1102 CommERCIal dRIvE VAnCOuVER, BC
N
EW
P
C RI
E
1102
commercial drive Vancouver, BC
Partnership. Performance.
for sale A rare opportunity for a developer to acquire a fully restored mixed-use investment property with a DP APPROVED (BP 95%) 5-storey slab on grade construction infill 8-unit rental development project on Commercial Drive
Rob Greer*, Principal 604.647.5084 [email protected] * Robert Greer Personal Real Estate Corporation Amanda Payne, Senior Associate 604.646.8389 [email protected]
Carey Buntain, Associate 604.647.1352 [email protected]
1102
commercial drive vancouver, BC
Property Summary
Opportunity
Municipal Address 1102 Commercial Drive, Vancouver, BC
The offering represents a rare opportunity for a developer or investor to acquire a fully restored mixed-use investment property with a development permit (building permit is approximately 95% complete) for 5-storey slab on grade infill 8-unit rental development project in the parking lot. In the new development, the first floor’s construction is concrete and floors 2-5 are wood frame. The new building will be approximately 7,102 square feet of gross buildable area with 5 one-bedrooms and 3 two-bedrooms over 4,055 square feet of rentable area.
Legal Description LOT 1 BLOCK 37 PLAN 404 & 1771 DISTRICT LOT 264A NEW WESTMINSTER PLAN VAP1099 PID 014-979-004 Dimensions 33 feet of frontage on Commercial Drive and 112 feet on Napier Street Lot Size 3,707 sf Unit Mix Floor
Unit
Square Footage
st
1
One CRU
1,830 sf*
nd
2
One 3-Bedroom Residential Suite
1,498 sf*
Total
3,328 sf*
Parking 1 reserved stall Zoning C-2C1 Property Taxes (2016) $19,549.70
Location The Property is ideally located in the heart of East Vancouver’s thriving Commercial Drive neighbourhood. Commercial Drive is a community rich in culture and history and is home to many trendy and iconic cafes and restaurants, hip stores and daily shopping conveniences. The area is poised for continued growth and success as it continues to be one of Vancouver’s most sought after investment locations. The subject site is also located within walking distance to the Commercial & Broadway skytrain station.
Existing Building Description Newly renovated and seismically upgraded historic two-storey mixed use building. The ground floor is fully tenanted by Moja, a specialty café and roaster (http://www.mojacoffee.com/). The entire second floor is fully leased and comprises a 1,498 sf* three-bedroom suite which also includes a very spacious 384 sf* deck. The building was carefully renovated with the goal of preserving the original key elements such as the brick walls and wood floors while at the same time adding modern day finishes to create a perfect blend of old and new. For information on the improvements completed please refer to the following page.
Development Potential
Estimated Net Operating Income Current NOI
$115,000
New Building Projected NOI**
$145,980
Total NOI upon Completion
$260,980
*All areas are approximate and subject to verification **Based off of a projected rental rate of $3.75 psf and a 20% expense ratio of EGR
Development Potential Napier Street 112’
Commercial Drive
Asking Price $5,489,000
The City of Vancouver has provided a development permit for a new 7,102 square foot five-storey building in addition to the property with the satisfactory heritage designation of the existing two-storey building. Please contact the Listing Agents for a more information.
33’
Financing Clear Title
Subject Property 1102 Commercial Drive
Source: VanMaps
List of Improvements The building is stud out renovated including exterior period correct windows, doors and storefront as required by the City of Vancouver heritage department. Excluding the original brick shell, wood floors and roof, the building is substantially new. This includes new interior framing, insulation, sprinklers, fire and life safety systems, plumbing, low voltage electrical, drywall, kitchen, bathrooms, all doors, hardware, appliances and refinished original floors. The building also has upgraded 6” water and sewer connections and sprinkler system which have been installed in a manor to accommodate the proposed development at the rear of the building.
Investment Highlights 99 Value Add Opportunity from proposed 5 storey building addition 99
Highly coveted corner location
99 Secure, stable cash flow with escalating rents 99 Fully renovated 1908 Heritage Building 99 Prominently located on the southeast corner of Commercial Drive and Napier Street with 33 feet of frontage along Commercial Drive 99 Walking distance to Skytrain at Commercial & Broadway
FUTURE 5-Storey Infill DeDevelopment
Existing Building
Templeton Secondary School
Woodland Park
1
Venables Street
4 5
2
Napier Street
Britannia SecondarySchool
Clar k
Grandview Park
Commercial Drive
Driv e
6
Subject Property 1102 Commercial Drive
Charles Street
7 8 9
Victoria Park
Grant Street
13 10 11 14 3 East 1st Ave
12
Commercial-Broadway Skytrain Station
Source: Google
Surrounding Amenities & Businesses 1. 2. 3. 4.
The Cultch Britannia Community Centre (Pool and Ice Rink) Super Valu Britannia Sushi
5. 6. 7. 8. 9.
The Reef BierCraft Memphis Blues Barbeque House Marchello Pizzeria & Ristorante Vera’s Burger Shack
10. 11. 12. 13. 14.
Merchant’s Oyster Bar Libra Room Cafe Red Burrito BC Liquor Store Liberty Wine Merchants
Partnership. Performance. Avison Young #2900-1055 W. Georgia Street Box 11109 Royal Centre Vancouver, BC V6E 3P3, Canada
Rob Greer*, Principal 604.647.5084 [email protected] * Robert Greer Personal Real Estate Corporation Amanda Payne, Senior Associate 604.646.8389 [email protected]
Carey Buntain, Associate 604.647.1352 [email protected]
avisonyoung.com © 2017 Avison Young. All rights reserved. E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real Estate (B.C.) Inc.; DBA, Avison Young.
EW
P
C RI
E
1102
commercial drive Vancouver, BC
Partnership. Performance.
for sale A rare opportunity for a developer to acquire a fully restored mixed-use investment property with a DP APPROVED (BP 95%) 5-storey slab on grade construction infill 8-unit rental development project on Commercial Drive
Rob Greer*, Principal 604.647.5084 [email protected] * Robert Greer Personal Real Estate Corporation Amanda Payne, Senior Associate 604.646.8389 [email protected]
Carey Buntain, Associate 604.647.1352 [email protected]
1102
commercial drive vancouver, BC
Property Summary
Opportunity
Municipal Address 1102 Commercial Drive, Vancouver, BC
The offering represents a rare opportunity for a developer or investor to acquire a fully restored mixed-use investment property with a development permit (building permit is approximately 95% complete) for 5-storey slab on grade infill 8-unit rental development project in the parking lot. In the new development, the first floor’s construction is concrete and floors 2-5 are wood frame. The new building will be approximately 7,102 square feet of gross buildable area with 5 one-bedrooms and 3 two-bedrooms over 4,055 square feet of rentable area.
Legal Description LOT 1 BLOCK 37 PLAN 404 & 1771 DISTRICT LOT 264A NEW WESTMINSTER PLAN VAP1099 PID 014-979-004 Dimensions 33 feet of frontage on Commercial Drive and 112 feet on Napier Street Lot Size 3,707 sf Unit Mix Floor
Unit
Square Footage
st
1
One CRU
1,830 sf*
nd
2
One 3-Bedroom Residential Suite
1,498 sf*
Total
3,328 sf*
Parking 1 reserved stall Zoning C-2C1 Property Taxes (2016) $19,549.70
Location The Property is ideally located in the heart of East Vancouver’s thriving Commercial Drive neighbourhood. Commercial Drive is a community rich in culture and history and is home to many trendy and iconic cafes and restaurants, hip stores and daily shopping conveniences. The area is poised for continued growth and success as it continues to be one of Vancouver’s most sought after investment locations. The subject site is also located within walking distance to the Commercial & Broadway skytrain station.
Existing Building Description Newly renovated and seismically upgraded historic two-storey mixed use building. The ground floor is fully tenanted by Moja, a specialty café and roaster (http://www.mojacoffee.com/). The entire second floor is fully leased and comprises a 1,498 sf* three-bedroom suite which also includes a very spacious 384 sf* deck. The building was carefully renovated with the goal of preserving the original key elements such as the brick walls and wood floors while at the same time adding modern day finishes to create a perfect blend of old and new. For information on the improvements completed please refer to the following page.
Development Potential
Estimated Net Operating Income Current NOI
$115,000
New Building Projected NOI**
$145,980
Total NOI upon Completion
$260,980
*All areas are approximate and subject to verification **Based off of a projected rental rate of $3.75 psf and a 20% expense ratio of EGR
Development Potential Napier Street 112’
Commercial Drive
Asking Price $5,489,000
The City of Vancouver has provided a development permit for a new 7,102 square foot five-storey building in addition to the property with the satisfactory heritage designation of the existing two-storey building. Please contact the Listing Agents for a more information.
33’
Financing Clear Title
Subject Property 1102 Commercial Drive
Source: VanMaps
List of Improvements The building is stud out renovated including exterior period correct windows, doors and storefront as required by the City of Vancouver heritage department. Excluding the original brick shell, wood floors and roof, the building is substantially new. This includes new interior framing, insulation, sprinklers, fire and life safety systems, plumbing, low voltage electrical, drywall, kitchen, bathrooms, all doors, hardware, appliances and refinished original floors. The building also has upgraded 6” water and sewer connections and sprinkler system which have been installed in a manor to accommodate the proposed development at the rear of the building.
Investment Highlights 99 Value Add Opportunity from proposed 5 storey building addition 99
Highly coveted corner location
99 Secure, stable cash flow with escalating rents 99 Fully renovated 1908 Heritage Building 99 Prominently located on the southeast corner of Commercial Drive and Napier Street with 33 feet of frontage along Commercial Drive 99 Walking distance to Skytrain at Commercial & Broadway
FUTURE 5-Storey Infill DeDevelopment
Existing Building
Templeton Secondary School
Woodland Park
1
Venables Street
4 5
2
Napier Street
Britannia SecondarySchool
Clar k
Grandview Park
Commercial Drive
Driv e
6
Subject Property 1102 Commercial Drive
Charles Street
7 8 9
Victoria Park
Grant Street
13 10 11 14 3 East 1st Ave
12
Commercial-Broadway Skytrain Station
Source: Google
Surrounding Amenities & Businesses 1. 2. 3. 4.
The Cultch Britannia Community Centre (Pool and Ice Rink) Super Valu Britannia Sushi
5. 6. 7. 8. 9.
The Reef BierCraft Memphis Blues Barbeque House Marchello Pizzeria & Ristorante Vera’s Burger Shack
10. 11. 12. 13. 14.
Merchant’s Oyster Bar Libra Room Cafe Red Burrito BC Liquor Store Liberty Wine Merchants
Partnership. Performance. Avison Young #2900-1055 W. Georgia Street Box 11109 Royal Centre Vancouver, BC V6E 3P3, Canada
Rob Greer*, Principal 604.647.5084 [email protected] * Robert Greer Personal Real Estate Corporation Amanda Payne, Senior Associate 604.646.8389 [email protected]
Carey Buntain, Associate 604.647.1352 [email protected]
avisonyoung.com © 2017 Avison Young. All rights reserved. E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real Estate (B.C.) Inc.; DBA, Avison Young.
