736 East Broadway, Vancouver, BC FOR SALE
FOR SALE Retail / Residential Mixed-Use Building
SOURCE: Google
736 East Broadway, Vancouver, BC Highlights Excellent mixed-use building conveniently located on Broadway and Fraser.
Michael Marckwort
Investment Broker 604 691 6638 [email protected]
NAI Commercial Suite 1300, 1075 W Georgia St Vancouver, BC V6E 3C9 +1 604 683 7535 naicommercial.ca
Property Details Suite Mix & Area
736 East Broadway, Vancouver, BC
Two-bedrooms Commercial
Site Size
Great income property with the potential of developing a mixed-use building up to four storeys as outlined in the Mount Pleasant Community Plan. The Mount Pleasant Community Plan identified a need to revitalize the East Broadway shopping area. This area is along Broadway from Prince Edward Street (400-block) to Prince Albert Street (700-block).
Zoning
The subject area has seen a lot of development including an eightstorey building and a six-storey building under construction one block to the west.
Tenant Overview Four two-bedroom residential units with tenants paying utilities. Rents are low & could be increased. Two commercial tenants, total space: 1,000 sf. One tenant has a four-year lease with two years remaining and the other tenant has a five-year lease with three years remaining. These are gross leases with tenants paying utilities & owner paying other costs including the property tax.
Financials Potential
Residential 1
$1,125
$1,600
Residential 2
$1,050
$1,600
Residential 3
$1,600
$1,600
Residential 4
$1,600
$1,600
Commercial 1
$2,300
$2,300
Commercial 2
$2,200
$2,200
Gross Monthly Revenue
$9,875
$10,900
$118,500
$130,800
$5,000
$5,000
$12,000
$12,000
Maintenance & Repairs
$5,925
$6,540
Utilities
$2,000
$2,000
Total Operating Expenses
$24,925
$25,540
Net Operating Income
$93,575
$105,260
2.9%
3.3%
Revenue (monthly)
Operating Expenses (annual) Property Taxes
Cap Rate
6 units
4,026 sf (33’ x 122’)
C-2C
Density
FSR of 3.0 for mixed-use retail/residential for 12,078 sf buildable Potential to assemble adjacent properties for a larger development site.
Cap Rate 2.9%
Price Per SF Buildable $264.94
Asking Price Current
Insurance
(1,000 sf total) 2 units
Total
Opportunity
Gross Annual Revenue
4 units
$3,200,000
Zoning & Development Potential The maximum density for Mount Pleasant Community is as follows: North side of Broadway: 3.25 FSR, except:
South side of Broadway: 3.0 FSR
Facing Fraser Street: 4.25 FSR
Kingsgate Mall site: 5.0 FSR
Between Prince Edward Street & Guelph Street, and between Fraser Street & Prince Albert Street, where additional height is granted also 3.25 FSR
Massing concept facing northwest: Illustrating potential full build-out of East Broadway
Broadway East Urban Design Framework Illustrative Concept Plan
Broadway East Urban Design Framework
E J
BROADWAY
A A
G
B
KI
B
C
AY SW NG
C
D
PRINCE ALBERT
Fraser
E 8TH
FRASER
CAROLINA
ST. GEORGE
GUELPH
PRINCE EDWARD
SCOTIA
BRUNSWICK
Illustrative Concept Community Plan
F
Broadway
H
I
J BROADWAY
K
A: Future transit station B: The large site at Kingsgate Mall is able to accommodate more density, an enhanced E 10TH public realm and more pedestrian routes C: Urban Plaza Opportunity Information Source: City of Vancouver, Broadway East Revitalization – Mount Pleasant Community Plan Implementation A: Future transit station B: The large site at Kingsgate Mall is able to accommodate more density and height, an enhanced public realm and additional pedestrian routes C: Urban plaza opportunity D: Reallocate road space to maintain four vehicle travel lanes with parking on the north side when related rapid transit improvements are implemented
E: Celebrate and reinforce historic creek F: Maximize street tree opportunities G: Reinforce small frontages to preserve character H: Seek interim improvements (i.e. shared street) to enhance walkability and occasional street closures; continue to explore opportunities to create a community plaza as the area redevelops I: Wrap retail on Fraser Street
J: Consider allowing additional height, especially where character buildings are integrated in new development K: Retain heritage and character buildings
This plan is for illustrative purposes only. It is not intended to be prescriptive, but to clearly illustrate one concept of the complete build-out of Broadway East that would fulfill the intent of this Framework. Implementation will take place incrementally over many years and involve a number of parties including the City, private developers, senior levels of government, non-profit organizations and the community. As implementation occurs, property assembly and individual project design could alter elements of the concept plan.
SUBJECT PROPERTY
SOURCE: Google
Michael Marckwort
Investment Broker 604 691 6638 [email protected]
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.
NAI Commercial Suite 1300, 1075 W Georgia St Vancouver, BC V6E 3C9 +1 604 683 7535 naicommercial.ca
SOURCE: Google
736 East Broadway, Vancouver, BC Highlights Excellent mixed-use building conveniently located on Broadway and Fraser.
Michael Marckwort
Investment Broker 604 691 6638 [email protected]
NAI Commercial Suite 1300, 1075 W Georgia St Vancouver, BC V6E 3C9 +1 604 683 7535 naicommercial.ca
Property Details Suite Mix & Area
736 East Broadway, Vancouver, BC
Two-bedrooms Commercial
Site Size
Great income property with the potential of developing a mixed-use building up to four storeys as outlined in the Mount Pleasant Community Plan. The Mount Pleasant Community Plan identified a need to revitalize the East Broadway shopping area. This area is along Broadway from Prince Edward Street (400-block) to Prince Albert Street (700-block).
Zoning
The subject area has seen a lot of development including an eightstorey building and a six-storey building under construction one block to the west.
Tenant Overview Four two-bedroom residential units with tenants paying utilities. Rents are low & could be increased. Two commercial tenants, total space: 1,000 sf. One tenant has a four-year lease with two years remaining and the other tenant has a five-year lease with three years remaining. These are gross leases with tenants paying utilities & owner paying other costs including the property tax.
Financials Potential
Residential 1
$1,125
$1,600
Residential 2
$1,050
$1,600
Residential 3
$1,600
$1,600
Residential 4
$1,600
$1,600
Commercial 1
$2,300
$2,300
Commercial 2
$2,200
$2,200
Gross Monthly Revenue
$9,875
$10,900
$118,500
$130,800
$5,000
$5,000
$12,000
$12,000
Maintenance & Repairs
$5,925
$6,540
Utilities
$2,000
$2,000
Total Operating Expenses
$24,925
$25,540
Net Operating Income
$93,575
$105,260
2.9%
3.3%
Revenue (monthly)
Operating Expenses (annual) Property Taxes
Cap Rate
6 units
4,026 sf (33’ x 122’)
C-2C
Density
FSR of 3.0 for mixed-use retail/residential for 12,078 sf buildable Potential to assemble adjacent properties for a larger development site.
Cap Rate 2.9%
Price Per SF Buildable $264.94
Asking Price Current
Insurance
(1,000 sf total) 2 units
Total
Opportunity
Gross Annual Revenue
4 units
$3,200,000
Zoning & Development Potential The maximum density for Mount Pleasant Community is as follows: North side of Broadway: 3.25 FSR, except:
South side of Broadway: 3.0 FSR
Facing Fraser Street: 4.25 FSR
Kingsgate Mall site: 5.0 FSR
Between Prince Edward Street & Guelph Street, and between Fraser Street & Prince Albert Street, where additional height is granted also 3.25 FSR
Massing concept facing northwest: Illustrating potential full build-out of East Broadway
Broadway East Urban Design Framework Illustrative Concept Plan
Broadway East Urban Design Framework
E J
BROADWAY
A A
G
B
KI
B
C
AY SW NG
C
D
PRINCE ALBERT
Fraser
E 8TH
FRASER
CAROLINA
ST. GEORGE
GUELPH
PRINCE EDWARD
SCOTIA
BRUNSWICK
Illustrative Concept Community Plan
F
Broadway
H
I
J BROADWAY
K
A: Future transit station B: The large site at Kingsgate Mall is able to accommodate more density, an enhanced E 10TH public realm and more pedestrian routes C: Urban Plaza Opportunity Information Source: City of Vancouver, Broadway East Revitalization – Mount Pleasant Community Plan Implementation A: Future transit station B: The large site at Kingsgate Mall is able to accommodate more density and height, an enhanced public realm and additional pedestrian routes C: Urban plaza opportunity D: Reallocate road space to maintain four vehicle travel lanes with parking on the north side when related rapid transit improvements are implemented
E: Celebrate and reinforce historic creek F: Maximize street tree opportunities G: Reinforce small frontages to preserve character H: Seek interim improvements (i.e. shared street) to enhance walkability and occasional street closures; continue to explore opportunities to create a community plaza as the area redevelops I: Wrap retail on Fraser Street
J: Consider allowing additional height, especially where character buildings are integrated in new development K: Retain heritage and character buildings
This plan is for illustrative purposes only. It is not intended to be prescriptive, but to clearly illustrate one concept of the complete build-out of Broadway East that would fulfill the intent of this Framework. Implementation will take place incrementally over many years and involve a number of parties including the City, private developers, senior levels of government, non-profit organizations and the community. As implementation occurs, property assembly and individual project design could alter elements of the concept plan.
SUBJECT PROPERTY
SOURCE: Google
Michael Marckwort
Investment Broker 604 691 6638 [email protected]
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.
NAI Commercial Suite 1300, 1075 W Georgia St Vancouver, BC V6E 3C9 +1 604 683 7535 naicommercial.ca
