For Sale

Capri Apartments

45 East 16th Avenue, Vancouver

Apartment Building
23 suites between Cambie and Main

$10,520,000

Mount Pleasant neighbourhood

Overview

Prime Mount Pleasant location! Capri Apartments is a 23-suite three-storey rental apartment building located in Vancouver’s trendy Mount Pleasant neighbourhood. Constructed in 1966, the building is improved on a large 16,104 SF lot and features spacious suites comprising 16 one-bedroom and 7 two-bedroom units.

  • The building offers tenant storage lockers (6 lockers in two rooms), two sets of washer/dryers owned by the building, balconies/patios, surface parking (14 stalls) and three large secure parking garages (one of which is used as a workshop and bicycle storage).
  • There are 3 additional common area rooms ideal for a building manager and contractors: an office, a separate bathroom and separate kitchen. The furnace was recently replaced in 2016 with a high-efficiency wall-mounted IBC system. There is an environmental report recently commissioned recommending no further investigation required.
  • Rents are significantly under market providing investors an opportunity to further enhance the revenue as suites turnover or by undertaking a comprehensive renovation program.

Location

The subject property is located one and a half blocks west of Main Street and just five blocks east of Cambie Street on East 16th Avenue in Vancouver’s Mount Pleasant neighbourhood.

Culture and Entertainment
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.

Transportation
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 16 minutes to UBC.

Amenities
A sampling of the amenities within walking distance to the subject property include the Center Point Mall, Heritage Hall, Canada Post, G&F Financial Group, Pharmasave, Save-On-Foods, and a variety of restaurants and cafes. 

Summary

Price$10,520,000
Units23
Storeys3
Price/Unit$457,391
Cap Rate2.8%
GIM27.4
Year Built1966
Lot Size132’ × 122’ (16,104 SF)
ZoningRM-4N Multiple Family Dwelling
PID004-565-282, 004-565-321, 004-565-363, 004-565-240

Suite Mix

 No. UnitsAvg. Rent
1 bedroomNo. Units16Avg. Rent$1,331
2 bedroomNo. Units7Avg. Rent$1,558

Financials

FinancingTreat as clear title.
Assessment 2018
Land
Building
Total
Land$7,005,000
Building$1,819,000
Total$8,824,000
Taxes 2017
$17,387.07
Income and Expenses
Gross Income
Less vacancy at 0.5%
Effective Gross
Operating Expenses
Net Operating Income
Gross Income $398,280
Vacancy(1,991)
Effective Gross$396,289
Operating Expenses(100,430)
Net Operating Income$295,859
NotesFor a rent roll and income and expense statement please 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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