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Adanac Apartments

1873 Adanac Street, Vancouver

SOLD $4,300,000

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Price $4,695,000

Property type Apartment building

Units 15

Storeys 3

Year built 1957

Lot size 10,698 SF (87’ x 124’)

Zoning RM-4

Price per unit $313,000

Cap rate 3.8%

Gross income multiplier 18.07

Parking 8 surface stalls at rear

Development potential Up to 6 storeys / 2.40 FSR (Grandview Woodland Community Plan)

PID 015-654-516

Legal description Lot B (Explanatory Plan 4792) of Lots 14 and 15 of Lot 8 Block E District Lot 183 Plan 180

Sale price $4,300,000

Sale date 12/14/2023

Overview

Adanac Apartments is 15-suite low-rise apartment building located in East Vancouver, two blocks east of the vibrant Commercial Drive corridor. Built in 1957 and improved on a 10,698 SF lot, the property offers a suite mix of 13 one-bedrooms and 2 two-bedroom suites. The building features surface parking (8 stalls), hardwood floors, full height storage lockers (15) and one leased washer/dryer set.

The property is designated for 6-storey apartment at a density of up to 2.40 FSR within the Grandview Woodland Community Plan.

Location

Adanac Apartments is located in East Vancouver’s Grandview-Woodland, one of the most culturally diverse neighbourhoods in the region. Situated in a pedestrian friendly area just one block west of Victoria Dr, and 2 blocks east of Commercial Drive, the property benefits from a multitude of everyday amenities, schools and parks.

The Commercial Drive corridor has a distinct European flavour that you can’t find anywhere else in the city. Sidewalk cafes, small boutiques, bakery and pastry shops, all mingle with the regular types of businesses such as banks, grocery stores, and hardware stores. The area is well serviced by public transit with both bus and Skytrain station nearby. With an increasing population base in the neighborhood, the area has grown to be a vibrant and desirable district.

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	No. units	Average size	Average rent
One bedroom	No. units13	Average rent$1,271
Two bedroom	No. units2	Average rent$2,474

Financials

Financing	Treat as clear title
Assessment 2023	Land Building Total	Land$4,692,000 Building$61,400 Total$4,753,400
Taxes 2022	$13,655
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$261,179 Vacancy(1,306) Effective gross$259,873 Operating expenses(81,956) Net operating income$177,917
Notes	Unit 1A is unauthorized. For additional information including financials, 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.