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Bayside Towers

1846 Nelson Street, Vancouver

SOLD $20,450,000

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Price $22,000,000

Property type Apartment building

Units 43

Storeys 10

Net rentable area 20,830 SF

Year built 1964

Lot size 8,646 SF (66’ × 131’)

Zoning RM-5B

Price per unit $511,628

Cap rate 3.1%

Gross income multiplier 23.6

Parking 8 secured underground and 14 surface stalls

Development potential Excess infill development potential under current zoning

PID 015-344-932

Legal description Lot 4 Block 69 District Lot 185 Plan 92

Sale price $20,450,000

Sale date 06/20/2024

Overview

Bayside Towers is a 10-storey 43-suite concrete rental tower located in Vancouver’s most prominent and sought-after rental market – the west of Denman neighbourhood. Built in 1964, the property is improved on an 8,646 SF RM-5B zoned lot and built over one level of underground parking.

This well-maintained West End building stands tall on a scenic pedestrian-friendly node featuring mature tree-lined streets with panoramic views of the ocean to the south and mountains to the north. The suite mix comprises 41 one-bedrooms and 2 one-bedroom penthouse suites.

Other highlights include a common area rooftop patio, security cameras, 1 elevator, 2 sets of leased washer / dryers, owner and tenant storage lockers (44); office / workshop, bike storage rooms (2) and ample parking including 8 secured underground stalls and 14 surface. All suites except 4 feature a Juliette balcony (units 901/902 have a small balcony; units 101/105 have a large balcony).

The underdeveloped southern portion of the site is well-positioned for infill development to capitalize on growing housing demand in this rapidly changing area.

Upgrades

Bayside Towers has undergone a series of capital upgrades over the years including:

New roofs (2023)
2 hot water tanks (2018)
Common area light fixtures (2023)
Breaker panels (2023)
Full repipe (2000)
Both furnaces replaced (2011 + 2015)

24 suites have been upgraded with paint, light fixtures, flooring, electrical, bathroom: mirrors, lighting, vanity

Additionally, 3 units (102, 403, 802) have been completely renovated (2016).

Location

Bayside Towers is situated on the south side of Nelson Street, between Gilford and Denman. The sunny beaches of English Bay and the lush greenery of the world famous thousand-acre Stanley Park is only a short walk away.

The building’s proximity to Denman Street offers tenants convenient access to a wide variety of shops, cafes and restaurants, while the Downtown core is only a 15-minute walk. Leafy tree-lined boulevards and traffic calmed streets truly make this one of the most desirable locations in all of Vancouver.

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	No. units	Average size	Average rent
JR 1 bedroom	No. units16	Average size 430 SF	Average rent$1,613
1 bedroom	No. units25	Average size 500 SF	Average rent$1,846
1 bedroom penthouse	No. units 2	Average size 725 SF	Average rent$2,213

Financials

Financing	Treat as clear title.
Assessment	Land Building Total	Land$5,057,000 Building$12,532,000 Total$17,589,000
Taxes 2023	$52,400
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$938,153 Vacancy(4,691) Effective gross$933,462 Operating expenses(241,420) Net operating income$692,042
Notes	For a rent roll and expense statement, please contact listing agent.

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