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Findlay Garden Apartments

3223 Findlay Street, Vancouver

$4,000,000

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Price $4,000,000

Property type Apartment building

Units 12

Storeys 3

Year built 1913

Lot size 8,576 SF (78’ x 110’)

Zoning R1-1

Price per unit $333,333

Cap rate 3.7%

Gross income multiplier 18.3

Development potential Up to 8-storeys and 3.0 FSR under TOA Tier 3

PID 008-104-417

Legal description Lot 4 Blocks F and G District Lot 753 Plan 14337

Overview

Amazing suite mix! Findlay Garden Apartments is a three-storey 12-suite apartment building steps from Trout Lake, and just off the bustling Commercial Drive corridor.

Built in 1913 on an 8,576 SF lot, the property offers generous unit sizes with 11 two-bedrooms and 1 one-bedroom. The suites have had various renovations over time and include attractive hardwood flooring, gas stoves, and tiled kitchen and bathroom floors.

The property features a large yard with a garden for the tenants, a storage shed, and one leased washer/dryer set.

The site is located within Tier 3 of the Transit-Oriented Areas (TOA) rezoning policy, allowing potential redevelopment up to 8-storeys and 3.0 FSR for properties within 400-800 m of a SkyTrain Station.

Upgrades

The building has undergone many renovations and upgrades over the years, including:

New windows and siding on just over half the building (east and north side of the building, along with half the west).
Remaining stucco was touched up in 2024.
Electrical redone throughout the building in 2005/2006, including new breaker panels in all suites.
Water shut offs for all suites in 2007
3 of 9 hot water tanks recently replaced (2023 / 2024)

Location

Located in the vibrant Kensington-Cedar Cottage neighborhood, 3223 Findlay Street offers the perfect blend of urban convenience and community charm. Just one block east of Commercial Drive, this highly walkable location puts tenants within minutes of everyday amenities, schools and parks.

The Commercial Drive corridor, is one of Vancouver’s most vibrant and unique cultural hubs. Known for its distinct European flair, “The Drive” is a bustling street lined with an eclectic mix of everyday amenities, from boutique shops and local cafes to grocery stores and essential services, while also being a destination for entertainment options, including restaurants and bars, cultural venues, and lively community events.

John Hendry (Trout Lake) Park is just one block west of the property. This beloved green space features the picturesque Trout Lake, walking trails, picnic areas, and a family-friendly beach. The park is also home to a fully equipped community center, an ice-skating rink, and multiple sports fields.

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	No. units	Average size	Average rent
1 bedroom	No. units1	Average rent $1,060
2 bedroom	No. units11	Average rent $1,506

Financials

Financing	Treat as clear title.
Assessment 2024	Land Building Total	Land$2,432,000 Building$1,819,000 Total$4,251,000
Taxes 2024	$12,906
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$219,295 Vacancy(1,096) Effective gross$218199 Operating expenses(69,786) Net operating income$148,413
Notes	For the financials, click here.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.