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The Inverness

1325 Pendrell Street, Vancouver

$8,000,000

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Price $8,000,000

Property type Apartment building

Units 21

Storeys 2 plus basement

Net rentable area 9,945 SF

Year built 1928

Lot size 66’ x 131’ (8,646 SF)

Zoning RM-5 Multiple Dwelling

Price per unit $380,952

Cap rate 2.6%

Gross income multiplier 26.5

Parking 7 at rear

PID 015-741-532

Legal description Lot 18 Block 36 District Lot 185 Plan 92

Overview

The Inverness is a well-maintained 21-suite two-storey plus basement apartment building located in Vancouver’s prized West End neighbourhood.

Built in 1928 and improved on a 66’ x 131’ (8,646 SF) RM-5 lot, the building’s suite mix comprises 14 bachelors and 7 one-bedrooms. The property is held in a bare trust.

Highlights

Excellent curb appeal highlighted by Camellia trees and iron gates on both sides of the building
Abundance of closet space; bachelor suites feature Murphy beds
1 set of leased washer & dryer
6 surface level parking stalls located at the rear of building
Built in vacuum on both floors
Gas fireplaces for 12 of the suites
Lower level also features laundry room, furnace room and workshop area
Lower level contains an office which could potentially be converted to a non-confirming suite (approx. 310 sq. ft.)
Unit 22 is an unauthorized suite

Upgrades

Suites have been continuously updated as needed with appliances, counter tops, flooring (80% of appliances replaced over past decade)
Wiring replaced to 600-amp service (1976)
Plumbing replaced (1986) and continually updated as needed
Newer Teledyne Laars boiler (2001)
New hot water tank (2019)
Roof replaced (2008)
Oil tank decommissioned (2004)

Location

The Inverness is located on a picturesque mature tree-lined street on the north side of Pendrell Street between Jervis and Broughton Street. Located just one block north of Davie Street, the building is within walking distance to one of the West End’s most pedestrian friendly commercial nodes, offering a mix of bars, restaurants, and other everyday retail amenities.

The past few years has also seen the completion of several high-profile development sites, adding new residential and commercial space to the urban landscape. This new diverse mix of space adds to the vibrancy and attractiveness of the already popular West End neighbourhood. Finally, the building is situated within a short 8-minute walk to Sunset Beach and close to the world famous thousand-acre Stanley Park.

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	No. units	Average size	Average rent
Bachelor	No. units14	Average size404 SF	Average rent $1,107
One bedroom	No. units7	Average size614 SF	Average rent $1,304

Financials

Financing	Treat as clear title.
Assessment 2022	Land Building Total	Land$5,836,000 Building$1,861,000 Total$7,697,000
Taxes 2022	$21,013
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$303,283 Vacancy(1,516) Effective gross$301,767 Operating expenses(96,196) Net operating income$205,571
Notes	For a rent roll & expense statement, please click here.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.