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The Ellington

3551 Commercial Street, Vancouver
Mix-Use Commercial Space

$1,808,000


Summary

GIM
21.4
Property taxes
$3,053.76
Units
6
Year Built
1910
Operating Cost
$13,374
Cap Rate
4%
Zoning
MC-1
Net Rentable Area
3,300
Price/Unit
$309,167
PID
014-894-505
Stories
2
Sale Price
$1,808,000
Sale Date
12/31/2014

Property Description

The subject property is a mixed-use two storey commercial/residential building located on Commercial Street in the Cedar Cottage neighbourhood of East Vancouver. The building was recently totally rebuilt and is comprised of 6 units; two commercial units on the ground floor and 4 residential suites on both the ground and second floors.

Location

The subject is located in East Vancouver on the west side of Commercial Street, between E. 18th and E. 20th Avenue, half a block south of Vancouver’s popular Commercial Drive corridor. Centrally located, a few minutes walk to Trout Lake, elementary and high schools, and the main traffic arteries of Kingsway, Knight Street and Nanaimo Street.

The Drive has a distinct European flavour that you can’t find anywhere else in the city. Sidewalk cafes, small boutiques, bakery and pastry shops, all mingle with the regular types of businesses such as banks, grocery stores, and hardware stores. The area is well serviced by public transit with both bus and Skytrain station nearby. With an increasing population base in the neighborhood, the area has grown to be a vibrant and desirable district.

Highlights

    • Unit mix of 4 residential suites (2 Bach; 2-2Br) and two commercial units
    • The two bachelor units are fully and semi-furnished
    • Totally renovated in 2012-13 “down to the studs”. Upgrades include piping, electrical, floors, kitchen, bathrooms, windows, roof, fire safety system, appliances, vinyl exterior, new paving at rear

The front exterior wall was stripped and rebuilt with new insulation and new hardi-plank siding

  • The rear exterior wall had wood siding which was in good condition; Seller added completely new vinyl siding on top of the wood siding. The interior walls were stripped and new insulation was added and completely new drywall. Insulation was also added and blown into the attic
  • Commercial units are fully alarmed
  • Second floor residential units feature covered patio deck at rear
  • All residential suites feature electric baseboard heat—paid by tenants
  • All residential suites have washer/dryer and hot water tanks
  • Stage 1 Environmental Report available

 

Download rent roll and expense statement, clicking here.

Legal Description

Lot 50 District Lot 751 Plan 1201

Financial Summary

Treat as clear title.

Assessment 2014

Land $809,000
Building $6,200
Total $815,200

Income and Expenses

Effective Gross $86,700
Operating Expenses (13,374)
Net Operating Income $73,326

 

Suite Mix

No. Units Avg. sq. ft. Rent Range
Bachelor 2 400 – 600 $800 – $900
Two Bedroom 2 785 $1,475 – $1,550
Commercial 2 300 – 430 $995 – $1,500

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