For Sale

Geo-Ann Apartments

310 East 13th Avenue, Vancouver

Apartment Building
26-suite in Mount Pleasant

$11,100,000

Corner lot only one block east of Main

Overview

Prime Mount Pleasant location! Geo-Ann Apartments is a 26-suite three-storey rental apartment building located in Vancouver’s trendy Mount Pleasant neighbourhood, only one short block to a wide range of amenities, cafes and bus transportation on Main Street. 

Constructed in 1960, the building is improved on a large 12,078 SF corner lot and features a suite mix of 1 bachelor, 22 one-bedrooms and 3 two-bedroom units. The building offers storage lockers for all tenants, a bicycle room, two sets of leased washer/dryers and surface parking for 12 cars in the rear. Some upgrades include a new Super Hot furnace and hot & cold plumbing lines (2002) and a recent exterior paint. Significant rental upside on suite turnover.

Location

The subject property is located on the northeast corner of East 13th and Sophia Street, only block east of Main Street in Vancouver’s Mount Pleasant neighbourhood.

Culture and Entertainment
Mount Pleasant is one of  Vancouver’s oldest neighbourhoods with a rich history. It is a vibrant area known for its artistic stores, heritage buildings, and arts-focused festivals. Annual community events include The Drift Art on Main Street, Music on Main, the Autumn Shift Festival, and Car Free Vancouver Day Festival. The area is popular with first-time homebuyers, urban professionals, and families.

Transportation
Major transportation routes in a north/south direction are along Cambie and Main Streets, Kingsway and Fraser Street, with east/west travel provided by Broadway, E 12th and E 16th Avenue. It’s approximately 10 minutes to Downtown, beaches, and 16 minutes to UBC.

Amenities
A sampling of the amenities within walking distance to the subject property include the Center Point Mall, Heritage Hall, Canada Post, G&F Financial Group, Pharmasave, Save-On-Foods, and a variety of restaurants and cafes. 

Summary

Price$11,100,000
Units26
Storeys3
Price/Unit$426,923
Cap Rate2.4%
GIM30.4
Year Built1960
Lot Size99’ × 122’ (12,078 SF)
ZoningRM-4 Multiple Family Dwelling
PID011-893-265, 011-893-249

Suite Mix

 No. UnitsAvg. Rent
BachelorNo. Units1Avg. Rent$965
1 bedroomNo. Units22Avg. Rent$1,091
2 bedroomNo. Units3Avg. Rent$1,599

Financials

Assessment 2018
Land
Building
Total
Land$6,129,000
Building$3,940,000
Total$10,069,000
Taxes 2018
$22,713
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$367,524
Vacancy(1,838)
Effective Gross$365,686
Operating Expenses(103,832)
Net Operating Income$261,854
NotesFor a projected rent roll and income and expense 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 Goodman Commercial.

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