BurnaBy Street VANcOuVEr, Bc
Partnership. Performance.
For Sale Value-Add Opportunity: 42-unit concrete high-rise in the West End Neighbourhood of Downtown Vancouver
Rob Greer*, Principal 604.647.5084 [email protected] * Robert Greer Personal Real Estate Corporation Carey Buntain, Associate 604.647.1352 [email protected]
Chris Wieser, Principal 604.647.5089 [email protected]
1450
Burnaby Street vancouver, BC
1450
Burnaby street Vancouver, BC
Executive Summary
Offering
Municipal Address
Avison Young is pleased to present this extremely rare value-add opportunity to acquire a 100% interest in the Starlite Apartments located at 1450 Burnaby Street in the West End neighbourhood of Vancouver, BC (the “Property”). The Property is a 9 storey concrete rental apartment building originally constructed in 1964 and is comprised of 42 residential rental units with an underground parkade.
1450 Burnaby St, Vancouver, BC
PID
005-811-911
Zoning RM-5A
Investment Highlights
Year Built
1964
✓✓ Superior location with an almost perfect Walk Score
Site Dimensions
✓✓ Concrete high-rise comprising 42 residential rental units
66 ft X 131 ft
✓✓ Value-add opportunity
Site Size 8,625 sf
✓✓ Highly desirable rental market
Gross Property Taxes (2017)
✓✓ Low neighbourhood vacancy rate of 0.8% (per CMHC, English Bay Oct-2016)
$41,290.45
Parking Stalls Secured Stalls Surface Stalls Total Stalls
12 15 27
English Bay
Financing
Subject Property
Treat as Clear Title
Stabilized Net Operating Income
$402,321
Price
$18,000,000
Price/Unit
$428,571
Cap rate
2.24%
Unit Summary Type
# of Units
Avg. Rent
Avg. Size
Avg.Rent psf
1-Bdrm
16
$1,070
430
$2.49
1-Bdrm
8
$1,073
560
$1.92
1-Bdrm
17
$1,148
567
$2.03
2-Bdrm
1
$2,036
1,270
$1.60
Total
42
$1,125
530
$2.12
Location The Property benefits from its unparalleled location on a beautiful tree-lined street in the West End of Downtown Vancouver, one of the most desirable and liveable neighbourhoods in Canada. Located just three blocks from Beach Avenue, and two blocks from bustling Davie Street, the Property offers residents everything they need right on their doorstep. With excellent transportation options, all the perks of urban living from its nearby restaurants and essential amenities, and the beauty of Vancouver’s parks and waterfront just minutes away, the location could not be better for anyone who wants to enjoy all that the City of Vancouver offers.
Walk Score: 93
93 91 87
“Walker’s Paradise” Daily errands do not require a car
BIKE Score: 91
“Biker’s Paradise” Some hills, excellent bike lanes
TRANSIT Score: 87
“Excellent Transit” Transit is convenient for most trips
2 blocks from English Bay
et re St
5
4 3 7
11
Subject Property
12
c ard
ero S
1
Nicola S tre
tree
t
2
Davie Street
et
8
de
6
nm
an
9 10
English Bay
beach avenue
Sunset Beach
1. The Boathouse
5. Cactus Club Cafe
9. Shoppers Drug Mart
2. JJ Bean
6. Akira Sushi
10. Joe’s No Frills
3. Grotto
7. Red Umbrella Cafe
11. Safeway
4. Banana Leaf
8. Starbucks
12. London Drugs
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 Carey Buntain, Associate 604.647.1352 [email protected]
Chris Wieser, Principal 604.647.5089 [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.
For Sale Value-Add Opportunity: 42-unit concrete high-rise in the West End Neighbourhood of Downtown Vancouver
Rob Greer*, Principal 604.647.5084 [email protected] * Robert Greer Personal Real Estate Corporation Carey Buntain, Associate 604.647.1352 [email protected]
Chris Wieser, Principal 604.647.5089 [email protected]
1450
Burnaby Street vancouver, BC
1450
Burnaby street Vancouver, BC
Executive Summary
Offering
Municipal Address
Avison Young is pleased to present this extremely rare value-add opportunity to acquire a 100% interest in the Starlite Apartments located at 1450 Burnaby Street in the West End neighbourhood of Vancouver, BC (the “Property”). The Property is a 9 storey concrete rental apartment building originally constructed in 1964 and is comprised of 42 residential rental units with an underground parkade.
1450 Burnaby St, Vancouver, BC
PID
005-811-911
Zoning RM-5A
Investment Highlights
Year Built
1964
✓✓ Superior location with an almost perfect Walk Score
Site Dimensions
✓✓ Concrete high-rise comprising 42 residential rental units
66 ft X 131 ft
✓✓ Value-add opportunity
Site Size 8,625 sf
✓✓ Highly desirable rental market
Gross Property Taxes (2017)
✓✓ Low neighbourhood vacancy rate of 0.8% (per CMHC, English Bay Oct-2016)
$41,290.45
Parking Stalls Secured Stalls Surface Stalls Total Stalls
12 15 27
English Bay
Financing
Subject Property
Treat as Clear Title
Stabilized Net Operating Income
$402,321
Price
$18,000,000
Price/Unit
$428,571
Cap rate
2.24%
Unit Summary Type
# of Units
Avg. Rent
Avg. Size
Avg.Rent psf
1-Bdrm
16
$1,070
430
$2.49
1-Bdrm
8
$1,073
560
$1.92
1-Bdrm
17
$1,148
567
$2.03
2-Bdrm
1
$2,036
1,270
$1.60
Total
42
$1,125
530
$2.12
Location The Property benefits from its unparalleled location on a beautiful tree-lined street in the West End of Downtown Vancouver, one of the most desirable and liveable neighbourhoods in Canada. Located just three blocks from Beach Avenue, and two blocks from bustling Davie Street, the Property offers residents everything they need right on their doorstep. With excellent transportation options, all the perks of urban living from its nearby restaurants and essential amenities, and the beauty of Vancouver’s parks and waterfront just minutes away, the location could not be better for anyone who wants to enjoy all that the City of Vancouver offers.
Walk Score: 93
93 91 87
“Walker’s Paradise” Daily errands do not require a car
BIKE Score: 91
“Biker’s Paradise” Some hills, excellent bike lanes
TRANSIT Score: 87
“Excellent Transit” Transit is convenient for most trips
2 blocks from English Bay
et re St
5
4 3 7
11
Subject Property
12
c ard
ero S
1
Nicola S tre
tree
t
2
Davie Street
et
8
de
6
nm
an
9 10
English Bay
beach avenue
Sunset Beach
1. The Boathouse
5. Cactus Club Cafe
9. Shoppers Drug Mart
2. JJ Bean
6. Akira Sushi
10. Joe’s No Frills
3. Grotto
7. Red Umbrella Cafe
11. Safeway
4. Banana Leaf
8. Starbucks
12. London Drugs
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 Carey Buntain, Associate 604.647.1352 [email protected]
Chris Wieser, Principal 604.647.5089 [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.
