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Park Beach Manor

1925 Nelson Street, Vancouver

SOLD $8,100,000

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Price $8,200,000

Property type Apartment building

Units 21

Storeys 3 + penthouse

Net rentable area 12,200 SF

Year built 1956

Lot size 8,635 SF (66' x 131')

Zoning RM-5B

Price per unit $390,476

Cap rate 3.5%

Gross income multiplier 19.5

Parking 8 secured + 4 surface stalls

PID 015-738-302

Legal description Lot 32 Block 68 District Lot 185 Plan 92

Sale price $8,100,000

Sale date 03/27/2024

Overview

Park Beach Manor is a well-maintained 21-suite 3-storey (plus penthouse) apartment building located in the heart of Vancouver’s West End – an incredible location in the highly coveted “west of Denman” neighbourhood.

Built in 1956 on a 66’ x 131’ (8,635 SF) RM-5B zoned lot, the building comprises many updated suites with a mix of 2 bachelors, 14 one-bedrooms, 4 two-bedrooms and a one-bedroom penthouse with its own private rooftop patio. Other highlights include one set of owned washer/dryers, 21 storage lockers, 8 secured parking stalls and 4 surface parking stalls.

Location

Park Beach Manor is situated on the north side of Nelson Street, between Gilford and Chilco Streets. The property is located 1.5 blocks west of Denman Street and within a short walk to the sunny beaches of English Bay and the lush greenery of the world famous thousand-acre Stanley Park.

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
Bachelor	No. units2	Average size 370 SF	Average rent $1,700
1 bedroom	No. units14	Average size 528 SF	Average rent $1,491
2 bedroom	No. units4	Average size 840 SF	Average rent $2,311
Penthouse	No. units1	Average size 710 SF	Average rent $1,353

Financials

Financing	Treat as clear title.
Assessment 2023	Land Building Total	Land$5,057,000 Building$4,519,000 Total$9,576,000
Taxes 2023	$27,068
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$422,823 Vacancy(2,114) Effective gross$420,709 Operating expenses(133,560) Net operating income$287,149
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.