2 side-by-side buildings
1432 W 10th Ave & 2625 Hemlock St, Vancouver
|Building||Clairmont Apartments||Georgian Apartments|
|Address||1432 West 10th Avenue||2625 Hemlock Street|
|Lot size||15,642 SF (125’ × 125’)||12,505 SF (100’ × 125’)|
|Storeys||3 + PH level||3|
|Net rentable||21,005 SF||18,015 SF|
|Parking||13 surface stalls||13 surface stalls|
An extraordinary opportunity to acquire two side-by-side rental buildings featuring 225’ frontage along West 10th Avenue. The properties have been professionally managed and well-kept over the years.
Stretching from the southwest corner of Hemlock Street and west along 10th Avenue, this 28,147 SF property is located in a key arterial of the Broadway Plan study area that contemplates high-density redevelopment up to 20 storeys.
The properties’ convenient location is just southeast (within 150 metres) of the future South Granville Broadway Subway Station positioned on the northeast corner of Granville Street and West Broadway. The Broadway Plan is anticipated to be finalized in 2022 and will focus on opportunities to integrate development around the new Broadway Subway, slated to complete in 2025.
Broadway Corridor Plan Study Area
The latest version of the Broadway Plan draft was recently released and provides further direction on redevelopment potential for this area.
The properties’ policy area is Fairview South – Area A. The intent of this plan is to support the long-term renewal of the older residential buildings. Densities for secured market rental housing can range up to 6.5 FSR, depending on the built form. City council is anticipated to vote on the plan in Q2 2022 with implementation following soon after.
Possible options (some requiring City confirmation):
- Develop two 80/20 rental projects under the Broadway Plan –
one concrete tower and one woodframe project
- Develop two rental projects with market rental in the concrete tower and below market units within the woodframe project
- Develop one large scale 80/20 project with rental tower and podium on combined sites
- Hold existing rental buildings for medium to long term – good cash flow and well maintained
- Opportunity to finalize DP process started for 3,000 SF
The properties are located in a walker’s paradise just east of Granville Street in Vancouver’s prized South Granville neighbourhood. The Georgian sits on the southwest corner of Hemlock and West 10th Avenue and abuts the Clairmont to the west.
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).
|No. units||Average size||Average rent|
|Bachelor||No. units10||Average size371 SF|
|Studio||No. units17||Average size476 SF|
|1 bed||No. units31||Average size629 SF|
|2 bed||No. units5||Average size820 SF|
|2 bed + den||No. units1||Average size1175 SF|
|3 bed PH||No. units1||Average size2450 SF|
|Financing||Treat as clear title.|
|Income and expenses|
Net operating income
Net operating income$853,065
For more information and details on the offering process, 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.