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Lorron Apartments

1623 Haro Street, Vancouver

SOLD $10,000,000

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Price $10,300,000

Property type Apartment building

Units 24

Storeys 3 + penthouse

Year built 1956

Lot size 66’ x 131’ (8,646 SF)

Zoning RM-5

Price per unit $429,167

Cap rate 3%

Gross income multiplier 23.6

Parking 8 stalls (secured)

PID 015-743-012, 015-743-039

Sale price $10,000,000

Sale date 02/04/2021

Overview

Lorron Apartments is an exceptionally well-maintained and updated 24-suite 3-storey plus penthouse apartment building in Vancouver’s popular West End neighbourhood – just one block south of essential retail amenities located on Robson Street and within the same block as the West End Community Centre and King George Secondary School. The property is held in a bare trust.

Built in 1956 and improved on a 66’ x 131’ (8,646 SF) RM-5 zoned lot, the building features a suite mix of 21 one-bedrooms, 2 two-bedrooms and 1 two-bedroom penthouse. Other highlights include two sets of leased washer/dryers, 11 storage lockers, Telus Fibre-Optic high-speed internet connection to each suite and secured parking for 8 cars located at rear of building.

Upgrades

There have been a series of capital upgrades over the years including new exterior paint and double-pane windows (~2017), updated intercom system (2019) and modern suite renovations (~70%). Additionally, suites 101 & 102 feature in-suite laundry & dishwasher and suites 202, 301 & 306 feature dishwashers. Lastly, suite 208 (corner one bedroom) is currently under renovation and will feature an entirely new bathroom and kitchen containing a stove, fridge & dishwasher.

Location

Lorron Apartments is located on the edge of the Downtown Core in Vancouver’s highly desirable West End neighbourhood. The building is situated on the north side of Haro Street, between Bidwell and Cardero Street. Its pedestrian friendly location affords quick access to a variety of notable West End amenities including a mix of bars and restaurants located on Denman and Robson Street, along with the world-renowned Stanley Park and its mix of year-round amenities including sports courts, Second Beach Pool and the Vancouver Seawall.

Since the adoption of the West End Community Plan in 2013, the neighbourhood has seen the completion of several high-profile developments, adding new commercial and residential space to the neighbourhood. This new mix of space has added to the vibrancy and attractiveness of the already established West End neighbourhood.

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	No. units	Average size	Average rent
1 bedroom	No. units21	Average rent$1,382
2 bedroom	No. units3	Average rent$2,183

Financials

Financing	Treat as clear title.
Assessment 2020	Land Building Total	Land$6,484,000 Building$2,844,000 Total$9,328,000
Taxes 2020	$27,851
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$438,840 Vacancy(2,194) Effective gross$436,646 Operating expenses(125,843) Net operating income$310,803
Notes	For more information, 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.