Apartment Property For Sale

The Louise Court Apartments

Summary

CIVIC ADDRESS 1777 Frances Street, Vancouver, BC
PID 015-164-055
SUITE MIX One-Bed      27
Bachelor      32
Total =       59
SITE SIZE 26,840 SF (220' x 122')

*approx & subject to verification
NET RENTABLE AREA 32,519 SF
CURRENT ZONING RM-4
OCCUPANCY 100% Leased
PARKING 59 Underground Stalls
STABILIZED NOI $495,854
STATUS SOLD

The Opportunity

The CBRE National Apartment Group - BC is pleased to present the opportunity to acquire the 100% interest in the Louise Court Apartments, a fully leased & well-maintained 3-storey 59-suite rental apartment building with secured underground parking situated on a large corner lot in the heart of East Vancouver, just steps from the vibrant Commercial Drive & Port Town neighbourhoods and only minutes from Downtown Vancouver.

The property comprises an excellent suite mix of spacious one-bedroom suites and large bachelor suites (ranging from 438 - 554 SF), many of which could potentially be converted into junior one-bedroom suites as an opportunity to further increase overall return on investment.

Investment Highlights

  • Prime East Vancouver Location: The Property is well located in East Vancouver’s highly sought-after Commercial Drive neighbourhood, just steps from transit and an excellent assortment of restaurants, boutique shops and services, a vibrant music and bar scene, cafes, and specialty food stores.
  • A Building of Scale: In a market dominated by smaller apartment buildings, the Louise Court Apartments offer investors a unique opportunity to acquire a building of scale with 59 larger than average suites, providing both operational and management efficiencies.
  • Upside & Repositioning Opportunity: The Louise Court Apartments offer prospective investors the opportunity to increase cash flow by raising rents to market on turnover and repositioning and converting the large studio suites to Junior one-bedroom suites.
  • Long-term Future Redevelopment Potential: The Subject Property is prominently situated on a large 26,840 square foot corner lot with 220’ of prime frontage onto Frances Street and is included in the Grandview-Woodland Official Community Plan (OCP), which allows for redevelopment of up to 6-storeys with a maximum density of 2.4 FSR.
  • Recent Capex Improvements: The building has undergone a number of capital improvements in recent years, some of which include: partial roof replacement, plumbing updates, balcony updates as required, new common area lighting & carpets, and updated kitchen and bathroom fixtures in a number of the suites.
  • 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.

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