Sold - Apartment Building

Sold: $2,800,000
Sale Date: September 27, 2017


Location


Charming converted character home residing on a quiet street in the heart of Westend is a “Walkers paradise”(walkscore.com). This rarely available neighborhood is centered between all three major community hubs; Robson street to the North, Downtown to the north, and Denman street to the west. Within a 15 minute walk is the Millennium SkyTrain station. Nearby are popular coffee shops, local restaurants, corner stores and all the amenities that tenants need to make downtown so livable without transportation.


Building Description


A three storey with basement plus penthouse rental property. This property has been historically run as Nelson House BNB for the last 25 years. Their is a brand new website made in 2016 intended to generate increased tourism and bookings. Currently the property is run as a short term rental property with 9 housekeeping units. Four units are self contained with their own bathrooms. The other five units share two bathrooms. In the lobby is a living room, dining room, and kitchen for tenants to enjoy and socialize making for a community style living. Recent updates include new furniture in some suites, new carpets, paint, hardwired internet services, and more.


Property Details
Number of units 9 units
Stabilized net operating income $95,516
Capitalization rate 3.0%
Price per unit $353,333
Lot size 2,882 square feet
Zoning RM-5
Year Built 1905
Property Map

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