Creswell Apartments

Overview

Creswell Apartments represents an exceptional opportunity to purchase a 25-suite, 104-year-old rental apartment building on a C-3A zoned site in the Burrard Slopes area of Vancouver.  This is a unique offering with original details including hardwood flooring, crown moldings and façade. Situated on the north side of W. 8th, between Granville and Hemlock Streets, this character building features a suite mix comprising 3 bachelor, 18 one-bedroom and 3 two-bedroom suites. 

Highlights

Features

• Historic 25-suite character building
• Laundry area features one washer and one dryer plus two large sinks
• Property is listed on the City of Vancouver’s Heritage Registry under Category “C”
• Suites 2 and 3 share a washroom 
• Super Hot furnace
• Gas stoves 
• Torch on roof
• Rents significantly under market

Recent Upgrades

• Newer hot water tanks
• New torch on roof
• Newly constructed fire escape at rear of property
• Annunciator panel
• Appliances renewed as required

Neighbourhood Rezoning

The Masonic Hall site is located next door to the west and is currently undergoing a rezoning process to allow for the construction of an 18-storey secured rental building and new Vancouver Masonic Centre.  

If successful, a 4-storey building fronting W. 7th Avenue and an 18-storey, 154-unit rental building fronting W. 8th Avenue, will be constructed.  The open house was held April 26, 2016 and a public hearing will be scheduled at a later date.

Value-Add Options

1. Undertake a major retrofit of entire building and restore to its original character and former glory;
2. Future potential may exist to redevelop site under the C3-A zoning. Also possibility to merge with adjacent property to the east;
3. Potential may exist to propose a creative application involving heritage incentives.