A Unique Opportunity to Acquire a 16-Suite West End Apartment Building Improved on a Corner Lot Offering Infill Development Potential

AL TI N For Sale OTE T P EN PM ELO EV D LL INFI

A UNIQUE OPPORTUNITY TO ACQUIRE A 16-SUITE WEST END APARTMENT BUILDING IMPROVED ON A CORNER LOT OFFERING INFILL DEVELOPMENT POTENTIAL

Mark Goodman Cynthia Jagger Greater Vancouver’s authority on selling Nelson Plaza Personal Real Estate Corporation Personal Real Estate Corporation apartment buildings and development sites Direct 604 714 4790 Direct 604 912 9018 www.goodmanreport.com 1019 Bute Street, Vancouver [email protected] [email protected] 11X17 Public VanMap

Nelson Plaza

A ddress 1019 Bute Street, Vancouver Nel Site Plan s PID 013-143-476 o n S Legal Lot 1 Block 35 District Lot 185 t description Plan 92

Year built 1908 He nsh Zoning RM-5B Multiple Family Dwelling  aw t Lot size 131’ × 66’ (8,646 SF)  131’ L  e S a 66’ Parking 12 n  ut e B Nelson Area identified for potential infill development Taxes (2018) $19,631 Park Units 16 Overview

Suite Mix Nelson Plaza is a 16-suite three-storey rental apartment building located in Vancouver’s West End neighbourhood situated directly across from Nelson Park. Constructed in 1908, the building includes many of the original Units Avg. rent Avg size (SF) architectural details including hardwood flooring, over height ceilings, crown moldings and façade. Bachelor 2 $824 353 SF Zoned RM-5B and improved on a large 8,646 SF corner lot, the property features oversized suites with an 2 bedroom 14 $1,940 837 SF amazing suite mix of 14 two-bedrooms and 2 bachelors. The building offers storage lockers for all tenants, two Total 16 sets of washer/dryers, and surface parking for 12 cars in the rear. There is unauthorized accommodation.

INCOME & EXPENSES The property has undergone some updates over the years such as hot water tank replacement (2012), new boiler Gross income $349,641 (2003), some piping replacement with PEX, appliance replacement and suite upgrades as needed.

Vacancy (0.5%) (1,748)

Effective gross income $347,893

Operating expenses (89,238)

Net operating income $258,655

Price $9,250,000

Price/Unit $578,125

Cap Rate 2.8%

GIM 26.6 This communication is not intended to cause or induce breach of an existing listing agreement. The information contained herein has been obtained from sources deemed reliable. While we have no reason to doubt its accuracy, we do not guarantee it. It is your responsibility to confirm its accuracy and completeness independently. 1019 Bute Street, Vancouver

Infill development Potential Scenarios Figure 13.1: West End - Villages, Neighbourhoods and Corridors.

The subject property falls within the Nelson Plateau There are a number of different ways that, through LEGEND Area Boundary Neighbourhood area of the West End Community infill development, some additional suites could be Streets Chilco St Gilford St Denman St Bidwell St Cardero StNicola StBroughtonJervis St St Bute St Thurlow St Burrard St Plan. Additional lands offer the opportunity for adding added to the subject property: W Georgia St Park Alberni Retail Georgia Corridor Alberni St Beach District rental units either in typical construction or modular West Loop Existing zoning: RM-5B allows for 2.75 FSR through lot Lower Robson Robson Village Robson St methods. There are now many examples in the West Villages consolidation or 2.0 FSR on its own – potential increase in Haro St Neighbourhoods End of owners taking advantage of this unique option density under the existing zoning. Corridors Barclay St West of to add units, revenue and value potential. Nelson Slopes Nelson Plateau Denman Nelson St ect Heritage Revitalization Agreement (HRA): Potential Subj Comox St

to increase density with an HRA or through a density Denman Village transfer program. Corridor Burrard Pendrell St Figure 13.1: West End - Villages, Neighbourhoods and Corridors. Lower Davie Davie Village Davie St

LEGENDBurnaby St West End Plan: Laneways 2.0 program – there are a Beach number of examples of existing sites being densified under Area HarwoodBoundary St StreetsPacific St this program. Additional structures are typically 2 to 5 storeys English Bay Chilco St Gilford St Denman St Bidwell St Cardero StNicola StBroughtonJervis St St Bute St Thurlow St Burrard St in height and wood-frame in nature. W Georgia St Park Alberni Retail Georgia Corridor Alberni St BeachBeach Ave District Lower Robson Robson Village Robson St West Loop The details for infill would require review with an Villages

architect and the City. A drive around the surrounding Haro St Neighbourhoods Corridors A current example showing the progress of a 5-storey infill project area in the West End reveals a number of similar West End – Villages, NeighbouhoodsBarclay and St Corridors. West of only 4 blocks away at 1601 Comox Street in Vancouver’s West End. Nelson Slopes Nelson Plateau projects currently under construction.Denman Source: City of Vancouver website. Nelson St

Comox St WEST END COMMUNITY PLAN 13.0 loCal eConomy 91 Denman Village Burrard Corridor Burrard Pendrell St Lower Davie Davie Village Davie St

Burnaby St Beach Harwood St

Pacific St English Bay

Beach Ave

WEST END COMMUNITY PLAN 13.0 loCal eConomy 91 Stanley Park

Nelson Park

English Bay Subject Nels Beach on St t

t e S 500 meters to Davie Village ut Davie S B t 3 minutes to t

S English Bay rlow S

hu T

rrar

Location Bea ch Nelson Plaza is extraordinarily well located on the northwest corner of Bute and Ave Nelson Street, directly across from Nelson Park and one block from Thurlow Street. The popular pedestrian shopping areas of Denman & Davie Streets are Sunset Beach e only a few blocks away and feature a wide variety of shops, hotels, nightlife and dg bars, restaurants, and grocery stores. Robson Street, Vancouver’s pre-eminent Bri high-end shopping destination, is only 3 blocks away. The property is also located d within walking distance of numerous transit options providing connections to all rrar areas of Metro Vancouver. Finally, Nelson Plaza is situated only a few minutes’ u walk to the lush greenery of the world famous thousand-acre Stanley Park. B

Mark Goodman Cynthia Jagger Goodman Commercial Inc. Greater Vancouver’s authority on selling Personal Real Estate Corporation Personal Real Estate Corporation 560–2608 Granville St apartment buildings and development sites Direct 604 714 4790 Direct 604 912 9018 Vancouver, BC V6H 3V3 www.goodmanreport.com [email protected] [email protected]