Creswell Apartments
1455 West 8th Avenue, Vancouver
Apartment Building
25 suites
SOLD $7,100,000
Overview
Creswell Apartments represents an exceptional opportunity to purchase a 25-suite, 104-year-old rental apartment building on a C-3A zoned site in the Burrard Slopes area of Vancouver. This is a unique offering with original details including hardwood flooring, crown moldings and façade. Situated on the north side of W. 8th, between Granville and Hemlock Streets, this character building features a suite mix comprising 3 bachelor, 18 one-bedroom and 3 two-bedroom suites.
Highlights
Features
- Historic 25-suite character building
- Laundry area features one washer and one dryer plus two large sinks
- Property is listed on the City of Vancouver’s Heritage Registry under Category “C”
- Suites 2 and 3 share a washroom
- Super Hot furnace
- Gas stoves
- Torch on roof
- Rents significantly under market
Recent Upgrades
- Newer hot water tanks
- New torch on roof
- Newly constructed fire escape at rear of property
- Annunciator panel
- Appliances renewed as required
Neighbourhood Rezoning
The Masonic Hall site is located next door to the west and is currently undergoing a rezoning process to allow for the construction of an 18-storey secured rental building and new Vancouver Masonic Centre.
If successful, a 4-storey building fronting W. 7th Avenue and an 18-storey, 154-unit rental building fronting W. 8th Avenue, will be constructed. The open house was held April 26, 2016 and a public hearing will be scheduled at a later date.
Value-Add Options
- Undertake a major retrofit of entire building and restore to its original character and former glory;
- Future potential may exist to redevelop site under the C3-A zoning. Also possibility to merge with adjacent property to the east;
- Potential may exist to propose a creative application involving heritage incentives.
Summary
Suite Mix
| No. Units | Avg. Rent | |
|---|---|---|
| Bachelor | No. Units3 | Avg. Rent$505 |
| 1 bedroom | No. Units18 | Avg. Rent$813 |
| 2 bedroom | No. Units3 | Avg. Rent$927 |
Financials
| Financing | Treat as clear title. | |
|---|---|---|
| Assessment 2016 | Land Building Total | Land$5,163,000 Building$32,000 Total$5,195,000 |
| Taxes 2015 | $16,316.21 | |
| Income and Expenses | Gross Income Vacancy Effective Gross Operating Expenses Net Operating Income | Gross Income$239,575 Vacancy(1,437) Effective Gross$238,138 Operating Expenses(88,938) Net Operating Income$149,200 |
| Notes | For a detailed rent roll and expenses 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 HQ Commercial.
