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Prince Edward Manor

3075 Prince Edward Street, Vancouver

$8,500,000

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Price $8,500,000

Property type Apartment building

Units 20

Storeys 3 + penthouse

Year built 1966

Lot size 12,115 SF
(approx. 99’ × 122’ )

Zoning RM-4

Price per unit $425,000

Cap rate 2.1%

Gross income multiplier 29.5

Parking 5 covered & 7 surface stalls

Development potential Up to 20-storey/6.50 FSR based on the Broadway Plan

PID 015-607-992, 011-986-191, 011-986-204

Legal description Lot 9 Block 109 District Lot 301 Plan 187

Overview

Prince Edward Manor is a 20-suite three-storey plus penthouse apartment building located in the emerging Mount Pleasant neighbourhood of Vancouver. The 12,115 SF corner property features 122 feet of frontage on Prince Edward Street along with 97 feet on East 15^th Avenue, directly opposite Mt. Saint Joseph Hospital. Built in 1966, the building offers a suite mix of 7 bachelors, 10 one-bedrooms, 2 two-bedrooms and a penthouse. Other highlights include 12 parking stalls (5 covered and 7 surface), two sets of leased washer/dryers, updated balconies, and recently replaced hot water tanks (2020).

Broadway Corridor Plan

The property is situated within the Mount Pleasant South Apartment Area B (MSAB) of the Broadway Plan. The designation offers potential for up to 20-storey towers and 6.50 FSR if certain requirements are met.

Location

The subject property is centrally located in Vancouver’s vibrant Mount Pleasant neighbourhood, just two blocks east of Main Street and two blocks south of the Kingsway & East 12^th Avenue intersection.

This locale provides convenient access to public transit and is within short walking distance to a growing list of eclectic restaurants, cafes, breweries, and other everyday retail amenities. With the Broadway Subway Line scheduled to complete in 2025, the area is poised to grow even more popular as one of the city’s premier amenity-rich destinations.

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	No. units	Average size
Bachelor	No. units7	Average rent$1,156
1 bedroom	No. units10	Average rent$1,113
2 bedroom	No. units2	Average rent$1,849
Penthouse	No. units1	Average rent$982

Financials

Financing	Treat as clear title.
Assessment 2022	Land Building Total	Land$5,020,000 Building$1,154,000 Total$6,174,000
Taxes 2021	$17,309
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$289,803 Vacancy(1,449) Effective gross$288,354 Operating expenses(112,140) Net operating income$176,214
Notes	For the more information, 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.