Overview
The Newport is a 27-suite three-storey rental apartment building located steps from a variety of popular restaurants and retail amenities on Main Street in Vancouver’s vibrant Mount Pleasant neighbourhood.
Built in 1967 and improved on a large 17,424 SF lot, the property features a suite mix of 26 one-bedrooms and one two-bedroom. Other highlights include patios or balconies, storage lockers for all tenants, two sets of owned washer/dryers and surface parking for 19 cars at the rear (4 of which are covered).
Location
The Newport is located in the heart of Mount Pleasant, regarded as one of Vancouver’s coolest neighbourhoods with its eclectic mix of cafes, craft breweries and some of the city’s most exciting new restaurants. With the future Broadway Subway Line scheduled to complete in 2025, the area is poised to grow even more popular as one of the city’s premier amenity-rich destinations.
The property’s central location – just a half-block west of Main on the southside of E 16th Ave – provides convenient access to public transit and is within a short distance to growing employment areas such as Mount Pleasant’s office / industrial lands and the new St. Paul’s Hospital scheduled to complete in 2026.
Upgrades
- Double-pane windows / sliding doors (2006)
- Electric breakers for all suites (2013)
- 2 high-efficiency Burnham boilers (2008)
- Roof in good condition (~2005)
- Suites updated as required on turnover (appliance, flooring, paint, countertops, etc.)
- Plumbing updated as required
- Balcony updates
Suite mix
| No. units | Average size | Average rent | |
|---|---|---|---|
| One bedroom | No. units26 | Average rent$1,321 | |
| Two bedroom | No. units1 | Average rent$1,258 |
Financials
| Financing | Treat as clear title. | |
|---|---|---|
| Assessment 2020 | Land Building Total | Land$7,958,000 Building$2,458,000 Total$10,416,000 |
| Taxes 2020 | $27,981 | |
| Income and expenses | Gross income Vacancy Effective gross Operating expenses Net operating income | Gross income 436,608 Vacancy(2,183) Effective gross$434,425 Operating expenses(123,626) Net operating income$310,799 |
| 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
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
Mortgage calculator
Contact
Mark Goodman
Personal Real Estate Corporation
mark@goodmanreport.com
(604) 714 4790
Goodman Commercial Inc.
560–2608 Granville St
Vancouver, BC V6H 3V3
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