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Nelson Plaza

1019 Bute Street, Vancouver

Apartment building—infill development potential
16 suites in the West End

Corner lot across from Nelson Park

Overview

Nelson Plaza is a 16-suite three-storey rental apartment building located in Vancouver’s West End neighbourhood situated directly across from Nelson Park. Constructed in 1908, the building includes many of the original architectural details including hardwood flooring, over height ceilings, crown moldings and façade.

Zoned RM-5B and improved on a large 8,646 SF corner lot, the property features oversized suites with an amazing suite mix of 14 two-bedrooms and 2 bachelors. The building offers storage lockers for all tenants, two sets of washer/dryers, and surface parking for 12 cars in the rear. 

The property has undergone some updates over the years such as hot water tank replacement (2012), new boiler (2003), some piping replacement with PEX, appliance replacement and suite upgrades as needed.

Summary

PriceCall for price
Units16
Storeys3
Net Rentable Area 12,426 SF
Year Built1908
Lot Size131’ × 66’ (8,646 SF)
ZoningRM-5B Multiple Family Dwelling
PID013-143-476

Suite Mix

 No. UnitsAvg. Sq. Ft.Avg. Rent
BachelorNo. Units2Avg. Sq. Ft.353 SFAvg. Rent$824
2 bedroomNo. Units14Avg. Sq. Ft.837 SFAvg. Rent$1,879

Infill development potential

The subject property falls within the Nelson Plateau Neighbourhood area of the West End Community Plan which allows for laneway infill rental housing on sites constructed pre-1975. Additional lands offer the opportunity for adding rental units either in typical construction or modular methods. There are now many examples in the West End of owners taking advantage of this unique option to add units, revenue and value potential. 

Scenario

There are a number of different ways that, through infill development, some additional suites could be added to the subject property: 

  • Existing zoning: RM-5B allows for 2.75 FSR through lot consolidation or 2.0 FSR on its own – potential increase in density under the existing zoning
  • West End Plan: Laneways 2.0 program – there are a number of examples of existing sites being densified under this program. Additional structures are typically 2 to 5 storeys in height and wood-frame in nature.  
  • Heritage Revitalization Agreement (HRA): Potential to increase density with an HRA or through a density transfer program

The details for infill would require review with an architect and the City. A drive around the surrounding areas in the West End reveals a number of similar projects currently under construction.

Location

Nelson Plaza is extraordinarily well located on the northwest corner of Bute and Nelson Street, directly across from Nelson Park and one block from Thurlow Street. The popular pedestrian shopping areas of Denman & Davie Streets are only a few blocks away and feature a wide variety of shops, hotels, nightlife and bars, restaurants, and grocery stores. Robson Street, Vancouver’s pre-eminent high-end shopping destination, is only 3 blocks away. The property is also located within walking distance of numerous transit options providing connections to all areas of Metro Vancouver. Finally, Nelson Plaza is situated only a few minutes’ walk to the lush greenery of the world famous thousand-acre Stanley Park.

Financials

FinancingTreat as clear title.
Assessment 2018
Land
Building
Total
Land$10,375,000
Building$598,000
Total$10,973,000
Taxes 2018
$19,631
Income and Expenses
Gross Income
Vacancy
Effective Gross
Operating Expenses
Net Operating Income
Gross Income$339,489
Vacancy(1,697)
Effective Gross$337,792
Operating Expenses(88,885)
Net Operating Income$248,907
NotesFor current 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.

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