Grandview-Woodland Site

1332 & 1336 East 2nd Avenue, Vancouver

SOLD $3,550,000

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Price $3,550,000

Property type Development opportunity with holding income

Lot size 66’ × 124’ (8,184 SF)

Zoning RM-4

Floor space ratio 2.4

Development potential Up to 6 storeys / 19,642 SF buildable

Price per SF buildable $181

PID 015-284-085 and 015-284-093

Sale price $3,550,000

Sale date 06/14/2022

Overview

Two side-by-side lots totalling 8,184 SF located in Vancouver’s vibrant Grandview-Woodland neighbourhood. The site is improved with two income producing buildings: 1332 E 2nd is a single-family home containing 2 suites while 1336 E 2nd is an 8-unit townhouse building. The properties can be purchased together or individually – see pricing below. The 8-unit townhouse building features a suite mix of all two-bedrooms and a 3.3% cap rate!

Address	1332 East 2nd Avenue	1336 East 2nd Avenue	Total
Building	Single-family home	8-unit townhouse building	–
Lot size	3,844 SF	4,340 SF	8,184 SF
Price	$1,550,000	$2,000,000	$3,550,000
Cap rate	–	3.3%	–

The two lots combine for 66 feet of frontage along East 2nd Avenue and 124 feet of depth, providing lane-access at the rear, with 1332 E 2nd Avenue also sharing an abutting lane to the west of the property.

There are many value-add options available for this property including renovation of current buildings or buy and hold for future redevelopment under the Grandview-Woodland plan. The properties’ development potential under the community plan calls for up to 2.4 FSR / 6 storeys.

Location

Grandview-Woodland is one of the most culturally diverse neighbourhoods in the region. It’s a walkable mix of light industrial, commercial amenities and residential housing. The subject properties are conveniently located one block east of Clark Drive and just 4 blocks west of Vancouver’s popular Commercial Drive, affording a mix of cafes, bars, restaurants, and other everyday retail amenities.

The City’s goal for the community is for it to evolve into a mixed-income transit-orientated neighbourhood rich with culture. The Grandview-Woodland plan will bring further revival to parks and social spaces, along with the addition of more housing options for the potential of about 10,000 more people over the next three decades.

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Financing	Treat as clear title.
Assessment 2022	Land Building Total	Land$3,277,000 Building$1,064,000 Total$4,341,000
Taxes 2021	$15,403
Notes	For the financials, 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.