South Granville Apartment Portfolio

Overview

Building	Montrose	Randolph	Regent Court
Address	1190 West 12th Avenue, Vancouver	1176 West 12th Avenue, Vancouver	1156 West 12th Avenue, Vancouver
Year built	1923	1924	1957
Lot size	12,500 SF (100’ × 125’)	9,375 SF (75’ × 125’)	9,375 SF (75’ × 125’)
Storeys	2	3	3
Units	23	10	13
Net rentable	13,565 SF	6,220 SF	10,920 SF
Parking	5	8	9
Taxes (2020)	$25,609	$14,536	$19,864
Assmt. (2021)	$8,264,000	$4,785,800	$6,401,000

Strategic investment opportunity to acquire a 3 building, 46-suite rental apartment portfolio affording 250’ frontage along West 12th Avenue.

This location is a key arterial and part of the ongoing Broadway Plan study area. The Broadway Plan is anticipated to be finalized late 2021 and will focus on opportunities to integrate development around the new Broadway Subway, slated to complete in 2025.

This is a unique opportunity to acquire an assembled portfolio, all in a row, on a large overall site size of 31,250 SF. Professionally managed and kept, the buildings’ distinguished features have been maintained and updated throughout the years, significantly increasing their overall appeal. Please note that unit #10 at 1176 West 12th and unit #24 at 1190 West 12th are possibly unauthorized suites.

Upgrades

Montrose (1190 West 12th)

• Approximately one half of the roof replaced with torch-on membrane in 2002
• Several water lines replaced from 1996-2002 and 2011-2012
• Pad footings in center of building were rebuilt in 1996
• Major re-piping done in 2011-2012
• Laundry machines updated
• Newer parking asphalt at rear
• Rear awning added in 2013
• Feature window added in June 2014
• Exterior walls insulated, painted and new double glass in vinyl frame windows

Randolph (1176 West 12th)

• Roof partially redone in 2007
• Each suite has electric baseboard heating and individual hot water tanks (unique to this building only)
• Portion of the north-east corner framing in crawl space replaced in 2000
• New exterior drainage at rear (2010)

Major renovation in 2011/2012 included the following upgrades:

• New insulation to walls & ceiling
• Stucco on building repaired and painted
• New double glass windows installed
• Common corridors installed with new carpets, paint and lighting
• New asphalt in rear of building
• Several suites renovated

Regent Court (1156 West 12th)

• Roof torch on membrane replaced in 2014
• Gas fired boiler heat system replaced in 1987
• Building partially re-piped in 2014

Major renovation in 2011/2012 included the following upgrades:

• Double glass in vinyl frame windows
• Stucco repaired and entire building painted
• Parking area paved with new asphalt
• New laundry machines installed
• Interior wall and flooring finishes redone

Location

The properties are located in a walker’s paradise just 3 blocks west of Granville Street between West Broadway & West 16th Avenue in South Granville. 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 provides access to and from the downtown core and to South Richmond (YVR). Public transportation and shopping is available in the immediate area, along Granville Street, Oak Street and West Broadway. South Granville’s prime 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 a theatre, to name a few.