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The Garth Apartments

1133 Barclay Street, Vancouver

SOLD $15,200,000

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Price 15,700,000

Units 31

Storeys 3 plus penthouse

Year built 1956

Lot size 66’ × 131’ (8,646 SF)

Zoning RM-5B

Price per unit $506,452

Cap rate 2.8%

Gross income multiplier 27.2

Parking 6 covered surface stalls

PID 015-753-310

Legal description Lot 14 Block 20 District Lot 185 Plan 92

Sale price $15,200,000

Sale date 12/16/2021

Overview

The Garth Apartments is a substantially renovated 31-suite 3-storey plus penthouse apartment building located in Vancouver’s renowned West End neighbourhood. The property is situated mid-block on Barclay Street, just two blocks south of Robson Street and one and a half blocks west of the arterial Burrard Street corridor.

Built in 1956 and improved on a 66’ x 131’ (8,646 SF) RM-5B lot, the building’s suite mix comprises 19 bachelors, 8 one-bedrooms, 3 two-bedrooms and 1 two-bedroom penthouse which features an in-suite washer/dryer and wrap-around deck. Other highlights include dishwashers in every suite, 4 common area security cameras, 2 leased washer/dryers, storage lockers, Telus Fibre-Optic high-speed internet connection, a sprinkler system on the main floor and 6 covered surface parking stalls located at rear of building. The property is held in a bare trust.

Location

The Garth Apartments is centrally located in Downtown Vancouver in the City’s highly desirable West End neighbourhood. The property is situated on the north side of Barclay Street, between Bute and Thurlow Street. Its pedestrian friendly location affords quick access to a variety of notable Downtown amenities including a mix of bars, retail and restaurants located on Robson Street, and is within a short walking distance to the central business district and the Provincial Court of British Columbia.

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.

Building upgrades

The building underwent a significant renovation which included the following updates (completed in 2008 unless otherwise denoted):

Roof replacement with new torch-on membrane
New exterior paint and double-pane windows (exterior repainted again in 2020)
Modern suite renovations featuring new kitchen cabinets, granite countertops, stainless steel sinks, faucets and appliances, and updated backsplash and lighting
Refinished original oak flooring throughout living spaces and new tiled flooring in kitchens and bathrooms
Electrical panels and outlets
Bathroom updates and additions including exhaust fans, retiled tub surrounds and new mirrored vanities
New intercom system and mailboxes
Two high-efficiency IBC wall-mounted boilers (replaced in 2021)
Building re-piped (2002)

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	No. units	Average size	Average rent
Bachelor	No. units19	Average size 406 SF	Average rent $1,421
1 bedroom	No. units8	Average size 505 SF	Average rent $1,521
2 bedroom	No. units3	Average size 693 SF	Average rent $2,033
2 bedroom PH	No. units1	Average size 725 SF	Average rent $2,300

Financials

Financing	Treat as clear title.
Assessment 2021	Land Building Total	Land$5,836,000 Building$6,056,000 Total$11,892,000
Taxes 2021	$35,985
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$580,687 Vacancy(2,903) Effective gross$577,784 Operating expenses(140,616) Net operating income$437,168
Notes	For detailed financial 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.