Apartment Property Sold

The Henrietta Apartments

Summary

CIVIC ADDRESS 1445 West 10th Avenue, Vancouver, BC
SITE SIZE 015-019-721
SUITE MIX 11 x One-Bedroom Suites
SITE SIZE 6,250 SF (50' x 125')
CURRENT ZONING RM3
OCP DESIGNATION 1.45 FSR
CURRENT NOI $161,098
STATUS SOLD

The Opportunity

The CBRE National Apartment Group - BC is pleased to present the exclusive opportunity to acquire The Henrietta Apartments, a well-maintained 11-suite income producing rental apartment building prominently located in the prestigious Fairview neighbourhood in Vancouver, long regarded as one of the strongest rental markets in Canada!

The offering provides a competitive inital 2.75% cap rate on list price and additionally provides a future value-add opportunity to increase rental income upon turnover, modernization & re-lease of units at market rents. The property is also located within the Broadway Corridor Plan Study area, creating potential redevelopment opportunities in the future, and will be
just around the corner from the future South Granville Millennium Line Broadway extension station, which is expected to be completed in 2025.

Investment Highlights

  • Exceptional location: Immediate access to transit & a variety of highly sought-after amenities, steps from future SkyTrain station, and only a 5 minute drive from Downtown Vancouver;
  • Rental Income Upside: With many of the suites at below market rents, there is a significant income upside opportunity to modernize the suites upon turnover and re-lease at market rents;
  • Strong Market Fundamentals: Fairview boasts one of the lowest vacancy rates in Metro Vancouver at 0.5% (CMHC). The lack of rental housing supply, increasing rental rates & home prices in Vancouver combined with historically low vacancy rates support long-term income growth for the Subject Property;
  • Possible Rezoning for Future Redevelopment: The Property is situated in the Broadway Study Plan (estimated to be completed in 2020 and may be considered for densification/rezoning due to its proximity to the Millennium Line Broadway Extension;
  • Secure Investment: Historically high occupancy, tightening rental market and consistent appreciation in multi-family property values make this an extremely appealing investment property.

Location Highlights

1445 West 10th Avenue is located in the heart of the South Granville area in the Fairview neighbourhood, just off of Granville Street and one block South of West Broadway. The area boasts quick and easy access to some the best amenities, including grocery, restaurants, cafes, and entertainment all within walking distance of the property, as well as quick access to the 99 B-Line Bus which runs all the way down West Broadway from the University of British Columbia to Commercial Drive, and the 010 Downtown Bus just around the corner from The Subject Property. The Henrietta Apartments will also be less than 200 meters from the future South Granville Subway Station, providing greater transit connectivity throughout Metro Vancouver.

Broadway Corridor Plan Study Area
The Subject Property has been identified as part of the Broadway Corridor Plan (BCP) Study Area, which has a vision for increased densification, particularly rental and affordable housing, near transit connections to better connect residents to employment sites. More importantly, the BCP intends to provide developers and property owners with guidance and clarification on what forms of development will be permitted for the area upon completion of the review, which is estimated for the end of 2020.

Property Photos