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For sale

Pacific Surf Apartments

1275 Pacific Street, Vancouver

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Price $19,000,000 – 33.33% fractional interest

Property type Concrete high-rise

Units 119

Storeys 22

Net rentable area 70,530 SF

Year built 1966

Lot size 28,165 SF (215’ × 131’)

Zoning RM-5A

Parking 40 surface, 62 underground and 5 motorcycle stalls

Development potential Potential laneway improvement under OCP: West End - Beach

PID 015-740-471, 015-740-480, 015-740-501, 015-740-498, 015-740-510

Overview

Rare opportunity to acquire a one-third (33.33%) fractional interest in one of the West End’s most sought after addresses. Pacific Surf Apartments is a 22-storey concrete high-rise located opposite the Sunset Beach waterfront in Vancouver’s renowned West End neighbourhood. Built in 1966, the building has been meticulously maintained and offers unobstructed views over English Bay.

The building features 119 suites, the majority of which are bachelor and one-bedrooms. Situated on a 28,165 SF site with 215 feet of frontage on Pacific Street, the property offers 102 parking stalls (40 surface and 62 underground) along with 5 motorcycle stalls. Amenities include a swimming pool with sauna and fitness facilities, tenant lockers (119) and bicycle storage.

Upgrades

Extensive upgrades have been completed on the building over the years, including:

Roof replacements (2018)
Exterior paint & resealing (2017)
Plumbing (2015/2016)
New double-glazed windows (2013)
Renovated common areas & lobby (2011)
Elevator modernization (2010)
New modern gas-fired boilers (2003)
On-going renovation program upon turnover, with over 20% of suites being fully renovated to date.

Location

Pacific Surf Apartments is located in the highly desirable West End neighbourhood of Downtown Vancouver. Ideally positioned on the north side of Pacific Street just steps to the Seawall and Sunset Beach, while also offering the convenience and amenities of the downtown core. The property is situated three blocks south of Davie Street and two blocks west of Burrard Street, providing access to public transit, shopping and restaurants.

Show less

	No. units	Average size	Average rent
Jr 1-bedroom	No. units40	Average size430 SF	Average rent $1,298
1-bedroom	No. units40	Average size610 SF	Average rent $1,621
1-bedroom large	No. units32	Average size669 SF	Average rent $1,830
2-bedroom	No. units5	Average size1,040 SF	Average rent $2,454
2-bedroom PH	No. units2	Average size 1,165 SF	Average rent $3,077

Financials

Assessment 2022	Land Building Total	Land$27,883,000 Building$32,069,000 Total$59,952,000
Taxes 2021	$157,491
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$2,442,070 Vacancy(12,210) Effective gross$2,429,860 Operating expenses(692,964) Net operating income$1,736,896
Notes	For the 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.