Apartment For Sold

Marvista Manor Apartments


CIVIC ADDRESS 1235 West 70th Avenue, Vancouver, BC
PID 013-782-461
SUITE MIX 9 - One Bedroom Suites
SITE SIZE 7,761 Sq. Ft.
OCP DESIGNATION Marpole - Hudson Apartment up to 6-storey & 2.5 FSR
NOI $116,419 | 3.5% Cap Rate
LIST PRICE $3,295,000 | $170 BSF

The Opportunity

The Marvista Manor Apartments offers investors the opportunity to acquire a cash-flowing apartment building with future redevelopment potential. The building is strategically located mid-block on West 70th Avenue just West of Oak Street in the growing Marpole neighbourhood on Vancouver’s westside. The property is walking distance from the South Granville Retail Commercial corridor, providing immediate access to an excellent mix of restaurants, specialty shops & services, grocery, and many other tenant-friendly amenities and convenient access to transit including the Canada line Marine Drive Station. The recent transformation of the nearby Granville Corridor and the Marine Gateway area has attracted an influx of new residents and notable retailers. Furthermore, the property is located in the Marpole Community Plan which supports redevelopment up to 6 storeys.

Investment Highlights

  • Building is attractively priced at a 3.5% Cap Rate at $170/BSF.
  • Building is included in the Marpole OCP supporting redevelopment up to 6-storeys.
  • Property has benefited from improvements including new windows, updated common areas and renovations to a number of suites.
  • Marpole continues to provide one of the strongest rental markets for investors in Canada.
  • Marpole has one of the lowest vacancy rates in all of Metro Vancouver (0.4% in 2022).
  • Several rents in the building are below market providing upside and the opportunity to improve cash flow.

Property Photos

1235 West 70th Avenue, Vancouver, BC