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Langara Apartments

2930 Cambie, Vancouver
Multi-family

$3,070,000


Summary

Price
$3,250,000
GIM
21.4
Units
14
Year Built
1940s
Cap Rate
2.3%
Zoning
C-2C
Price/Unit
$232,143
PID
014-569-442
Stories
3
Sale Price
$3,070,000
Sale Date
2/1/2014

Property Description

14 Units

Langara Apartments is a wood frame 14-suite three-storey apartment building located in Vancouver’s popular Mount Pleasant neighbourhood within walking distance to a wide range of amenities, cafes and only two blocks to the Cambie Canada Line Station. Built in the 1940s, the property is improved on a corner C-2C zoned site providing an excellent opportunity for a future land assembly or for an investor to update the suites to a high-quality standard and reposition the building. The building is “tired” and in need of upgrades.

Location

Langara Apartments is situated along the popular and rapidly developing Cambie Corridor on the south-east corner of Cambie and 13th Avenue in Vancouver’s trendy Mount Pleasant neighborhood. Major transportation routes flow in a north/south direction along Cambie, Main and Oak Street, with east/west travel provided by Broadway, 12th & 16th Avenue.

Only two blocks to the Cambie Canada Line Station offering convenient rapid transit to both Downtown Vancouver and YVR. Only one block north of City Hall and City Square Shopping Centre.

A wide range of retail amenities, supermarkets, community services, restaurants, boutiques, trendy cafes and excellent bus transportation characterize this vibrant community.

Features

  • Prime corner site location in central and rapidly developing Cambie Corridor location
  • Excellent opportunity for an investor to update the suites to a high-quality standard and reposition the building
  • Rents are significantly below market
  • Recent rental rates on renovated product within the neighbourhood demonstrate huge potential if significantly upgraded
  • Favourable C-2C Zoning (2.5 – 3.0 FSR) reinforces land value for future redevelopment
  • Potential for assembly with neighbouring properties
  • Three entrances to property: on Cambie, and on the south and north side of the building
  • Building is “tired” and in need of major upgrades (windows, plumbing, electrical, kitchen & bathroom, etc.)
  • Kitchens and bathrooms are basically original
  • Building features sprinklers in common areas and suites
  • Suites feature high ceilings, hardwood floors and gas stoves
  • Two newer hot water tanks
  • Laundry room: 1 washer; 1 dryer (leased)
  • Bicycle storage off laundry room
  • Storage lockers for all tenants
  • Oil tank removed; Stage 1 Environmental Report to be available soon

For a current rent roll & expense statement, click here.

Legal Description

Lot 1 Block C District Lot 526 Plan 1530

Financial Summary

Treat as clear title.

Assessment 2013

Land: $2,455,000
Building: $310,000
Total: $2,765,000

Income and Expenses

Gross Income:$151,989

Vacancy 1%: (1,520)
Effective Gross: $150,469
Operating Expenses: (75,517)
Net Operating Income: $74,952

Suite Mix

No. Units Avg. Rent
Bachelor 2 $620
One Bedroom 9 $885
Two Bedroom 3 $1,104

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