Apartment Property For Sale

Laguna Beach Apartments

Summary

CIVIC ADDRESS 1516 Burnaby Street, Vancouver, BC
PID 015-745-589
SUITE MIX One-Bed      20
Two Bed        3  
Total =       23
SITE SIZE 8,646 SF *approx & subject to verification
YEAR BUILT 1959
CURRENT ZONING RM-5A
NEW PRICE $11,600,000

The Opportunity

The CBRE National Apartment Group - BC is pleased to present the opportunity to acquire the 100% interest in the “Laguna Beach Apartments”, a wood-frame, 23-suite rental apartment building located on the beautifully tree lined Burnaby Street in the heart of the historic West End of Vancouver.

The offering presents the opportunity for investors to acquire a value-add rental property just blocks from the bustling English Bay and offers tenants convenient access to the downtown core, Denman Street and Stanley Park, which are all within walking distance.

Investment Highlights

  • Prime West End Location: The property is located on the south side of Burnaby Street between Nicola and Cardero Streets in the heart of the Vancouver West End neighborhood. The property is within walking distance to a cross section of tenant friendly amenities, Sunset Beach and the world famous English Bay.
  • Ideal Suite Mix with Penthouse: The building offers an ideal suite mix of one and two bedrooms with a penthouse unit providing both ocean and mountain views which may appeal to an owner operator..
  • Below Market Rent: The current rents are well below averaging $2.73/sq.ft allowing for a significant lift upon tenant turnover and further improvements.
  • Value-Add Opportunity: A value-add opportunity to restore and upgrade the Laguna Beach Apartments through an immediate renovation program. There are currently 3 of the 23 suites that are currently vacant allowing investors to immediately begin renovations and improvements.
  • Recent Capex Improvements: The building has undergone roof repair and replaced with brand new water tank in 2020.
  • Tenure: The property will be offered free and clear of financial encumbrances, providing prospective purchasers the opportunity to capitalize on the current low interest rate environment.

Property Video

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Property Photos

Address:
1516 Burnaby St, Vancouver, BC