Sold Price: $12,400,000
Sold Date: May 20, 2016
This three-storey, wood-frame building has been meticulously maintained with many capital improvements. You start by entering the building with a modernized intercom that links directly to tenants cellulars, followed by a bright and clean lobby. The hallways have been repainted within the last five years coupled with newer commercial grade carpets. The property is heated by an original Beaver Brooke boiler that has been serviced regularly. Taking the modernized elevator up to the top floor, these apartments enjoy city and mountain views through updated double paned windows and newer sliding doors to there Juliet Balconies. Building layout consists of six units on the main floor than ten units on each upper floor, all with high ceilings. Inside the kitchen and bathroom of each suite has had the plumbing replaced. Noise is minimized by four inch concrete slabs on each floor underneath parquet hardwood fibers. During the day the building is almost completely empty as the tenant profile consists mostly of young professionals without any pets or smokers. For extra storage each unit is granted a storage locker. The roof is a one year old insulated design. The oil tank has been removed with a decommissioning report available
The subject property is considered a walker’s paradise. Directly to the west is shopping along Granville Street that has ample shops and restaurants to supply all of the tenants needs. Conveniently located to the West is access to public transportation into the city via Oak and Granville Street arterial routes. On the North side is West Broadway, which is populated by more shops and professional offices such as doctors, dentists, physiotherapists.
Heading south is the beautiful Shaughnessy Park for some relief of the city. Another popular local feature is the Vancouver General Hospital a few blocks away that brings high profile tenants prioritizing proximity for residency. This location truly encompasses a 360 degree paradise for any prospective tenant.
Property Details | |
Number of Units | 36 |
Price Per Door | $365,778 |
Capitalization Rate | 2.2% |
Net Operating Income | $286,980 |
Lot Size | 100’ x 125’ = 12,500 |
Parking | 12 parking |
Suite Mix | |
Junior one bedrooms | Approximately 20 |
One bedrooms | 16 |
Total | 36 |
No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice, and of any special listing conditions imposed by our principals no warranties or representations are made as to the condition of the property or any hazards contained therein are any to be implied.
Personal Real Estate Corporation
Senior Vice President
(604) 691-6680
jtang@naicommercial.ca
Jackson Tang is a seasoned commercial real estate expert with over three decades of experience specializing in multi-family investment properties across the Lower Mainland. A graduate of Simon Fraser University (BBA, Marketing & Finance, 1986), Jackson began his career as a project coordinator, conducting site evaluations and feasibility studies for a development firm before transitioning into commercial real estate in 1987.
Since joining NAI Commercial (formerly Goddard & Smith International), Jackson has established himself as a leading authority in multi-family real estate, successfully brokering over $3 billion in investment transactions. His deep market knowledge, strategic insight, and dedication to client success have made him a trusted advisor to investors, particularly those from offshore markets.
Fluent in English, Mandarin, Cantonese, and Hokkien, Jackson leverages his multicultural background and international perspective to serve a diverse clientele. Whether guiding first-time investors or seasoned developers, he delivers exceptional results through tailored strategies and a relentless commitment to excellence.
Taylor is a dedicated and results-oriented professional with a proven track record in real estate. In 2022, he seamlessly transitioned to the NAI Apartment team to elevate his expertise and contribute to the dynamic industry landscape. His passion for real estate is underscored by a keen focus on apartment buildings within the vibrant Greater Vancouver market. Taylor brings a sophisticated approach to investment analysis and market trends, leveraging his extensive knowledge of the local market.
Guided by a client-centric ethos, Taylor prioritizes building enduring relationships by delivering unparalleled service and optimal results. Through effective communication and a collaborative mindset, he consistently strives to surpass expectations while maintaining a professional and approachable demeanor.
Education & Affiliations
Crosbie is a licensed commercial real estate broker with expertise in multifamily investments. He holds a Bachelor of Commerce with dual specializations in Finance and Real Estate from UBC Sauder School of Business. With a strong foundation in market and financial analysis, proforma development, and advanced capabilities in Excel, Crosbie brings a fresh perspective to the team by applying innovative strategies to drive business growth and investment opportunities. His working knowledge of RStudio and Python further enhances the multifamily team’s data analytics capabilities and market research.
As a member of the NAI Apartments team, Crosbie is focused on expanding his expertise in multifamily investments and exploring new market opportunities. Known for his quick learning ability, strong work ethic, and fresh perspective, Crosbie is committed to further developing his skills and making an impact in the industry.
Terry has transacted over $3 billion multi-family properties over the course of his career and in 2016 he was awarded the “Top Real Estate Board of Greater Vancouver Commercial REALTOR® for Total Dollar Volume.” He was also the #1 Commercial Broker at NAI Commercial in Canada. Terry was educated in Ontario where he graduated with a diploma in Business from Sir Sanford Fleming College. Terry joined NAI Commercial’s Vancouver office in June of 1980 after a successful career with the commercial downtown office of Canada Permanent and has gained over 40 years of experience as a real estate specialist in multi-family investments. Terry has had the opportunity to work in NAI Commercial’s offices in London, England where he specialized in marketing North American Properties to European pension funds and institutions. He helped set up the international department for Goddard & Smiths London office and worked with senior partners to arrange their first international property auction in New York. Terry returned to Goddard & Smith in Vancouver at the end of 1986 and continues to specialize in multi-family investment projects.