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Stratified rental property

1076 West 11th Avenue, Vancouver

SOLD $5,300,000

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Price $5,700,000

Property type Stratified rental property

Units 10

Storeys 4

Net rentable area 7,133 SF

Year built 1999

Lot size 50’ x 125’ (6,250 SF)

Zoning RM-3

Price per unit $570,000

Rental rate $3.20/SF

Cap rate 3.4%

Gross income multiplier 20.8

Parking 11 underground parking stalls

Price per SF $799

Legal description Strata Lots 1-10 Block 395 District Lot 526 New Westminster District Strata Plan LMS3988

Sale price $5,300,000

Sale date 11/08/2024

Overview

1076 West 11th Avenue offers the unique opportunity to acquire a stratified rental property in the heart of Vancouver’s Fairview neighbourhood. Under single ownership, this modern and well appointed 10-suite strata building was built in 1999 and has been immaculately kept over the years. The 50’ x 125’ (6,250 SF) RM-3 zoned lot sits a half block west of Oak Street and Vancouver General Hospital.

The four-storey building has a large average suite size comprising 2 bachelors and 8 two-bedrooms (with 6 units having 2 bathrooms). All units are equipped with electric heating, in-suite laundry, dishwashers and microwaves, while 8 of 10 have fireplaces. The two top floor suites feature unique vaulted ceilings, with one of the ground floor suites having in-floor radiant heating, an upgraded appliance package and large ground-level patio. Other highlights include elevator access, 11 underground parking stalls, 8 storage lockers and an additional 10 bike/storage lockers.

Location

1076 West 11th Avenue is conveniently situated on West 11th Avenue between Oak Street and Spruce Street. The location in the heart of Fairview affords close proximity to major employment nodes along the Broadway Corridor and Vancouver General Hospital. West Broadway and West 12th Avenue form the major east-west traffic arteries across the city, while Granville & Oak Street are major north-south arterials to and from the downtown core and Richmond / YVR. The property is well positioned on the highly-trafficked bus route to the University of British Columbia (UBC), and is within a short walk of the future Oak-VGH subway station.

West Broadway offers extensive amenities in the immediate area, including restaurants and commercial services. Nearby, South Granville’s retail corridor is one of Vancouver’s trendiest shopping destinations and offers tenants easy access to numerous amenities, art galleries, coffee shops, restaurants, banks and theatre, to name a few.

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	No. units	Average size	Average rent
Bachelor	No. units2	Average size377 SF	Average rent $1,998
Two bedroom	No. units8	Average size798 SF	Average rent $2,357

Financials

Financing	Treat as clear title
Assessment 2024	Land Building Total	Land$5,883,000 Building$1,557,200 Total$7,440,200
Taxes 2024	$22,083.89
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$275,748 Vacancy(1,379) Effective gross$274,369 Operating expenses(81,056) Net operating income$193,314
Notes	For a rent roll 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.