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Gardenia Court

1530 Graveley Street, Vancouver

SOLD $11,100,000

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Price $13,000,000

Property type Apartment building

Units 40

Storeys 3

Net rentable area 23,784 SF

Year built 1978

Lot size 20,130 SF (165.03' x 121.98')

Zoning RM-4

Price per unit $325,000

Rental rate $2.11 PSF

Cap rate 2.8%

Gross income multiplier 21.26

Parking 46 stalls (secured underground)

Development potential 6-storey/2.40 FSR (Grandview-Woodland OCP)

PID 007-323-581

Legal description Lot I Block 62 District Lot 264A Plan 17089

Sale price $11,100,000

Sale date 06/16/2023

Overview

Gardenia Court is a 40-suite 3-storey apartment building situated on a beautiful tree-lined street in Vancouver’s Grandview-Woodland neighbourhood, just steps to the vibrant Commercial Drive corridor.

Built in 1978 and improved on a large 20,130 SF site, the building features elevator service, 2 sets of washers/dryers, secured underground parking (46 stalls) and a unit mix of 9 bachelors, 19 one-bedrooms and 12 two-bedrooms.

There have been some updates over the years including newer furnace (2020), suite updates as needed and partial updates to balconies, plumbing and electrical.

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

Location

Grandview-Woodland is one of the most culturally diverse neighbourhoods in the region. It’s a walkable mix of light industrial, commercial amenities and residential housing. The subject property is conveniently located two blocks west of Commercial Drive, within a 14-minute walk (1.1 km) of the Commercial-Broadway Skytrain station. The location offers a quiet setting within walking distance to a mix of trendy cafes, bars, restaurants, and other everyday retail amenities.

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	No. units	Average size	Average rent
Bachelor	No. units9	Average size439 SF	Average rent$966
1 bedroom	No. units19	Average size546 SF	Average rent$1,186
2 bedroom	No. units12	Average size787 SF	Average rent$1,588

Financials

Financing	Treat as clear title.
Assessment 2023	Land Building Total	Land$8,756,000 Building$4,377,000 Total$13,133,000
Taxes 2022	$36,061
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$614,526 Vacancy(3,073) Effective gross$611,454 Operating expenses(245,239) Net operating income$366,215
Notes	For additional 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.