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 3rdAvenue 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.
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
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.
|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|
|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.|
|Income and expenses|
Net operating income
Gross income 763,908
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.