Tamarac Apartments
1160 Broughton Street, Vancouver
SOLD $29,750,000
Overview
Tamarac Apartments is a 10-storey 75-suite concrete rental tower located in Vancouver’s coveted West End neighbourhood. Built in 1970, the property is improved on the southeast corner of Broughton & Pendrell Street on a 12,969 SF (99’ x 131’) RM-5 zoned lot and built over one level of underground parking.
This well-maintained building is situated on a character-filled, tree-lined street just one block north of Davie Street. The suite mix comprises 37 bachelors, 37 one-bedrooms and one two-bedroom. Other highlights include views of the ocean to the south and mountains to the north from the upper floors, 2 new elevators, 3 sets of owned washer/dryers and ample parking including 23 secured underground stalls and 15 surface.
Infill development Potential
As per the West End Community Plan, the property carries the potential for infill development of under-utilized lane frontage. A development application submitted in 2018 proposed a new 4-storey laneway stacked townhouse building comprising 6 new market rental units. This was ultimately put on hold for the time being as construction began for a new neighbouring luxury development.
Upgrades
Tamarac has undergone significant capital upgrades over the years including two new elevators (2021), two new 55-gallon sump pumps (2015), new water main supply lines (2020), torch on roof (~2011), plumbing retrofit, to name a few. Many of the suites have also been updated, along with the lobby area and hallways.
Location
Tamarac is conveniently located one block north of Davie Street, just steps from the renowned Davie Village, one of the most culturally diverse neighbourhoods in the city. The popular pedestrian friendly area is considered one of the “main drags” of the neighbourhood, featuring a wide variety of shops, hotels, nightlight and bards, restaurants, and grocery stores. Robson Street, Vancouver’s pre-eminent high-end shopping destination, is only a 5-minute walk. Finally, Tamarac is within a close walking distance to Sunset Beach and to the lush greenery of the world famous thousand-acre Stanley Park.
Since the adoption of the West End Community Plan in 2013, the neighbourhood has seen the completion of several high-profile developments, adding new commercial and residential space to the neighbourhood. This new mix of space has added to the vibrancy and attractiveness of the already established West End neighbourhood.
Suite mix
No. units | Average size | Average rent | |
---|---|---|---|
Bachelor | No. units37 | Average size444 SF | Average rent$1,027 |
1 bedroom | No. units37 | Average size520 SF | Average rent$1,263 |
2 bedroom | No. units1 | Average size650 SF | Average rent$1,800 |
Financials
Financing | Treat as clear title | |
---|---|---|
Assessment 2021 | Land Building Total | Land$8,754,000 Building$20,353,000 Total$29,107,000 |
Taxes 2020 | $83,846 | |
Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income$1,057,198 Vacancy(5,286) Effective gross$1,051,912 Operating expenses(386,818) Net operating income$665,094 |
Notes | Contact listing agent for more information. |
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