For Sale

East Village

2778 E Hastings Street, Vancouver

Apartment Building
34 suites plus commercial component

$18,500,000

3.7% cap rate

Overview

Rarely available newer construction purpose-built rental apartment building featuring 34 suites (plus a commercial component) in Vancouver’s uber-trendy East Village neighbourhood.

  • High-end condo-quality construction with elevator service
  • Sweeping views of Downtown, the harbour and North Shore Mountains from upper floors facing north
  • 4-storey concrete/wood structure with one level of underground parking
  • Opportunity to purchase neighboring 37-suite rental project only 6 blocks away along E Hastings St
  • Significant upside on rents

To download a detailed PDF brochure, click here. 

Features

The suites feature contemporary interiors with large windows, high end flooring, quartz countertops, under-mounted sinks, stainless steel appliances, bathrooms with ceramic tile floors, Kohler fixtures, and in-suite washer & dryer. Every unit has a separate storage locker and either an enclosed balcony/solarium or a generous outdoor balcony or deck. The building contains ample bike storage and secure parking in a gated garage.

Locations

The subject property is located on the south side of East Hastings Street, just 3 blocks east of Nanaimo Street. The location is central to everything: Just minutes away to Downtown, the North Shore and the Trans Canada Highway. Within walking distance to the PNE/ Playland, Hastings Racetrack, Pacific Coliseum, parks, services and all types of amenities including Shoppers Drug Mart, London Drugs, several coffee shops, a variety of restaurants and bistros.  

The location offers direct bus access to UBC, SFU, the Canada Line, Expo Line and Millennium Line. It is also situated on the world renowned Vancouver bike route system and walking distance to Britannia and Templeton Elementary/Secondary Schools.

Summary

Price$18,500,000
Units34
Storeys4
Net Rentable Area19,566 SF residential and 6,625 SF commercial
Cap Rate3.7%
Year Built2014
Lot Size10,098 SF
ZoningC-2C1 Commercial
PID008-470-049

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
1 bedroomNo. Units24Avg. Sq. Ft.541 SFAvg. Rent$1,422
2 bedroom / 2 bathroomNo. Units10Avg. Sq. Ft.658 SFAvg. Rent$1,751

Financials

FinancingTreat as clear title.
Assessment 2017
Land
Building
Total
Land$4,785,000
Building$10,214,000
Total$14,999,000
Taxes 2017
$27,393 (residential allocation)
Income and Expenses
Net Operating Income
Net Operating Income$678,465
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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