Commercial For For Sale

1983 Commercial Drive

Summary

CIVIC ADDRESS 1983 Commercial Drive, Vancouver, BC
PID 013-178-954
LEGAL DESCRIPTION LOT H OF LOTS 18 TO 21 BLOCK 145 DISTRICT LOT 264A PLANS 1667 AND 1771
YEAR BUILT 1906
CURRENT ZONING C-2C1 / RM-4
OCP DESIGNATION Commercial Drive “Core” - Traditional / Historic Shopping District (4-Storeys)
SUITE MIX Bachelor                      2

1 Bed                            6

2 Bed                            3

Total: 11 Residential Units

COMMERCIAL UNITS 3 Ground Floor Retail Units
CURRENT OCCUPANCY 100% Leased
SITE SIZE*
*sizes are estimated
and subject to further
verification
10,504 SF
FINANCING Assume Clear Title
STABILIZED NOI $247,907
LIST PRICE $6,495,000

The Opportunity

CBRE Limited and The National Apartment Group - BC are pleased to present a rare opportunity to acquire the 100% interest in 1983 Commercial Drive, an investment property that offers assembly potential comprised of 11 residential rental suites and 3 retail units prominently located on Vancouver’s trendiest street…Commercial Drive.

The landmark building is located on the Northwest corner of Commercial Drive and East 4th Avenue. Commercial Drive, also known as “The Drive” is a very prominent street in Vancouver and is known for its diversity and numerous unique offerings such as shopping, dining, and entertainment options.

The buildings high traffic and livable location will continue to attract and retain both residential and commercial tenants and ensure 1983 Commercial Drive will remain a sought-after address for years to come.

Further information is available through the execution of a Confidentiality Agreement and offers will be presented as they are received for the Vendor’s consideration.

Investment Highlights

+ UNIQUE ASSET TYPE: Boutique mixed-use investment opportunity located on “The Drive”… Vancouver’s trendiest street.

+ DESIRABLE EAST VANCOUVER LOCATION: Located in the heart of Commercial Drive, residential tenants are literally just steps from a host of shops, restaurants, amenities, and places of employment and commercial tenants benefit from the high foot traffic.

+ STRONG MARKET FUNDAMENTALS: East Vancouver and specifically “The Drive” are one of the strongest rental markets for investors in Canada.

+ RECORD LOW VACANCY RATES: Low vacancy (0.5%) and strong demand for rentals in the area support the opportunity to grow the rental revenue in the building.

+ REDEVELOPMENT POTENTIAL: Designated in the official Grandview/Woodland Neighbourhood Plan as Commercial Drive “Core”- Traditional/Historic Shopping District (4-Storeys)

+ RENTAL UPSIDE: Rents are significantly below market in the building providing rental growth potential and the opportunity to improve cash flow from both residential and retail units

Property Photos

Address:
1983 Commercial Drive, Vancouver, BC
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