Southview Gardens
3240 East 58th Avenue, Vancouver
6.58-acre site
140 rental townhouse / apartment units
SOLD $72,185,000
Overview
- Rare large-scale 6.58-acre potential rental/condominium redevelopment opportunity in East Vancouver’s Champlain Heights neighbourhood
- Well-maintained cash-flowing 16-building rental complex featuring 140 townhouse & apartment units
- Holding income of approximately $1,417,109
- Capitalize on extreme demand for new market and rental housing in an established neighbourhood only two blocks to Champlain Mall
- Download brochure — click here.
- View aerial video — click here.
Location
The subject property is located in the Champlain Heights residential area of East Vancouver. Specifically, the site is bounded by East 58th Avenue to the north, Rosemont Drive to the south and Kerr Street to the west. Bus stops are conveniently located along the perimeter of the site providing access to Vancouver and other municipalities such as Burnaby and New Westminster to the east. The commercial focus of Champlain Heights and surrounding neighbourhood is the Champlain Square shopping centre. Only two blocks north of the property, the mall features over 40 merchants providing shopping and amenities such as a supermarket, food court, medical services, coffee shops, insurance, liquor store, banks, to name a few. The Metrotown Mall in Burnaby is located only 4 km to the northeast providing additional destination shopping for the local residents and Skytrain connections.
The Champlain Heights Community Centre is a few minutes walk southeast of the property which features a youth centre, preschool childcare, indoor cycling, a dance studio, squash and racquetball courts, and a fitness centre with sauna. Outside, there is a tennis court and playground.
Summary
Suite Mix
| No. Units | Avg. Sq. Ft. | Avg. Rent | |
|---|---|---|---|
| 1 bedroom, 1 level apartment | No. Units28 | Avg. Sq. Ft.525 | Avg. Rent$841 |
| 2 bedroom, 2 level townhouse | No. Units77 | Avg. Sq. Ft.999 | Avg. Rent$1,235 |
| 3 bedroom, 2 level townhouse | No. Units25 | Avg. Sq. Ft.1,225 | Avg. Rent$1,434 |
| 4 bedroom, 2 level townhouse | No. Units10 | Avg. Sq. Ft.1,466 | Avg. Rent$1,485 |
Financials
| Financing | Treat as clear title. | |
|---|---|---|
| Income and Expenses | Gross Income Vacancy Effective Gross Operating Expenses Net Operating Income | Gross Income$2,041,512 Vacancy(30,623) Effective Gross$2,010,889 Operating Expenses(593,780) Net Operating Income$1,417,109 |
| Notes | For financials, please contact Mark Goodman at mark@goodmanreport.com. | |
The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.
