Overview
Vacant possession for 8 of the 11 units! James Lodge is a well maintained 11-suite 3-storey apartment building located just four blocks east of Vancouver’s prominent South Granville shopping district.
Built in 1957, the property is improved on a 6,250 SF RM-3 zoned site. The building features a suite mix of 1 bachelor, 8 one-bedrooms and 2 two-bedrooms, with 8 of the 11 suites delivered vacant. Other highlights include storage lockers for all units, electric breakers, 1 set of washer/dryer and 5 surface level parking stalls located at the rear.
Additionally, two of the vacant suites have been completely modernized with comprehensive upgrades and feature new kitchens, bathrooms, flooring and appliances (including dishwashers). The balances of the suites have partial upgrades; the roof is approx. 10 years old and the boiler was replaced in approx. 2013.
Share purchase available – the property is held in a bare trust.
Location
James Lodge is conveniently located between Granville & Oak Street on the south side of 12th Avenue, affording quick access to highly concentrated employment nodes such as the Broadway Corridor or Vancouver General Hospital. West Broadway and West 12th Avenue form the major east-west traffic arteries across the city (direct bus access to UBC), while Granville & Oak Street are major north-south arterials to and from the downtown core and Richmond / YVR. Additionally, the property is within short walking distance to the future Broadway Skytrain scheduled for completion in 2025.
Shopping is available in the immediate area just steps away along Granville Street and West Broadway. South Granville’s prime retail corridor is one of Vancouver’s trendiest shopping destinations and offers tenants easy access to numerous amenities, art galleries, coffee shops, restaurants, banks and theatre, to name a few.
Suite mix
No. units | Average size | Average rent | |
---|---|---|---|
Bachelor | No. units1 | Average size462 SF | Average rent$2,000 |
1 bedroom | No. units8 | Average size654 SF | Average rent$2,465 |
2 bedroom | No. units2 | Average size854 SF | Average rent$2,471 |
Financials
Financing | Treat as clear title | |
---|---|---|
Assessment 2024 | Land Building Total | Land$2,835,000 Building$1,401,000 Total$4,236,000 |
Taxes 2023 | $13,053 | |
Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income$325,804 Vacancy(1,629) Effective gross$324,175 Operating expenses(56,630) Net operating income$267,545 |
Notes | Rents projected based on market rates for all suites except #3, #4 and #6. For a rent roll and expense statement, 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.
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Ian Brackett
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
Mortgage calculator
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Ian Brackett
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3