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For Sale

Cambridge Manor

2626 Fir Street, Vancouver

Co-op apartment building
10 suites in South Granville

$7,100,000

200 meters to proposed SkyTrain station

Overview

Rare opportunity to acquire an exceptionally well-maintained 10-suite co-op apartment building in the heart of Vancouver’s South Granville neighbourhood. The property is improved on a corner lot—just 200 meters from the proposed Granville-Broadway SkyTrain Station offering a potential redevelopment opportunity when the Broadway area plan is complete in late 2020.

The property features an excellent suite mix of 10 oversized suites, 3 secure parking garages, ample full-height tenant storage, a large laundry room made up of 1 dryer & 1 washer & bike storage, 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 $2.78/SF). 

Summary

Price$7,100,000
Units10
Storeys3
Net Rentable Area8,539 SF
Price/Unit$710,000
Cap Rate3.5%
GIM24
Year Built1949
Lot Size50’ × 125’ (6,250 SF)
ZoningRM-3 Multiple Family Dwelling
PID015-017-516

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units1Avg. Sq. Ft.540 SFAvg. Rent$1,700 (projected)
One bedroomNo. Units4Avg. Sq. Ft.767 SFAvg. Rent$2,200 (projected)
Two bedroomNo. Units5Avg. Sq. Ft.987 SFAvg. Rent$2,650 (projected)

Upgrades

Suites have a varying degree of upgrades and finishes—generally 
superior to typical rental stock:

  • At least 3–4 suites had significant renovations to a high 
  • condo-quality standard
  • Approximately 3–4 suites feature dishwashers
  • Modern wall-mounted IBC boiler system and hot water tank
  • All windows replaced (2018)
  • All piping replaced (2014)
  • Roof replaced (2008)
  • Fire alarm/security updated
  • Many suites feature refinished original hardwood flooring
  • Current Stage 1 Environmental Report—no further investigation recommended

Location

The subject property is located on the south east corner of  West 10th Avenue and Fir Street 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 Richmond Airport (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. 

Financials

FinancingTreat as clear title.
Assessment 2018
Land
Building
Total
Land$3,000,000
Building$1,141,000
Total$4,141,000
Taxes 2018
$11,060
Projected Income & Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$293,000
Vacancy(1,465)
Effective Gross$291,535
Operating Expenses(41,840)
Net Operating Income$249,695
NotesFor a projected 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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