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For sale

Corona Apartments

1847 Barclay Street, Vancouver

$10,500,000

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Price $10,500,000

Property type Apartment building

Units 24

Storeys 3

Net rentable area 13,690 SF

Year built 1953

Lot size 8,646 SF (66’ × 131’)

Zoning RM-5B

Price per unit $437,500

Rental rate $3.07/SF

Cap rate 3.5%

Gross income multiplier 20.4

Parking 14 secured stalls

PID 015-739-457

Legal description Lot 32 Block 67 District Lot185 Plan 92

Overview

Corona Apartments is a boutique three-storey walk-up that exudes charm in the highly coveted “West of Denman” neighbourhood of Downtown Vancouver. This well-maintained 24-suite apartment building features many updated suites and an incredible location in the heart of Vancouver’s West End.

Built in 1953 on a 66’x 131’ (8,641 SF) RM-5B zoned lot, the building comprises a suite mix of 6 bachelors and 18 one-bedrooms. Other highlights include two sets of leased washer/dryers, 24 full-size storage lockers, 14 secured parking stalls and secured bike parking. Upgrades include a new boiler (2007), partial roof replacements in 2019 (lower roof) and 2023 (part of upper roof), exterior painting (2015) and renovations in 11 of the 24 suites over the past 17 years.

Location

Corona Apartments is located on the north side of Barclay Street, between Denman and Gilford Streets. The property is situated a half-block west of Denman Street and within a short walk of the sunny beaches of English Bay and the lush greenery of the world famous thousand-acre Stanley Park.

The building’s proximity to Denman Street offers tenants convenient access to a wide variety of shops, cafes and restaurants, while the downtown core is only a 15-minute walk. Leafy tree-lined boulevards and traffic calmed streets truly make this one of the most desirable locations in all of Vancouver.

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	No. units	Average size	Average rent
Bachelor	No. units6	Average size439 SF	Average rent$1,665
1 Bedroom	No. units18	Average size614 SF	Average rent$1,781

Financials

Financing	Treat as clear title
Taxes 2024	$29,875
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$516,821 Vacancy(2,584) Effective gross $514,236 Operating expenses(149,734) Net operating income $364,502
Notes	For more information, please contact 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.