- What A well-maintained high-rise residential building in Vancouver is on the block
- Why The property is in a lively part of the city and has stable cashflow
- What next A buyer could raise rents upon turnover, according to the marketing campaign
An apartment building in Vancouver’s vibrant West End has hit the market for $15.9m, Green Street News can reveal.
The valuation for the 31-unit New Yorker, at 1281 Broughton Street, works out to about $513,000/unit. Dexter Realty has the marketing assignment. According to public records, Reliance Properties owns the property.
The eight-storey concrete building was constructed in 1959. It has 27 one-bedroom apartments averaging 727 sq ft, a 915 sq ft one-bedroom penthouse, two 910 sq ft two-bedroom units and a 955 sq ft two-bedroom penthouse. Rent for a one-bedroom unit is listed at $2,550.
Each unit is on a corner, offering city, ocean and/or mountain views. Sunset Beach is 400 m away, and downtown Vancouver is 2 km away. Amenities include laundry, storage and parking.
The sales campaign touts the building as being well cared for and having undergone numerous upgrades, including a new roof and boiler, and improvements to the elevator. It highlights the stable cashflow and strong potential for increasing rents as units turn over.
