Southview Gardens

3240 East 58th Avenue, Vancouver

SOLD $72,185,000

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PriceCall listing agent

Lot size286,450 SF

Land area6.58 acres

ZoningCD-1 (68)

PID007-982-160

Legal descriptionLot 14, District Lot 334, LD 36, Plan 13993

Sale price$72,185,000

Sale date03/15/2017

Overview

Rare large-scale 6.58-acre potential rental/condominium redevelopment opportunity in East Vancouver’s Champlain Heights neighbourhood
Well-maintained cash-flowing 16-building rental complex featuring 140 townhouse & apartment units
Holding income of approximately $1,417,109
Capitalize on extreme demand for new market and rental housing in an established neighbourhood only two blocks to Champlain Mall
Download brochure — click here.
View aerial video — click here.

Location

The subject property is located in the Champlain Heights residential area of East Vancouver. Specifically, the site is bounded by East 58th Avenue to the north, Rosemont Drive to the south and Kerr Street to the west. Bus stops are conveniently located along the perimeter of the site providing access to Vancouver and other municipalities such as Burnaby and New Westminster to the east. The commercial focus of Champlain Heights and surrounding neighbourhood is the Champlain Square shopping centre. Only two blocks north of the property, the mall features over 40 merchants providing shopping and amenities such as a supermarket, food court, medical services, coffee shops, insurance, liquor store, banks, to name a few. The Metrotown Mall in Burnaby is located only 4 km to the northeast providing additional destination shopping for the local residents and Skytrain connections.

The Champlain Heights Community Centre is a few minutes walk southeast of the property which features a youth centre, preschool childcare, indoor cycling, a dance studio, squash and racquetball courts, and a fitness centre with sauna. Outside, there is a tennis court and playground.

Show less

	No. units	Average size	Average rent
1 bedroom, 1 level apartment	No. units28	Average size525	Average rent$841
2 bedroom, 2 level townhouse	No. units77	Average size999	Average rent$1,235
3 bedroom, 2 level townhouse	No. units25	Average size1,225	Average rent$1,434
4 bedroom, 2 level townhouse	No. units10	Average size1,466	Average rent$1,485

Financials

Financing	Treat as clear title.
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$2,041,512 Vacancy(30,623) Effective gross$2,010,889 Operating expenses(593,780) Net operating income$1,417,109
Notes	For financials, please contact Mark Goodman at mark@goodmanreport.com.

The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.