Multi-family for sale
3603-3609, 3611 Commercial Street, Victoria VE, Vancouver
$8,588,000
$8,588,000
Multi-family for sale
3603-3609, 3611 Commercial Street, Victoria VE, Vancouver
Features
Lot Size
10,710 sqft
Building Type
Freestanding, Low Rise (2-4 storeys), Commercial Mix
Zoning
MC-1
Subject Property Width
90 ft
Subject Property Depth
119 ft
Amenities
Balconies, Laundry Facility, Secured Building, Secured Parking
Suite Mix Information
4 x 1 ½, 6 x 2 ½
Financial Summary
$32,061,600
Description
NAI Apartments is pleased to present the opportunity to acquire two separate neighbouring properties located on Commercial Street. 3603 Commercial was built in 1978 comprising of 10 residential rental suites with 6 two-bedroom suites, and 4 one-bedroom suites. There is a significant opportunity to grow rents on 8 out of 10 residential units and all retail tenancies. The ground floor consists of three retail units, with annual rent increases in place. Tenants are responsible for their utilities and share of property taxes. The roof was replaced in 2014, limiting any immediate capital expenditures. All residential units have new separate electric hot water tanks and electric baseboard heating paid by the tenants. Both floors have individual locker rooms and a washer and dryer, that are owned by the building. 3611 Commercial was built in 1968 and consists of a freestanding single-storey industrial building with a gross leasable area of 2,538 square feet on a 3,573 square foot lot.
MLS® Number C8058677