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Triumph Apartments

2115 Triumph Street, Vancouver
18 suites
$341,666 per unit

$6,150,000


Summary

Price
$6,150,000
Units
18
Stories
3
Net Rentable Area
10,617 SF
Price/Unit
$341,667
Cap Rate
2.6%
GIM
27.1
Year Built
1964
Lot Size
99’ × 122’ (12,078 SF)
Zoning
RM-3A
PID
015-683-362, 015-683-346
Legal Description
Lot 14 & 15 Block 25 District Lot 184 Plan 178
Tax
$10,380
GIM
27.1
Financing
Treat as clear title.

Legal Description

Triumph Apartments is a three-storey 18-suite rental apartment building located in the Grandview-Woodland neighbourhood of Vancouver. Built in 1964, the property is improved on a 99’ × 122’ (12,078 SF lot) RM-3A zoned lot. There has been an extensive capital upgrades program over the last few years with 5 of the suites totally renovated. The property features surface parking, 2 washer/dryer sets, tenant locker storage and balconies/patios.

The newly stamped Grandview-Woodland Community Plan indicates the property is in an area for 6-storey 100% rental developments. Additionally, there’s the opportunity to further enhance the rental revenue by updating the unrenovated suites as they turnover.

 

No. Units Avg. Sq. Ft. Avg. Rent
Bachelor 1 440 SF $707
1 bedroom 16 607 SF $1,063
1 bedroom penthouse 1 472 SF + 168 SF deck $887
Total 18

Upgrades

The property is very well maintained and has featured a varied program of upgrades over the years to both the suites and common areas:

  • New premium composite cap sheet roofing with transferable warranty (Penfold’s) (2017)
  • New aluminum fascia covers and flashings (2017)
  • New re-piped Wirsbro/PEX plumbing complete to fixtures (2016)
  • Upgraded PRV pressure balancing with bypass system (2016)
  • All bathrooms new vinyl floor, bathtub, bath fixture, and toilets (2016)
  • Recently replaced mailboxes (2014)
  • Recently replaced carpeting (2014)
  • Recently replaced Enterphone: Linear AE500 intercom (2 yrs) (2016)
  • First floor ceiling contains pre-wiring for electronic card access system (2016)
  • New fire panel motherboard (2016)
  • HD security camera system with DVR (2016)
  • New hallway/stairwell light fixtures and LED lamps (2016)
  • New running man LED exit signs (2016)
  • Recently replaced side exit fire doors/frames (2016)

5 suites renovated:

  • Refinished hardwood floors
  • New IKEA kitchen cabinets
  • New refrigerator, stove, exhaust hood
  • New IKEA bathroom vanity
  • New vinyl floor kitchen and bathroom
  • New baseboard and trim
  • New blinds
  • Upgraded electrical panel

Triumph Apartments is located on the north side of Triumph Street between Lakewood Drive and Templeton Drive within East Vancouver’s trendy Grandview Woodland neighborhood. The subject property is just minutes from Downtown Vancouver, the Trans-Canada Highway, the North Shore and Vancouver Harbour. The property is within walking distance to the transforming East Hastings Corridor, which is being rejuvenated with numerous planned mixed-use developments comprising a complementary mix of residential, retail, shops and services. The property is also conveniently located just a few blocks from Commercial Drive featuring an eclectic mix of restaurants, specialty shops & services, grocery and many other tenant-friendly amenities.

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