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Winston Apartments

145 East 15th Avenue, Vancouver

SOLD $7,550,000

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Price $7,500,000

Property type Apartment building

Units 23

Storeys 3

Year built 1968

Lot size 12,063 SF (99’ x 122’)

Zoning RM-4

Price per unit $326,087

Cap rate 4.0%

Gross income multiplier 17.7

Parking 18 secured undergound stalls

Development potential Up to 20 storeys and 6.5 FSR under the Broadway Plan

PID 010-008-802, 010-008-845

Legal description Lots 12 & 13 Block 51 District Lot 302 Plan 8596

Sale price $7,550,000

Sale date 11/13/2025

Overview

Winston Apartments is a well-maintained, 23-suite low-rise rental building located in Mount Pleasant, one of Vancouver’s most desirable and in-demand rental markets.

Constructed in 1968 on a 12,063 SF lot (99′ x 122′), the property offers strong in-place cash flow with significant revenue upside. The suite mix includes 6 bachelors, 12 one-bedrooms, and 5 two-bedrooms. Building features include private balconies, two sets of owned washer/dryers, secured underground parking (18 stalls), tenant storage lockers (24), and a dedicated bike storage room.

Notable upgrades include ongoing suite renovations upon turnover; installation of electrical breakers in all suites (2013); replacement of domestic and heating water lines (2020); new torch-on roof (2012); double-pane windows; new boiler and hot water tanks (2019); exterior repainting (2022); new fire panel (2025).

Additionally, the property offers significant future redevelopment potential under the Broadway Plan, with a high-density designation permitting rezoning for up to 20 storeys and 6.5 FSR.

Land use policy

The property is located within Mount Pleasant South Apartment Areas – Area B – Residential Apartment Areas (MSAB) of the Broadway Plan and falls within Tier 3 of the Transit-Oriented Areas rezoning policy.

MSAB allows rezoning for up to 20-storeys and 6.5 FSR as a secured market rental building with 20% of floor space at below-market rents.

Minor increases in height and density (0.3 FSR) may be considered for delivery of ground-level local-serving retail/service uses or childcare.

The MSAB area has a 150-foot minimum frontage requirement, with provisions for a conditional relaxation to 99 feet.

Location

Winston Apartments is ideally located in Mount Pleasant, on the north side of East 15th Avenue, just half a block west of Main Street. The property enjoys a quiet residential setting with immediate access to the vibrant array of shops, restaurants, and services along Main Street. It is also within a short five-minute walk (approximately 500 metres) of the future Mount Pleasant SkyTrain station at Main Street and Broadway.

Mount Pleasant is a dynamic, highly livable neighbourhood known for its eclectic charm, blending heritage architecture with modern development. The area offers excellent public transit connectivity, is a short bike ride from Downtown Vancouver, and is rich in local amenities, including boutique retailers, cafés, and diverse dining options.

The neighbourhood is also a growing hub for creative industries and tech sector employers, and is just a five-minute drive to Vancouver General Hospital (VGH) and the Central Broadway corridor—the second-largest employment centre in British Columbia.

With a vibrant cultural scene, ample green space, access to top employment and educational institutions, and close proximity to downtown, Mount Pleasant attracts a wide demographic—from students and young professionals to families and retirees. Its unique mix of convenience, lifestyle, and character makes it one of Vancouver’s most desirable places to live.

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	No. units	Average size
Bachelor	No. units6	Average rent$1,240
One bedroom	No. units12	Average rent$1,404
Two bedroom	No. units5	Average rent$2,089

Financials

Financing	Treat as clear title
Assessment 2025	Land Building Total	Land$4,903,000 Building$2,233,000 Total$7,136,000
Taxes 2025	$22,804
Income and expenses	Gross income Vacancy Effective gross Operating expenses Net operating income	Gross income$425,976 Vacancy(2,126) Effective gross$422,976 Operating expenses(124,751) Net operating income$298,225
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.