1455 West 8th Avenue, Vancouver
Creswell Apartments represents an exceptional opportunity to purchase a 25-suite, 104-year-old rental apartment building on a C-3A zoned site in the Burrard Slopes area of Vancouver. This is a unique offering with original details including hardwood flooring, crown moldings and façade. Situated on the north side of W. 8th, between Granville and Hemlock Streets, this character building features a suite mix comprising 3 bachelor, 18 one-bedroom and 3 two-bedroom suites.
- Historic 25-suite character building
- Laundry area features one washer and one dryer plus two large sinks
- Property is listed on the City of Vancouver’s Heritage Registry under Category “C”
- Suites 2 and 3 share a washroom
- Super Hot furnace
- Gas stoves
- Torch on roof
- Rents significantly under market
- Newer hot water tanks
- New torch on roof
- Newly constructed fire escape at rear of property
- Annunciator panel
- Appliances renewed as required
The Masonic Hall site is located next door to the west and is currently undergoing a rezoning process to allow for the construction of an 18-storey secured rental building and new Vancouver Masonic Centre.
If successful, a 4-storey building fronting W. 7th Avenue and an 18-storey, 154-unit rental building fronting W. 8th Avenue, will be constructed. The open house was held April 26, 2016 and a public hearing will be scheduled at a later date.
- Undertake a major retrofit of entire building and restore to its original character and former glory;
- Future potential may exist to redevelop site under the C3-A zoning. Also possibility to merge with adjacent property to the east;
- Potential may exist to propose a creative application involving heritage incentives.
|No. units||Average rent|
|Bachelor||No. units3||Average rent$505|
|1 bedroom||No. units18||Average rent$813|
|2 bedroom||No. units3||Average rent$927|
|Financing||Treat as clear title.|
|Income and expenses|
Net operating income
|Notes||For a detailed rent roll and expenses 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.