Apartment Property Sold

McLean Manor Apartments

Summary

CIVIC ADDRESS 1383 East Broadway, Vancouver, BC
PARCEL IDENTIFIER 010-562-559
LOT SIZE 16,077 Sq. Ft.

(132.03 x 121.94 Ft)*

*All measurements are approximate and subject to verification by the purchaser
SUITE MIX 28 X One-Bedroom
2 X Studio Suites
Total = 30 Suites
NET OPERATING INCOME $301,838
LIST PRICE $11,850,000 ($395,000/Suite)
CURRENT ZONING RM-4N Multiple Family Dwelling

Prime Location

McLean Manor Apartments is ideally located in the heart of Grandview-Woodland, one of Vancouver’s most saught-after neighbourhoods. The Subject Property is ideally situated on East Broadway and is just 3 blocks from the famous Commercial Drive, providing an abudance of amenities, transit options, recreation facilities, dining, and entertainment.

The Subject property is located within the Commercial-Broadway Station Residential Precinct, one of the areas of focus in the Grandview-Woodland plan. This area has access to the city’s and the regions most significant transit hub, which provides access to the Skytrain (Expo, Millenium, and Evergreen lines), as well as the city’s most used bus routes, including the 99 B-Line. Additionally, the new Millennium Line Broadway extension, which will continue from VCC-Clark Station adding an additional 6 stations ending at Arbutus Street, will eventually replace the 99 B-Line bus service and further increase the degree of transit accessibility available at Commercial-Broadway station.

Investment Highlights

  • Excellent Location: Central East Broadway Location, situated within 3 blocks of both the VCC-Clark and Commercial-Broadway SkyTrain stations & walking distance to the vibrant Commercial Drive, comprised of 22 blocks with over 300 unique shops & services;
  • Significant Rental Income Upside: With the building currently achieving below-market rents, there is approximately 80% of rental income upside available throughout the building;
  • Recently Updated: The building has received some updates within the last few years including: newly painted building exterior & fence, newly painted deck balconies & railings, updated carpet & tile in common areas, new radiant hot water boiler, and approx. 15 suites have been improved with updated kitchens, bathroom fixtures, and laminate floors;
  • High Demand for Rental: McLean Manor Apartments is situated in a neighbourhood with a 0.5% vacancy rate, which allows the building to remain leased consistently and provides a steady income stream;
  • Mid to Long-term Redevelopment Potential: Situated on a large 16,077 Sq. Ft. corner site with rezoning potential for a high density development up to 10-storeys & 3.6 FSR in the long-term.

Walkers Paradise

Walk Score

91

Riders Paradise

94

Property Photos