1771 East Georgia Street, Vancouver

1771 East Georgia Street, Vancouver

$13,500,000 - Apartment Building - Sold by NAI Commercial

Sale Date: December 2, 2019
Sale Price: $12,750,000


The ApartmentBlocks Team delivers another no subject offer with the sale of 1771 East Georgia Street, Vancouver.



The Opportunity

The Glenwood is a spacious apartment building offering unique opportunities to increase cash flow and optimize the property for maximum occupancy. The building consists of large suites with oversized living rooms. There is secured underground parking, street parking, and plenty of nearby public transportation to service tenants’ needs. On the first floor above grade are two large storage lockers.


The Value Add Opportunity

One large storage room could be converted into an additional suite. The second storage room could be combined with the laundry room for another unit. Two bedrooms could enclose balconies to provide an additional bedroom.


The Redevelopment Potential

Designated in the Grandview-Woodland Community Plan for a six-storey rental redevelopment. This could potentially be developed into 65 units. Details must be verified with the city.


Investment Highlights

  • Quiet location
  • Three value add opportunities
  • Strong cash flow with additional cash flow potential
  • Six-storey redevelopment potential
  • Electric heating
  • Low expenses
  • Every suite has a balcony

Property Details
Number of Suites 40
Lot Size 20,149 SF (165.01’ x 122.11’)
Year Built 1978
Zoning RM-4
Parking 38 secured underground spaces
Property Taxes (2018) $30,391.49
Assessment (2018) $14,337,000

 

Suite Mix
Bachelor 4 suites
One-Bedroom 29 suites
Two-Bedroom 7 suites
Total 40 suites

 

Property on Map

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice, and of any special listing conditions imposed by our principals no warranties or representations are made as to the condition of the property or any hazards contained therein are any to be implied.

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