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commercial drive 1102 , BC

Partnership. Performance. for sale A rare opportunity for a developer to acquire a fully restored mixed-use investment property with a DP APPROVED (BP 95%) 5-storey slab on grade construction infill 8-unit rental development project on Commercial Drive

Rob Greer*, Principal Carey Buntain, Associate 604.647.5084 604.647.1352 [email protected] [email protected] * Robert Greer Personal Real Estate Corporation Amanda Payne, Senior Associate 604.646.8389 [email protected] commercial drive 1102 vancouver, BC

Property Summary Opportunity Municipal Address The offering represents a rare opportunity for a developer or investor to acquire 1102 Commercial Drive, Vancouver, BC a fully restored mixed-use investment property with a development permit (building permit is approximately 95% complete) for 5-storey slab on grade infill Legal Description 8-unit rental development project in the parking lot. In the new development, LOT 1 BLOCK 37 PLAN 404 & 1771 DISTRICT the first floor’s construction is concrete and floors 2-5 are wood frame. The new LOT 264A PLAN VAP1099 building will be approximately 7,102 square feet of gross buildable area with 5 PID one-bedrooms and 3 two-bedrooms over 4,055 square feet of rentable area. 014-979-004 Location Dimensions The Property is ideally located in the heart of East Vancouver’s thriving 33 feet of frontage on Commercial Drive Commercial Drive neighbourhood. Commercial Drive is a community rich and 112 feet on Napier Street in culture and history and is home to many trendy and iconic cafes and Lot Size restaurants, hip stores and daily shopping conveniences. The area is poised 3,707 sf for continued growth and success as it continues to be one of Vancouver’s most sought after investment locations. The subject site is also located Unit Mix within walking distance to the Commercial & Broadway station. Floor Unit Square Footage 1st One CRU 1,830 sf* Existing Building Description 2nd One 3-Bedroom 1,498 sf* Newly renovated and seismically upgraded historic two-storey mixed Residential Suite use building. The ground floor is fully tenanted by Moja, a specialty Total 3,328 sf* café and roaster (http://www.mojacoffee.com/). The entire second floor Parking is fully leased and comprises a 1,498 sf* three-bedroom suite which 1 reserved stall also includes a very spacious 384 sf* deck. The building was carefully renovated with the goal of preserving the original key elements such as Zoning the brick walls and wood floors while at the same time adding modern C-2C1 day finishes to create a perfect blend of old and new. For information Property Taxes (2016) on the improvements completed please refer to the following page. $19,549.70 Development Potential Financing Clear Title The City of Vancouver has provided a development permit for a new 7,102 square foot five-storey building in addition to the property Estimated Net Operating Income with the satisfactory heritage designation of the existing two-storey Current NOI $115,000 building. Please contact the Listing Agents for a more information.

New Building Projected NOI** $145,980 Development Total NOI upon Completion $260,980 Potential Napier Street Asking Price 112’

$5,489,000 Commercial D

33’ *All areas are approximate and subject to verification **Based off of a projected rental rate of $3.75 psf and a 20% Subject Property expense ratio of EGR 1102 Commercial Drive rive

Source: VanMaps List of Improvements The building is stud out renovated including exterior period correct windows, doors and storefront as required by the City of Vancouver heritage department. Excluding the original brick shell, wood floors and roof, the building is substantially new. This includes new interior framing, insulation, sprinklers, fire and life safety systems, plumbing, low voltage electrical, drywall, kitchen, bathrooms, all doors, hardware, appliances and refinished original floors. The building also has upgraded 6” water and sewer connections and sprinkler system which have been installed in a manor to accommodate the proposed development at the rear of the building. Investment Highlights 99 Value Add Opportunity from proposed 5 storey building addition

99 Highly coveted corner location

99 Secure, stable cash flow with escalating rents

99 Fully renovated 1908 Heritage Building

99 Prominently located on the southeast corner of Commercial Drive and Napier Street with 33 feet of frontage along Commercial Drive

99 Walking distance to Skytrain at Commercial & Broadway

FUTURE 5-Storey Infill DeDevelopment Existing Building Templeton Woodland Secondary School Park 1 Venables Street

4 5 2 Britannia Napier Street SecondarySchool 6 Subject Property 1102 Commercial Drive Grandview Park

Clark Drive Charles Street

7 Commercial Drive Commercial 8 Victoria 9 Park Grant Street 13

10

11 14 3 East 1st Ave 12

Commercial-Broadway Skytrain Station Source: Google Surrounding Amenities & Businesses 1. The Cultch 5. The Reef 10. Merchant’s Oyster Bar 2. Britannia Community Centre 6. BierCraft 11. Libra Room Cafe (Pool and Ice Rink) 7. Memphis Blues Barbeque House 12. Red Burrito 3. Super Valu 8. Marchello Pizzeria & Ristorante 13. BC Liquor Store 4. Britannia Sushi 9. Vera’s Burger Shack 14. Liberty Wine Merchants

Partnership. Performance.

Avison Young #2900-1055 W. Georgia Street Box 11109 Royal Centre Vancouver, BC V6E 3P3,

avisonyoung.com Rob Greer*, Principal Carey Buntain, Associate 604.647.5084 604.647.1352 [email protected] [email protected] © 2017 Avison Young. All rights reserved. * Robert Greer Personal Real Estate Corporation E. & O.E.: The information contained herein was obtained from sources which we deem reliable and, while thought to be Amanda Payne, Senior Associate correct, is not guaranteed by Avison Young Commercial Real 604.646.8389 Estate (B.C.) Inc.; DBA, Avison Young. [email protected]