Cedar Crest Manor

Overview

The subject property is a well-maintained 10-suite, 3-storey apartment building located in the heart of Vancouver’s South Granville neighbourhood just west of Granville Street on West 12th Avenue. It’s situated just steps from the proposed Granville-Broadway SkyTrain Station offering a potential redevelopment opportunity when the Broadway area plan is complete in late 2020.

Built in 1951, the property is improved on a 50’ × 125’ (6,250 SF) RM-3 zoned lot. The suites are oversized with a great mix consisting of 6 one-bedrooms and 4 two-bedrooms. The property is situated just steps to South Granville’s prime retail corridor – one of Vancouver’s trendiest shopping destinations that offers tenants easy access to numerous amenities, art galleries, coffee shops, restaurants, banks and entertainment. 

Location

The subject property is located in a walker’s paradise just west of Granville Street on the south side of West 12th Avenue in the South Granville neighbourhood of Vancouver. West Broadway and West 12th Avenue form the major east-west traffic arteries across the city (direct bus access to UBC), while Granville Street is the major nearby north-south traffic corridor which provide access to and from the downtown core and South Richmond (YVR).

Public transportation and shopping is available in the immediate area just steps away along Granville Street and West Broadway. South Granville’s prime retail corridor is one of Vancouver’s trendiest shopping destinations and offers tenants easy access to numerous amenities, art galleries, coffee shops, restaurants, banks and theatre, to name a few.

Highlights

• Three-storey wood-frame rental building constructed in 1951
• 10 large suites comprising 6 one-bedrooms and 4 two-bedrooms
• Rents are significantly under market by approximately 50%, providing investors an opportunity to further enhance the revenue as suites turnover
• Laundry: 1 washer & 1 dryer (owned)
• Parking: 9 stalls: 5 surface and 4 secured garage bays with overhead doors
• Storage: 10 full-size tenant lockers plus extra owner-storage
• 3 of the 10 suites are on short-term monthly rentals
• Unit #210 was completely renovated including kitchens, bathrooms, flooring and appliances
• Gas-fired hot water heat
• Hot water tank approx. 3 years old
• Torch-on roof approx. 6 years old
• Electrical breakers for each unit
• Workshop in mechanical room
• Clean Stage 1 Environmental Report on file
• Property held in a bare trustee — can purchase the shares of the company and save PTT