of suites
  • Added in new sub floor before new hardwood
  • Approximately 50% of suites have newer hardwood floors

Location

Mount Pleasant Manor is located one block east of Main Street on the north side of East 13th Avenue in Vancouver’s trendy Mount Pleasant neighbourhood. Mount Pleasant is one of Vancouver’s oldest neighbourhoods with a rich history. It is a vibrant area known for its artistic stores, heritage buildings, and arts-focused festivals. Annual community events include The Drift Art on Main Street, Music on Main, the Autumn Shift Festival, and Car Free Vancouver Day Festival. The area is popular with first-time homebuyers, urban professionals and families. Finally, Vancouver’s new Tech Hub will bring significant employment opportunities to the area.

Major transportation routes in a north/south direction are along Cambie and Main Streets, Kingsway and Fraser Street, with east/west travel provided by Broadway, E. 12th and E. 16th Avenue. It’s approximately 10 minutes to Downtown, beaches, and 20 minutes to UBC, making this site a prime and convenient location for future potential redevelopment. A sampling of the amenities within walking distance to the subject property include the Point Center Mall, Heritage Hall, Canada Post, G&F Financial Group, Pharmasave, Save-On-Foods, and a variety of restaurants and cafes. Mount St. Joseph Hospital is just a few blocks away on Prince Edward and E. 15th Avenue.

Summary

Price$10,500,000
Units23
Storeys3
Price/Unit$456,522
Cap Rate1.9%
GIM35.6
Year Built1969
Lot Size99’ × 122’ (12,078 SF)
ZoningRM-4 Multiple Family Dwelling
PID010-490-094, 010-490-108, 010-490-116

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units6Avg. Rent$988
1 bedroomNo. Units16Avg. Rent$1,063
2 bedroomNo. Units1Avg. Rent$1,550

Financials

FinancingTreat as clear title.
Assessment 2017
Land
Building
Total
Land$4,378,000
Building$1,625,000
Total$6,003,000
Taxes 2016
$15,081.35
Income and Expenses
Gross Income
Less vacancy at 0.8%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$297,624
Vacancy(2,381)
Effective Gross $295,243
Operating Expenses(96,714)
Net Operating Income $198,529
NotesFor 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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