Apartment Property Sold

South Granville Apartment Portfolio

Summary

CIVIC ADDRESS 1245 & 1255 West 10th Ave, Vancouver, BC
SITE SIZE 1245: 015-019-101
1255: 015-019-527
SUITE MIX 1245 W 10th
11 x One-Bedroom
1255 W 10th:
9 x housekeeping
2 x bachelors
Total = 11*
COMBINED SITE SIZE 12,500 SF
CURRENT ZONING RM-3
OCP DESIGNATION Up to 1.45 FSR
COMBINED NOI $213,404
STATUS Firm Deal
**In accordance with the City of Vancouver’s licensing department, 1255 W 10th Avenue is licensed for 1 dwelling unit and 9 housekeeping units. Suite authorization status is to be confirmed and further verified by the prospective purchaser.

The Opportunity

The CBRE National Apartment Group – BC is pleased to present the opportunity to acquire the South Granville Apartment Portfolio; comprised of two rental apartment buildings with a combined 22 suites, located adjacent to one another at 1245 and 1255 West 10th Avenue in the prestigious Fairview neighbourhood in Vancouver, long regarded as one of the strongest rental markets in Canada with a 0.5% vacancy rate (CMHC 2018).

The properties are very competitively priced at a combined List Price of $8,100,000, which equates to $368,181 per suite and $648 per square foot on land area!

Investment Highlights

  • Prime Fairview Location: Located just 1 block off the West Broadway Commercial Corridor with immediate access to transit & a number of highly sought-after amenities; 3 blocks from Vancouver General Hospital; and just a 5 minute drive from Downtown Vancouver.
  • Steps from Future Subway Stations: The Subject Properties will be within walking distance to 2 of the future Millennium Line Subway Extension stations; South Granville Station and Fairview-VGH station.
  • Future Densification/Assembly Potential: A draft of The Broadway Plan (estimated to be completed by Dec 2020) may provide for potential densification and/or land assembly of the properties, due to their location, large 12,500 SF site size and appealing 100 ft of frontage onto West 10th Avenue.
  • Good Holding Income: The South Granville Apartment Portfolio will provide an investor/developer with a good holding income while awaiting the finalization and approval of the Broadway Plan.
  • Rental Income Upside: With many of the suites at below market rents, there is a significant income upside opportunity to modernize the suites upon turnover and re-lease at market rents.

Property Photos