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NEW

Cambridge Manor

2626 Fir Street, Vancouver
10 suites in South Granville
200 meters to proposed SkyTrain station

$7,100,000


Summary

Property Type
Co-op apartment building
Price
$7,100,000
Units
10
Stories
3
Net Rentable Area
8,539 SF
Price/Unit
$710,000
Cap Rate
3.5
GIM
24
Year Built
1949
Lot Size
50’ × 125’ (6,250 SF)
Zoning
RM-3 Multiple Family Dwelling
PID
015-017-516
Property taxes
$11,060
Operating Cost
(41,840)

Legal Description

Rare opportunity to acquire an exceptionally well-maintained 10-suite co-op apartment building in the heart of Vancouver’s South Granville neighbourhood. The property is improved on a corner lot—just 200 meters from the proposed Granville-Broadway SkyTrain Station offering a potential redevelopment opportunity when the Broadway area plan is complete in late 2020.

The property features an excellent suite mix of 10 oversized suites, 3 secure parking garages, ample full-height tenant storage, a large laundry room made up of 1 dryer & 1 washer & bike storage, and an ongoing maintenance and capital upgrades program.

Given the housing co-operative ownership structure of the building, there will be no existing tenancies in place allowing the building to be rented at current market levels (market rates estimated to be approximately $2.78/SF).

Upgrades

Suites have a varying degree of upgrades and finishes—generally
superior to typical rental stock:

  • At least 3–4 suites had significant renovations to a high
  • condo-quality standard
  • Approximately 3–4 suites feature dishwashers
  • Modern wall-mounted IBC boiler system and hot water tank
  • All windows replaced (2018)
  • All piping replaced (2014)
  • Roof replaced (2008)
  • Fire alarm/security updated
  • Many suites feature refinished original hardwood flooring
  • Current Stage 1 Environmental Report—no further investigation recommended

The subject property is located on the south east corner of  West 10th Avenue and Fir Street in the South Granville neighbourhood of Vancouver. West Broadway and West 12th Avenue form the major east-west traffic arteries across the city (direct bus access to UBC), while Granville Street is the major nearby north-south traffic corridor which provide access to and from the downtown core and Richmond Airport (YVR).

Public transportation and shopping is available in the immediate area just steps away along Granville Street and West Broadway. South Granville’s prime retail corridor is one of Vancouver’s trendiest shopping destinations and offers tenants easy access to numerous amenities, art galleries, coffee shops, restaurants, banks and theatre, to name a few.

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