Overview
The subject property is a 16-suite three-storey walk-up apartment building located on a beautiful tree-lined street in Vancouver’s Main / Fraser neighbourhood. Built in 1984 on a 12,078 SF lot, the building features a suite mix of 2 bachelors, 8 one-bedrooms and 6 two-bedrooms.
Other highlights include balconies / patios, 15 surface parking stalls (8 covered), tenant storage lockers, office, and one washer/dryer set in the laundry room. Heat is supplied by electric baseboard and paid for by the tenants. The roof was replaced in 2013 and 2 new hot water tanks installed in 2019.
Rental buildings are rarely available for sale in this area. There is significant upside on rents on suite turnover.
Location
The property is centrally located in the Main / Fraser neighbourhood of East Vancouver, only three blocks south of East 41st Avenue; a few feet west of Fraser Street; one block south of John Oliver Highschool and a 5 minute walk to Memorial South Park.
A wide range of retail amenities, supermarkets, community services, schools, restaurants, boutiques, trendy cafes and excellent bus transportation characterize this vibrant community.
Suite mix
| No. units | Average size | Average rent | |
|---|---|---|---|
| Bachelor | No. units2 | Average rent$770 | |
| 1 bedroom | No. units 8 | Average rent$893 | |
| 2 bedroom | No. units 6 | Average rent$991 |
Financials
| Financing | Treat as clear title. | |
|---|---|---|
| Assessment 2020 | Land Building Total | Land$3,623,000 Building$1,732,000 Total$5,355,000 |
| Taxes 2020 | $16,019 | |
| Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income$176,700 Vacancy(884) Effective gross$175,817 Operating expenses(64,819) Net operating income$110,997 |
| Notes | For a rent roll and expense statement, please contact the listing agent. | |
The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
Mortgage calculator
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
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