Overview
Langara Apartments is a wood frame 14-suite three-storey apartment building located in Vancouver’s popular Mount Pleasant neighbourhood within walking distance to a wide range of amenities, cafes and only two blocks to the Cambie Canada Line Station. Built in the 1940s, the property is improved on a corner C-2C zoned site providing an excellent opportunity for a future land assembly or for an investor to update the suites to a high-quality standard and reposition the building. The building is “tired” and in need of upgrades.
Location
Langara Apartments is situated along the popular and rapidly developing Cambie Corridor on the south-east corner of Cambie and 13th Avenue in Vancouver’s trendy Mount Pleasant neighborhood. Major transportation routes flow in a north/south direction along Cambie, Main and Oak Street, with east/west travel provided by Broadway, 12th & 16th Avenue.
Only two blocks to the Cambie Canada Line Station offering convenient rapid transit to both Downtown Vancouver and YVR. Only one block south of City Hall and City Square Shopping Centre.
A wide range of retail amenities, supermarkets, community services, restaurants, boutiques, trendy cafes and excellent bus transportation characterize this vibrant community.
Highlights
- Prime corner site location in central and rapidly developing Cambie Corridor location
- Excellent opportunity for an investor to update the suites to a high-quality standard and reposition the building
- Rents are significantly below market
- Recent rental rates on renovated product within the neighbourhood demonstrate huge potential if significantly upgraded
- Favourable C-2C Zoning (2.5 – 3.0 FSR) reinforces land value for future redevelopment
- Potential for assembly with neighbouring properties
- Three entrances to property: on Cambie, and on the south and north side of the building
- Building is “tired” and in need of major upgrades (windows, plumbing, electrical, kitchen & bathroom, etc.)
- Kitchens and bathrooms are basically original
- Building features sprinklers in common areas and suites
- Suites feature high ceilings, hardwood floors and gas stoves
- Two newer hot water tanks
- Laundry room: 1 washer; 1 dryer (leased)
- Bicycle storage off laundry room
- Storage lockers for all tenants
- Oil tank removed; Stage 1 Environmental Report to be available soon
Suite mix
| No. units | Average rent | |
|---|---|---|
| Bachelor | No. units2 | Average rent$620 |
| One Bedroom | No. units9 | Average rent$885 |
| Two Bedroom | No. units3 | Average rent$1,104 |
Financials
| Financing | Treat as clear title. | |
|---|---|---|
| Assessment 2013 | Land Building Total | Land$2,455,000 Building$310,000 Total$2,765,000 |
| Taxes 2013 | $11,418.19 | |
| Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income$151,989 Vacancy(1,520) Effective gross$150,469 Operating expenses(75,517) Net operating income$74,952 |
| Notes | For a current rent roll and proforma statement, 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.
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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