Redevelopment potential! The site is improved with a well-maintained 8-suite low-rise rental apartment building on the west side of Main Street between E 33rd and E 35th Avenues.The property falls within the Little Mountain Adjacent Area Rezoning Policy which allows for redevelopment for low to mid-rise apartments from 4 to 6 storeys (maximum of 2.3 FSR). There is potential to expand the site with the properties on either side (to the north and south) with similar lot dimensions of 5,454 SF each for an assembly of 3 low-rise rental buildings totalling 16,343 SF.
Other neighbourhood developments
There is notable redevelopment activity happening in the immediate area:
- The sold out East Park project by Boffo Developments is situated to the south and similar in site size to the subject site (assuming the neighbours on either side were assembled). The development features 71 units over 5 storeys.
- Bogner Developments has a corner site a block over to the south on 35th and Main currently in the planning stages of redevelopment
- Redevelopment has been proposed for a 21,000 SF site on the southeast corner of Quebec Street and 33rd Avenue—just west of Main Street by Aoyuan Canada. Will feature a six-storey strata residential building with 55 homes.
- Low-rise rental building (2 storeys in front; 3 at rear)
- Tenant storage (9 lockers)
- Each suite has it’s own electric hot water tank—billed directly to tenant
- High efficiency boiler (installed 2011) + workshop area
- Windows are double-glazed vinyl (2001)
- Suite #2 recently renovated—3 stainless steel appliances; Ikea cabinets, LED lighting/dimming
- Roof & plumbing in good shape—maintained as needed
- Radiant baseboard hot water heat
- 1 washer/2 dryers owned by building
- Parking: 7 surface stalls at rear included in rent
This property is conveniently situated near Queen Elizabeth Park and Hillcrest Centre. Prime walkable location, just steps away from Main Street’s eclectic variety of bustling cafes, restaurants and shopping. Excellent connection to public transit with two adjacent bus routes terminating at UBC or Downtown, and King Edward. Canada Line a short distance away.
|No. units||Average size||Average rent|
|1 bedroom||No. units4||Average rent$1,119|
|2 bedroom||No. units3||Average rent$1,165|
|2 bedroom & den||No. units1||Average rent$1,290|
|Financing||Treat as clear title.|
|Income and expenses|
Net operating income
The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is not guaranteed by Goodman Commercial.