Six-storey rental site

Corner of Main & East 33rd, Vancouver

SOLD $11,500,000

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Price $11,000,000

Property type Multi-family rental development site

Units 4 commercial units + 65 residential units

Storeys 6

Net rentable area 52,576 SF (9,035 SF for CRU & 43,541 SF for residential)

Lot size ~165’ × 112’ (18,487 SF)

Zoning RT-2 Two-Family Dwelling

Parking 60 stalls (12 for CRU & 48 for residential)

Floor space ratio 3.3 FSR

Development potential 61,140 SF buildable

Price per SF buildable $180

PID 014-902-494, 008-136-831, 014-902-508, 014-902-516, 014-902-524

Sale price $11,500,000

Sale date 04/06/2021

Overview

Rare opportunity to acquire an 18,487 SF rental development site in one of Vancouver’s hottest neighborhoods on East 33rd Avenue and Main Street. Currently improved with 1 multi-unit & 4 single-family homes, the properties may be redeveloped to a six-storey multi-family rental building. Enquiry application has been submitted under the Interim Rezoning Policy and a dialogue has commenced with the City of Vancouver. Assuming a 3.3 FSR based on the latest plan, this represents a density up to 61,140 SF (concept & proposed only*).

Location

One of Vancouver’s hottest rental neighbourhoods on the southeast corner of East 33rd Avenue & Main Street.

The site is located in the popular Riley Park neighbourhood of Vancouver conveniently situated near Queen Elizabeth Park, Nat Bailey’s Stadium and Hillcrest Community Centre. A prime walkable location, the property is just steps away from Main Street’s eclectic variety of bustling cafes, restaurants, antique shops, record stores, fashion boutiques, coffee hangouts, butcher shops, community centres, and a thriving farmers’ market.

The subject property features excellent accessibility due to its central location and is well served by major transportation and transit corridors. Conveniently situated near two adjacent bus routes providing easy access to UBC and Downtown. A SkyTrain station is only a short distance away at King Edward and Cambie.

Recent and upcoming developments in the immediate area

Show less

	No. units	Average size
Commercial	No. units4	Average size2,259 SF
Studio	No. units18	Average size460 SF
1 bedroom	No. units6	Average size553 SF
1 bedroom + den	No. units12	Average size601 SF
2 bedroom	No. units7	Average size863 SF
2 bedroom + den	No. units21	Average size838 SF
3 bedroom	No. units1	Average size1,078 SF

Financials

Financing	Treat as clear title.
Assessment 2020	Land Building Total	Land$1,719,200 Building$5,435,000 Total$7,154,200
Taxes 2019	$28,408
Notes	For more information, please contact the listing agent. *Note: Density, suite mix, parking, and net rentable area based on architectural plans. Some of the rental suites in the buildings are unauthorized.

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