The National Apartment Group - BC is pleased to present the exclusive opportunity to acquire a well-maintained 17-suite rental apartment building prominently located in the prestigious Fairview Neighbourhood, long regarded as one of the strongest rental markets in Canada.
The property represents an immediate value-add opportunity and is located within the Broadway Corridor Plan Study Area, creating potential redevelopment opportunities in the future. Other reasons why this offering is unique include:
- Location: Located directly across from Vancouver General Hospital and just one block from the vibrant West Broadway Corridor, providing access to transit & Amenities.
- Transit/SkyTrain: There are bus stops for The University of British Columbia (UBC) and Downtown Vancouver just steps from the building, and Broadway-City Hall Canada Line SkyTrain Station is within walking distance. It will also be around the corner from the future SkyTrain station at Oak Street along the Millennium Line Broadway Extension.
- Rental Upside: With existing rents well-below market, there is an opportunity to modernize the units upon turnover and re-lease at market rents to drastically increase yield.
- Potential to Create Additional Units: There are a number of common area spaces which may potentially be converted into additional rental suites.
- Unique Zoning: The current zoning is CD-1 (137) which allows a maximum density of 1.70x FSR, and permitted uses include apartment building and hospital related uses including medical/dental office and laboratory facilities. There are only a handful of properties with this unique zoning in Fairview/South Granville.
- Future Densification/Assembly Potential: The review of the Broadway Corridor Plan, estimated to be completed by December 2020, may provide for potential densification of the area and/or land assembly opportunities in the future.