Riviera View

618 Commercial Drive, Vancouver, BC

$1,925,000

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Price$1,925,000

Units15

Year built1966

Lot size75' x 122'

ZoningRM-4N

Price/unit$128,333

PID015-166-295

Legal descriptionAmended Lot 1 (see 347632L) Except the west 7 feet now road, of lot 7, Block D, DL 183, PL 729

Overview

Riviera View is a three storey frame walk-up apartment building consisting of 15 units (15-1Br) located in Vancouver’s vibrant Commercial Drive neighbourhood, with close proximity to the downtown core. Built in 1966, the property features balconies, surface parking and storage.

Location

The subject property is a corner site located on the east side of Commercial Drive on the corner of Frances Street. “The Drive” has a distinct European flavour that you can’t find anywhere else in the city. Sidewalk cafes, small boutiques, bakery and pastry shops, all mingle with the regular types of businesses such as banks, grocery stores, and hardware stores. The area is well serviced by public transit with both bus and Skytrain station nearby. With an increasing population base in the neighborhood, the area will continue to grow as a vibrant and desirable district.

Improvements

The subject property is in need of a major upgrade to the common areas, suites and balconies. The roof, exterior paint and hot water tank were all re-done approximately 10 years ago. The plumbing is original, and for the most part, the appliances and fixtures are original as well.

Building Notes

The property is authorized for 15 suites. Currently, a family member occupies two suites (101 & 102) which were converted into a large 3 bedroom unit. These suites can be easily converted back upon renovation, as the plumbing is all intact. There are 5 free parking stalls on the south side of the building and one secure parking garage. There is one coin washing machine ($2.50) and one dryer (no charge). Laundry income is approx. $75/month. Repairs and maintenace and property management are done by the owners.

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	No. units
1 Bedroom	No. units15

Financials

Financing	Treat as clear title.
Assessment 2008	Land Building Total	Land$1,128,000 Building$365,000 Total$1,493,000
Taxes 2007	$5,449.59

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