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For sale

Mount Pleasant development site

727 East 7th Avenue, Vancouver

$16,000,000

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Price $16,000,000

Property type Development site with holding income

Lot size 17,760 SF (145.5’ x 122’)

Zoning RM-4

Floor space ratio Up to 6.5 FSR

Development potential 115,440 SF (up to 20 storeys)

Price per SF buildable $139

PID 015-456-510, 012-089-851, 012-089-869 and 012-089-877

Legal description Lots 12, E, F, G Block 99 District Lot 264A Plans 335, 1771 and 3869

Overview

Exceptional opportunity to acquire a Mount Pleasant apartment building with redevelopment potential under both the Broadway Plan and Transit-Oriented Areas rezoning policy.

The property is currently improved with a three-storey 38-suite rental building built in 1972, offering strong holding income during the entitlement process.

The site is located within Mount Pleasant North Apartment Area – Area B (MNAB) of the Broadway Plan and falls within Tier 3 of the Transit-Oriented Areas rezoning policy. MNAB allows rezoning for up to 20-storeys and 6.5 FSR as a secured market rental building with 20% of floor space at below-market rents.

Minor increases in height and density (0.3 FSR) may be considered for delivery of ground-level local-serving retail/service uses or childcare. The MNAB area has a 150-foot minimum frontage requirement, with provisions for a conditional relaxation to 99 feet. Please click here for more details.

Location

Prince Rupert Villa is located in Mount Pleasant, on the north side of East 7th Avenue, a half-block east of Fraser Street. The property is within blocks of Main Street, and is a short 10-15 minute walk to both the VCC-Clark SkyTrain and future Great Northern Way Subway stations.

Mount Pleasant is a vibrant and diverse neighbourhood known for its eclectic culture and a mix of heritage buildings and modern developments that create a dynamic and highly livable urban setting. The locale boasts excellent public transit options, is a short bike ride from Downtown Vancouver, and is home to a variety of trendy boutiques, cafes, and restaurants, making it one of the most amenity rich parts of the city.

The area is also home to a significant and growing hub for creative and technology industry employers, and is a five-minute drive from Vancouver General Hospital (VGH) and the Central Broadway corridor, the second largest concentration of jobs in the province.

With a lively cultural scene, ample parks and green spaces, access to employment, commercial and cultural amenities, and proximity to Downtown Vancouver, Mount Pleasant attracts a diverse population, from students and young professionals to families and retirees. Its combination of convenience and lifestyle makes it one of Vancouver’s most desirable places to live.

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Financing	Treat as clear title
Assessment 2025	Land Building Total	Land$7,206,000 Building$4,489,000 Total$11,695,000
Taxes 2024	$36,456
Holding income	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$706,120 Vacancy(3,531) Effective gross$702,589 Operating expenses(193,375) Net operating income$509,214
Notes	For rent roll & expenses, 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.