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Cedar Crest Manor

1569 West 12th Avenue, Vancouver
10 suites in South Granville

$6,650,000


Summary

Price
$6,650,000
Units
10
Stories
3
Net Rentable Area
7,350 SF
Price/Unit
665000
Cap Rate
2.1
GRM
37
Year Built
1951
Lot Size
50’ × 125’ (6,250 SF)
Zoning
RM-3 Multiple Family Dwelling
PID
015-014-134
Tax
$10,749

Legal Description

The subject property is a well-maintained 10-suite, 3-storey apartment building located in the heart of Vancouver’s South Granville neighbourhood just west of Granville Street on West 12th Avenue. Built in 1951, the property is improved on a 50’ × 125’ (6,250 SF) RM-3 zoned lot. The property is situated just steps to South Granville’s prime retail corridor – one of Vancouver’s trendiest shopping destinations that offers tenants easy access to numerous amenities, art galleries, coffee shops, restaurants, banks and entertainment.

  • Three-storey wood-frame rental building constructed in 1951
  • 10 large suites comprising 6 one-bedrooms and 4 two-bedrooms
  • Rents are significantly under market by approximately 50%, providing investors an opportunity to further enhance the revenue as suites turnover
  • Laundry: 1 washer & 1 dryer (owned)
  • Parking: 8 stalls: 4 surface and 4 secured garage bays with overhead doors
  • Storage: 10 full-size tenant lockers plus extra owner-storage
  • 3 of the 10 suites are on short-term monthly rentals
  • Unit #210 was completely renovated including kitchens, bathrooms, flooring and appliances
  • Gas-fired hot water heat
  • Hot water tank approx. 3 years old
  • Torch-on roof approx. 6 years old
  • Electrical breakers for each unit
  • Workshop in mechanical room
  • Clean Stage 1 Environmental Report on file

The subject property is located in a walker’s paradise just west of Granville Street on the south side of West 12th Avenue 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 South Richmond (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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