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Landmark Chateau

2225 Triumph Street, Vancouver

$25,000,000

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Price $25,000,000

Property type Townhouse complex

Units 42

Storeys 4

Net rentable area Approx. 35,193 SF

Year built 1978

Lot size 198.31’ x 121.94’ (24,181 SF)

Zoning RM-3A

Price per unit $595,238

Cap rate 3.7%

Gross income multiplier 21.8

Parking 44 secured underground parking stalls

Development potential Up to 2.40 FSR/6-storey within the Grandview-Woodland Community Plan

PID 007-472-960

Legal description Lot A Block 24 District Lot 184 Plan 16483

Overview

Landmark Chateau is a unique and extensively updated four-storey townhouse complex in a popular East Vancouver location. Originally built as a condominium complex in 1978, the building features stacked two-level townhouse units, many of which have fantastic ocean, mountain, and city views from their private rooftop patios. The building offers a great unit mix with 5 one-bedroom and 37 two-bedroom suites (X of which feature dishwashers), along with full-size storage lockers for all tenants and 44 secured underground parking stalls. A buyer can also take advantage of assumable CMHC financing at an attractive below market rate – 2.61% due June 2027. Share purchase option also available.

Located in the Cedar Cove neighbourhood, the property is designated Apartment (6-storey) within the Grandview-Woodland Community Plan which allows secured rental housing up to 2.40 FSR.

Upgrades

Upgrades to the building include:

37 of 42 units have been renovated on turnover, with new cabinetry, countertops, flooring, hardware, lighting, water shut offs, blinds and paint
Decking on patios has been replaced on an on-going basis over time
LED parkade lighting (2020)
New high efficiency boiler (2020)
Exterior paint (2018)
New security camera system (2021) and intercom (2018)
Horizontal hot water supply and shutoffs have been replaced

Location

The property is located at the northeast corner of Triumph Street and Templeton Drive, two blocks west of Nanaimo Street and three blocks north of East Hastings Street. Landmark Cheateau is well positioned on a quiet residential street, nearby Pandora Park, and within short walking distance of the shops, services, and transit along East Hastings Street.

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	No. units	Size range	Average rent
1 bedroom	No. units5	Size range823 SF	Average rent$1,616
2 bedroom	No. units33	Size range842 SF	Average rent$2,310

Financials

Financing	A CMHC first mortgage in favour of CMLS Financial with an approximate outstanding balance of $9,200,000 at an interest rate of 2.61%, 25 year amortization, maturing June 1, 2027.
Assessment 2022	Land Building Total	Land$9,638,000 Building$8,249,000 Total$17,887,000
Taxes 2022	49,607
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$1,154,532 Vacancy$5,630 Effective gross$1,148,902 Operating expenses$220,878 Net operating income$928,024
Notes	For a 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.