The CRE Investment & Development Team | Royal LePage Commercial presents the unique opportunity to purchase a well-managed rental complex that has been with the same ownership group for over 40 years. Parkview Apartments, originally constructed in 1967, is comprised of a 3 storey - 12 unit apartment building that has ample surface parking and is situated on a well-located 8,195-square-foot lot. A suite mix consisting of 11 one-bedroom and 1 two-bedroom units, with spacious floor plans; the majority being corner units that boast wrap-around balconies.
Positioned in the Cedar Cove neighborhood, an area whose rental market has become extremely competitive in recent years and is currently experiencing historically low vacancy rates (0.4% as per 2023 CMHC records). Combine this with rising rents, a strong local economy, and a growing population; the complex offers investors a current stable cash flow with revenue upside upon tenant turnover. As an added bonus, a future opportunity to develop and increase density is available under the Grandview Woodlands OCP.
Address 342 North Garden Drive, Vancouver, BC
Large upside on tenant turnover.
Mix of 11 one-bedroom units, along with 1 two-bedroom unit.
Low regional CMHC vacancy rate of 0.4%
Lot Size 8,195 SF | 67’ x 122’
Construction 3 Storey Woodframe
Year Built 1967
Asking Price $3,960,000
Contact Pouria Nikravan PREC, Chris Hayne, or Raman Bayanzadeh PREC for more information
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