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Off Market

Cedar Crest Manor

1569 West 12th Avenue, Vancouver

Apartment Building
10 suites in South Granville

$6,650,000

Overview

The subject property is a well-maintained 10-suite, 3-storey apartment building located in the heart of Vancouver’s South Granville neighbourhood just west of Granville Street on West 12th Avenue. Built in 1951, the property is improved on a 50’ × 125’ (6,250 SF) RM-3 zoned lot. The property is situated just steps to South Granville’s prime retail corridor – one of Vancouver’s trendiest shopping destinations that offers tenants easy access to numerous amenities, art galleries, coffee shops, restaurants, banks and entertainment. 

Summary

Price$6,650,000
Units10
Storeys3
Net Rentable Area7,350 SF
Price/Unit$665,000
Cap Rate2.1%
GIM37
Year Built1951
Lot Size50’ × 125’ (6,250 SF)
ZoningRM-3 Multiple Family Dwelling
PID015-014-134

Suite Mix

 No. UnitsAvg. Rent
1 bedroomNo. Units6Avg. Rent$1,228
2 bedroomNo. Units4Avg. Rent$1,649

Location

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 and South 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 theatre, to name a few.

Highlights

  • Three-storey wood-frame rental building constructed in 1951
  • 10 large suites comprising 6 one-bedrooms and 4 two-bedrooms
  • Rents are significantly under market by approximately 50%, providing investors an opportunity to further enhance the revenue as suites turnover
  • Laundry: 1 washer & 1 dryer (owned)
  • Parking: 8 stalls: 4 surface and 4 secured garage bays with overhead doors
  • Storage: 10 full-size tenant lockers plus extra owner-storage
  • 3 of the 10 suites are on short-term monthly rentals
  • Unit #210 was completely renovated including kitchens, bathrooms, flooring and appliances
  • Gas-fired hot water heat
  • Hot water tank approx. 3 years old
  • Torch-on roof approx. 6 years old
  • Electrical breakers for each unit
  • Workshop in mechanical room
  • Clean Stage 1 Environmental Report on file

Financials

FinancingTreat clear title.
Assessment 2017
Land
Building
Total
Land$2,700,000
Building$2,550,000
Total$5,250,000
Taxes 2017
$10,749
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income $182,144
Vacancy(911)
Effective Gross $181,233
Operating Expenses(44,128)
Net Operating Income $137,105
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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