4902 Victoria Drive

Vancouver

$2,800,000

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Price $2,800,000

Property type Mixed-use building

Units 4 residential + 2 commercial

Storeys 2

Year built 1929

Lot size 3,232 SF (33’ x 98’)

Zoning C-2

Cap rate 4.0%

Gross income multiplier 19.6

PID 011-587-113

Legal description Lot 1, except the west 7 feet now road, Block E, District Lot 393, Plan 1955

Overview

4902 Victoria Drive is a two-storey mixed-use building prominently located at the southeast corner of Victoria Drive and East 33^rd Avenue. The structure was built in 1929 and features four residential suites (2 one-bedrooms and 2 two-bedrooms) and two ground floor commercial units totalling approximately 650 SF.

The units are heated by a combination of gas-powered furnace and electric baseboards. One residential suite has its own in-suite laundry, while the remaining three share a coin washer/dryer. Additional revenue is generated from a billboard signage lease with Outfront Media.

The 33’ x 98’ (3,232 SF) C-2 zoned lot offers excellent exposure and views of the North Shore mountains. The site offers potential for future condo or market rental redevelopment without rezoning.

Location

The property is located in the Kensington-Cedar Cottage neighbourhood of East Vancouver. This high exposure area is at the intersection of two arterial routes providing convenient access across the city. Local bus service along Victoria Drive offers direct connections to and from Downtown Vancouver and the Commercial-Broadway SkyTrain station.

The Victoria Drive corridor offers tenants an endless variety of restaurants, cafes and local serving retail, while large retailers such as T&T Supermarket and Shoppers Drug Mart are within a 10-minute walk on Kingsway. The Kensington Community Centre is located just three blocks west on East 33^rd.

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	No. units	Size range	Average rent
1 bedroom	No. units2	Size range-	Average rent$1,550
2 bedroom	No. units2	Size range-	Average rent$2,475
CRUs	No. units2	Size range330–350 SF	Average rent-

Financials

Financing	Treat as clear title
Assessment 2024	Land Building Total	Land$2,206,000 Building$9,300 Total$2,215,300
Taxes 2023	$15,805
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$145,884 Vacancy(2,918) Effective gross$142,966 Operating expenses(30,163) Net operating income$112,803
Notes	For additional information, please contact the undersigned. Listed by RA Realty Alliance Inc.

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