- What A stratified residential apartment building with a single owner has hit the market in Vancouver
- Why The property offers several possibilities for a buyer
- What next The building falls within the city’s Transit-Oriented Areas development policy
A 30-unit stratified apartment building in a trendy part of Vancouver has hit the market with expectations that it will fetch $16.5m.
The property, at 2928 Commercial Drive in the Kensington-Cedar Cottage neighbourhood, was built in 1991 and comprises 25,000 sq ft. The price translates to a capitalization rate of 3.1%. Goodman Commercial has the marketing assignment.
The strata units, on levels two through four, average 817 sq ft and are owned by a single entity. The commercial space occupying the ground floor is not included in the sale.
Marketing materials note that the residential units can be used as rentals or renovated and resold separately.
The property is in a tier-three area under the city’s Transit-Oriented Areas policy, enabling redevelopment of up to eight storeys.
The building has 30 underground parking stalls and shared laundry facilities, but each unit is designed for in-suite laundry. Units also have dishwashers and gas fireplaces, and most suites have enclosed balconies.
On Commercial Drive, the property neighbours some of the best dining and entertainment options in the city. It is 4 km southeast of downtown Vancouver with the city’s largest SkyTrain station, Commercial-Broadway, fewer than 500 m away.
