Stratified investment property

Overview

2928 Commercial Drive offers the opportunity to acquire a value-add property comprised of 30 stratified rental units in Vancouver’s Kensington-Cedar Cottage neighbourhood. All 30 residential strata units are under single ownership contained on levels two through four of a four-storey mixed-use building; the ground floor commercial (strata lots 1-4) are held separately and are not included in the sale.

The building was built by the current owner in 1991 and features large units averaging 817 SF, with 7 two-bedrooms and 23 two-bedroom & dens. The building is fully sprinklered with gas fireplaces and electric baseboard heating. Suites were designed with space for in-suite laundry, but currently offers shared facilities, with 3 washers and 4 dryers which are leased.

All suites have dishwashers, and several have been renovated with new flooring and modern kitchen and bath finishes. The majority of units offer fully enclosed balconies complete with drywall and laminate flooring. The rental units have use of 30 underground parking stalls.

The 13,860 SF (132’ x 105’) lot is zoned C-2C1 and falls within Tier 3 of the City of Vancouver’s TOA Rezoning Policy. C-2C1 zoning permits up to 3.0 FSR for mixed-use strata buildings, or 3.5 FSR for mixed-use purpose-built rental with no rezoning or below-market housing requirements.

Investment Options

The building offers flexibility through a few distinct value-add scenarios:

• Continuation of the current use as a rental investment property with significant upside in rents over time;
• Renovation and resale of individual strata units;
• Strata wind-up and redevelopment under C-2C1 zoning & TOA policies.

Location

2928 Commercial Drive is located in the vibrant Kensington-Cedar Cottage neighborhood, offering the perfect blend of urban convenience and community charm. Located on Commercial Drive, 1.5 blocks south of West 12^th Avenue, this highly walkable location puts tenants within minutes of rapid transit, 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.

Trout Lake Park is just one block east 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.