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The Lugano

8755 Laurel Avenue, Vancouver

SOLD $10,500,000

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Price $10,500,000

Property type Apartment building

Units 33

Storeys 3

Year built 1967

Lot size 19,310 SF

Zoning RM-3A

Price per unit $318,182

Cap rate 2.85%

Gross income multiplier 23.1

Parking 33 stalls (27 secure; 6 surface)

PID 014-255-057, 014-255-201, 014-255-332

Sale price $10,500,000

Sale date 03/27/2021

Overview

The Lugano is an exceptionally well-maintained and updated 33-suite apartment building located in South Vancouver’s transit-orientated Marpole neighbourhood – within a 10-minute walk to the Marine Drive Canada Line Station and the growing list of retail amenities located at Marine Gateway.

Built in 1967 and improved on a large 19,310 SF corner lot, the property features a suite mix of 2 bachelors, 28 one-bedrooms and 3 two-bedrooms. Other highlights include elevator service, balconies/patios, exquisite landscaping wrapping the property with sprinkler system and secure underground parking with direct access to the arterial Southwest Marine Drive. The property is held in a bare trust.

Upgrades

The Lugano has featured extensive condo-level upgrades over the years to both the suites and common areas:

12 suites upgraded to includes new vinyl flooring, new appliances, new bathrooms, new kitchen and bathroom cupboards, new light fixtures, new heat covers and new electrical outlets as well as the closet organizers.
Exterior paint (2016)
Balconies / railings replaced (2008)
New intercom system (2016)
Modern updated lobby featuring tiled mosaic feature wall, LED lighting, new hallway carpets (2016-2017)
New fire panel (2018)
Lobby mailbox (2015)
New KONE elevator (2018)
Ongoing plumbing program (approx. 40% of shut-off valves and fixtures replaced)
New doors/handles including kickplates (2016)
New torch-on roof (2006)
Newly painted underground parking and lighting (2018)
New landscaping with irrigation system (2016)

Location

The Lugano is located on the corner of Laurel Street and SW Marine Drive at the southernmost edge of Vancouver and features convenient access to several arterial roads connecting the Metro Vancouver region. The building sits adjacent to a west-bound bus stop and is within 10-minute walking distance to the Marine Drive Canada Line station. The Cambie and Marine neighbourhood continues to grow into a modern transit-orientated community, affording residents easy access to local restaurants, retail and other everyday amenities.

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	No. units	Average size
Bachelor	No. units2	Average rent$825
1 bedroom	No. units28	Average rent$1,092
2 bedroom	No. units3	Average rent$1,412

Financials

Financing	Treat as clear title.
Assessment 2020	Land Building Total	Land$9,434,000 Building$999,000 Total$10,433,000
Taxes 2020	$31,308
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$457,738 Vacancy(2,289) Effective gross$455,450 Operating expenses(156,284) Net operating income$299,165
Notes	For more information, 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.