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Woodland Manor

1925 Woodland Drive, Vancouver

$17,500,000

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Price $17,500,000

Property type Apartment building

Units 32

Storeys 4

Net rentable area 20,131 SF

Year built 1979

Lot size 16,173 SF

Zoning RM-4

Price per unit $546,875

Rental rate $3.14 PSF

Cap rate 3.2%

Gross income multiplier 23.0

Parking 30 secured underground stalls

Floor space ratio 2.40 FSR

Development potential Up to 6 storeys within the Grandview Woodland Community Plan

PID 029-409-811

Legal description Lot A Block 74 District Lot 264A Group 1 New Westminster District Plan EPP45336

Overview

Woodland Manor is an extensively renovated 32-suite 4-storey apartment building on a beautiful tree-lined street in Vancouver’s Grandview-Woodland neighbourhood, just steps to the vibrant Commercial Drive corridor. The property is to be sold with a first mortgage assumed by the buyer, providing CMHC financing at an attractive, below market rate. Property is held in a bare trust.

Originally built in 1979, the building underwent a complete renovation program in 2015-2016 and offers 4 bachelors, 12 one-bedrooms, 14 two-bedrooms and 2 three-bedroom suites on a large 16,145 SF southwest corner lot at East 3^rdAvenue and Woodland Drive.

Building highlights include secured underground parking (30 stalls), tenant storage (7) and completely renovated suites with stainless steel appliances and spacious balconies. The property is designated for 6-storey apartment at a density of 2.40 FSR within the Grandview Woodland Community Plan.

Upgrades

The building underwent a significant renovation in 2015-2016 summarized as follows:

Seismic upgrades with shear walls added
New sprinkler system and fire panel
Elevator modernization
New plumbing and electrical throughout the building
Roof completely replaced including new plywood decking, insulation, membrane and flashing
New interior finishes throughout suites and common areas; right down to the drywall, doors & lighting fixtures
- New flooring (carpet & laminate)
- All new bathrooms including new plumbing fixtures, bathtubs, countertops & cabinets
- All new kitchens with full-size stainless-steel appliances (including dishwashers), new cabinets and granite countertops
Balcony decking redone
Landscaping extensively upgraded
New sliding patio doors for all units
Laundry rooms added on each floor, with all new machines (2 sets per floor)
Vinyl exterior was replaced by previous owner prior to the major 2015/2016 renovation

Location

Grandview-Woodland is one of the most culturally diverse neighbourhoods in the region. It’s a walkable mix of light industrial, commercial amenities and residential housing. The subject property is conveniently located two blocks west of Commercial Drive, within a 10-minute walk (750 m) of the Commercial-Broadway Skytrain station. The location offers a quiet setting within walking distance to a mix of trendy cafes, bars, restaurants, and other everyday retail amenities.

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	No. units	Average size	Average rent
Bachelor	No. units4	Average size 408 SF	Average rent $1,448
1 bedroom	No. units12	Average size 610 SF	Average rent $1,810
2 bedroom	No. units14	Average size 678 SF	Average rent $2,180
3 bedroom	No. units2	Average size 850 SF	Average rent $2,613

Financials

Financing	A CMHC first mortgage in favour of Peoples Trust Company with an approximate outstanding balance of $11,300,000 at an interest rate of 2.74%, 40 year amortization, maturing June 1, 2027.
Assessment 2022	Land Building Total	Land$6,437,000 Building$8,345,000 Total$14,782,000
Taxes 2021	$43,749
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income 763,908 Vacancy(3,820) Effective gross$760,088 Operating expenses(200,724) Net operating income$559,365
Notes	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.