Off Market

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Centennial House

725 West 70th Avenue, Vancouver

$39,800,000

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Price $39,800,000

Property type Concrete high-rise

Units 94

Storeys 12

Year built 1971

Lot size 36,157 SF (~298’ × 123’)

Zoning RM-3A

Parking 76 underground & 12 surface

Development potential Infill development potential

Legal description Lots 11–19, Block 22 of Block D DL 319, 323 & 324 PL 2868

Overview

Centennial House represents a rare opportunity to own a 94-unit rental apartment building located in Vancouver’s Marpole neighbourhood, within short walking distance to the Marine Drive Canada Line Station. This 12-storey concrete high-rise sits on a 36,157 SF site with 298 feet of frontage and includes ~18,000 SF of excess infill development land well positioned to capitalize on growing housing demand in this rapidly changing area. The building comprises an attractive suite mix of 46 one-bedrooms and 48 two-bedrooms and features panoramic views of the Fraser River and Vancouver’s urban landscape.

Infill development potential

The western half of the subject property affords a unique infill opportunity on approximately 18,000 SF of excess land. A preliminary architect’s zoning study proposes potential development ranging from 6-storey low-rise to 12-storey high-rise. An architect’s letter with several options is available upon request.

Location

725 W 70th is located at the southernmost edge of Vancouver, affording convenient access to several arterial routes connecting the Metro Vancouver region. The building’s north-south orientation offers unobstructed views of the Fraser River and beyond. Most conveniently, Centennial House is located within 5-minutes walking distance to the Marine Drive Canada Line Station. The Cambie and Marine neighbourhood continues to evolve into a modern transit-oriented community, offering many amenities including entertainment, retail and office.

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	No. units	Average size	Average rent
1 bedroom	No. units46	Average rent$1,219
2 bedroom*	No. units48	Average rent$1,511

Financials

Financing	Treat as clear title.
Assessment 2024	Land Building Total	Land$20,680,000 Building$15,480,000 Total$36,160,000
Taxes 2023	$111,304
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$1,567,148 Vacancy(7,836) Effective gross$1,559,312 Operating expenses(501,768) Net operating income$1,057,544
Notes	* Suite mix includes a large office that could be converted to an unauthorized 2-bed, 2-bath suite.

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