FOR SALE www.avisonyoung.com SEA PLACE APARTMENTS 1371 HARWOOD STREET Vancouver, BC Opportunity to acquire a premier 35-unit mid-rise concrete rental apartment building in Vancouver’s West End neighbourhood, walking distance to English Bay Chris Wieser, Principal Rob Greer*, Principal 604.647.5089 604.647.5084 [email protected] [email protected] *Rob Greer Personal Real Estate Corporation Carey Buntain, Executive Vice President Bijan Lalji, Associate 604.647.1352 604.757.1115 [email protected] [email protected] Sea Place Apartments OPPORTUNITY LOCATION Avison Young is pleased to present the opportunity to acquire Situated in Vancouver’s highly desirable West End 1371 Harwood Street a 100% interest in the Sea Place Apartments located at 1371 neighbourhood, the property benefits from quick and Vancouver, BC Harwood Street, Vancouver, BC. The property features excellent easy access to Sunset Beach, English Bay, Burrard Street capital improvements including a plumbing replacement, three (3) Bridge, Granville Island, Stanley Park and a Walker’s 93 85 90 high-efficiency boilers, two (2) hot water tanks, a new entercom Paradise score of 93. Sea Place Apartments is located PROPERTY DETAILS phone system and a high grade EPDM membrane roof system on the corner of Broughton Street & Harwood Street, Walker’s Paradise Rider’s Paradise Very Bikeable (rubber roof). The suite mix is very attractive offering bachelors, with convenient access to main arterials: Pacific Avenue, Daily errands do not World-class public Biking is convenient MUNICIPAL ADDRESS one-bedrooms, two-bedrooms and two penthouse units. This Denman Street, Davie Street & Burrard Street. require a car transportation for most trips 1371 Harwood Street, Vancouver, BC offering presents an investor with the opportunity to acquire a rare concrete rental building with below market rents and the ability to LEGAL DESCRIPTION capitalize on Vancouver’s supply constrained market and extremely Lot 14 Block 39 District Lot 185 Plan 92 tight vacancy levels. SUITE MIX PID Unit Type # of Units Est. Size** Average Rent Average Rent (psf) Avg Mkt Rent Avg Mkt (sf) 006-511-759 B 10 500 sf $1,166 $2.33 $1,650 $3.30 ZONING INVESTMENT HIGHLIGHTS 1 14 688 sf $1,453 $2.11 $1,950 $2.83 RM-5A 2 9 1,000 sf $1,894 $1.89 $2,750 $2.75 DENSITY SIGNIFICANT RENTAL UPSIDE 2-Bed PH 1 1,200 sf $2,295 $1.91 $3,500 $2.92 2.20 FSR offering great income growth 3-Bed PH 1 2,200 sf $4,500* $2.05 $4,500 $2.05 SITE SIZE 8,646 sf Current Average Rent Market Average Rent Total 35 772 sf $1,596 $2.07 $2,187 $2.83 $1,596 $2,187 SITE DIMENSIONS *market rent applied (being held vacant) 66’ x 131’ **The floor area for each unit was provided by the Seller. All measurements should be independently verified by each prospective Purchaser Average Unit Size** UNITS 772 SF 35 PROPERTY FEATURES & UPDATES Located in the highly desirable YEAR BUILT » Dishwashers in all two-bedroom units » Laundry machines leased with Coinamatic 1956 WEST END NEIGHBOURHOOD » Electrical panels are controlled by breakers » Two hot water tanks replaced in 2015 GROSS PROPERTY TAXES (2019) Low neighbourhood » The plumbing was replaced by BMS in 2016 » Three Prestige high-efficiency boilers installed in 2015 $45,448 VACANCY RATE OF 0.8% » Each unit contains a spacious storage room » Secured bike storage PARKING STALLS » Very well maintained EPDM membrane roof system » Secured ground floor office installed in 2004 Secured Parking Stalls 13 VACANT THREE BEDROOM PENTHOUSE » Secured and covered parking » Heat and hot water included in rent Covered Rear Parking Stalls 4 for the new Purchaser FINANCING OPPORTUNITY TO CONVERT Clear Title bachelor units to junior one-bedroom suites View from three-bedroom penthouse ENVIRONMENTAL Available in data room STABILIZED NET OPERATING INCOME $464,718 PRICE $19,000,000 ($542,857 per unit) CAP RATE 2.45% OWNERSHIP STATUS Potential share sale opportunity 13 Stanley Park Denman Street 5 1 4 19 21 20 12 18 16 15 3 8 English Bay 14 17 Beach 6 11 2 10 Davie Street 1371 Harwood Street 9 Thurlow Street 7 Sunset Beach Park AMENITIES Hotels and Shopping Parks 1 Shoppers Drug Mart 7 Sunset Beach Park 13 Stanley Park 18 Starbucks 2 London Drugs 8 English Bay Beach 14 Lord Roberts Field 19 Delany’s Coffee House 3 Best Western Plus Sands 9 Nelson Park & Dog Park Food and Beverage 20 Rio Brazilian Steak House 4 Sylvia Hotel and Restaurant 10 Alexandra Park 15 Cactus Club Café 21 Banana Leaf on Denman 5 Anytime Fitness Denman 11 English Bay Beach Park 16 Three Brits Public House 6 Safeway 12 Morton Park 17 JJ Bean Coffee Roasters Partnership. Performance. Avison Young #2900-1055 W. Georgia Street Box 11109 Royal Centre, Vancouver, BC V6E 3P3, Canada Chris Wieser, Principal Rob Greer*, Principal 604.647.5089 604.647.5084 [email protected] [email protected] avisonyoung.com *Rob Greer Personal Real Estate Corporation © 2020 Avison Young. All rights reserved. Carey Buntain, Executive Vice President Bijan Lalji, Associate E. & O.E.: The information contained herein was obtained 604.647.1352 604.757.1115 from sources that we deem reliable and, while thought to be correct, is not guaranteed by Avison Young Commercial Real [email protected] [email protected] Estate (B.C.) Inc.; DBA, Avison Young..