Lakehill Apartments
1435 Pendrell Street, Vancouver
SOLD $8,375,000
Overview
Quintessential West End location! Lakehill Apartments is a well-maintained 21-unit 3-storey apartment building located in Vancouver’s most prominent and sought-after rental market. Constructed in 1959, the property is improved on a 66’ x 131’ (8,646 SF) RM-5 zoned lot. The property is held in a bare trust.
The building features a suite mix of 3 bachelors, 17 one-bedrooms and 1 two-bedroom. Other highlights include balconies for select suites, storage lockers, two sets of owned washer/dryers and surface parking for 6 vehicles.
There have been a series of capital upgrades over the years including new exterior paint and double-pane windows (~2019), new roof and repiping (~2001), updated balconies (~2019) and suite renovations (~50%). Additionally, suites 101 & 307 feature in-suite laundry and dishwashers.
Location
Lakehill Apartments is located on a picturesque mature tree-lined street on the north side of Pendrell Street. Located 2 blocks north of Davie Street and just 3 blocks east of Denman Street, the building is within walking distance to two of the West End’s most pedestrian friendly commercial nodes, offering a mix of bars, restaurants and other everyday retail amenities.
The past few years has also seen the completion of several high-profile development sites, adding new residential and commercial space to the urban landscape. This new diverse mix of space adds to the vibrancy and attractiveness of the already popular West End neighbourhood. Finally, the building is situated within a short 8-minute walk to Sunset Beach and close to the world famous thousand-acre Stanley Park.
Suite mix
No. units | Average size | Average rent | |
---|---|---|---|
Bachelor | No. units3 | Average rent$1,086 | |
1 bedroom | No. units17 | Average rent$1,280 | |
2 bedroom | No. units1 | Average rent$1,753 |
Financials
Financing | Treat as clear title. | |
---|---|---|
Assessment 2020 | Land Building Total | Land$6,484,000 Building$2,417,000 Total$8,901,000 |
Taxes 2020 | $26,481 | |
Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income$329,792 Vacancy(1,649) Effective gross$328,143 Operating expenses(108,831) Net operating income$219,312 |
Notes | For more information, please contact the 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.
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Manraj Dosanjh
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
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Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Manraj Dosanjh
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3