Balmoral Park Apartments is an exceptionally clean and well-maintained 44-suite three-storey rental apartment building located in Vancouver’s popular South Granville neighbourhood. Built in 1968 and improved on a massive 25,000 SF RM-3 zoned lot, the property has a great suite mix of 12 two-bedrooms, 26 one-bedrooms and 6 bachelors which feature balconies/patios, dishwashers and hardwood floors. The building also includes elevator service, 2 sets of washers/dryers (owned), 38 parking stalls (32 secured underground plus 6 surface) and storage lockers.
Balmoral Park Apartments is situated in the Broadway Corridor Plan Study Area, only 500 meters from the future South Granville-Broadway SkyTrain Station. The City is undertaking a two year planning program in order to devise a new Area Plan anticipated for Council’s consideration in late 2020. The plan will focus on opportunities to integrate development around the Millennium Line Broadway Extension among other key goals.
The property has featured a comprehensive program of upgrades over the years to both the suites and common areas:
- 14 suites have been totally renovated recently: kitchens and bathrooms exquisitely updated; new countertops, dishwashers, fridges & stoves, faucets & fixtures, updated flooring, electric breakers, new lighting and light switches / dimmers, freshly painted, updated in-suite plumbing, new blinds, new double pane windows and sliding doors
- Piping replaced for hot & cold lines with PEX (2004)
- Elevator modernized & fire system upgrades (2012)
- Boiler room: 3 updated furnaces (2005)
- Balconies have been repaired and maintained as needed
- Some windows/sliding patio doors have also been replaced as needed (in addition to the 14 renovated suites)
|No. units||Average size||Average rent|
|Bachelor||No. units6||Average size540 SF||Average rent$1,067|
|1 bedroom||No. units26||Average size652 SF||Average rent$1,419|
|2 bedroom||No. units12||Average size1,022 SF||Average rent$1,929|
|Financing||Treat as clear title.|
|Income and expenses|
Less vacancy at 0.5%
Net operating income
Less vacancy at 0.5%(4,107)
For current rent roll and expense statement, 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.