A 2-storey retail and aparment building on a prime stretch of West 4th Avenue has sold for $8,800,000. The building at 2041 West 4th is located on a 50 ft. lot and is zoned C-2B. The ground floor retail is currently leased to Turf for the next 6 years. The upstairs consists of two higher end rental units.
The sale price equates to $1,050 per SF for the building.
A virtual tour of the Property can be viewed here: https://fraserelliott.com/2041-w-4th-avenue-vancouver/
I am pleased to present the opportunity to acquire a fully leased auto dealership on Main Street.
Address:
4575 Main Street, Vancouver BC
Property Features:
Asking $23,000,000, going-in 3.9% cap rate, increasing to 4.25% with rent bumps.
Please contact me for further details.
The preliminary proposal has been submitted for redevelopment of the Shoreland Apartment site at 2190 Bellevue Avenue. The redevelopment had been rumoured last year and was thought to include a concurrent application and demolition of the “Pink Palace” building known as Villa Maris at 2222 Bellevue, although the application does not anticipate immediate redevelopment of Villa Maris at this time.
The Shoreland is a 62-unit, 11-storey rental apartment building that was built in 1963 by the current owners. The site is 29,185 SF in size.
The current zoning for the site is RM2 which allows up to 20 storeys in height.
The owners have put forth two potential redevelopment options for Council to consider:
Both options include a 6-storey building with affordable units dedicated for “essential service workers”.
A tenant relocation assistance strategy is proposed to be implemented which includes the Villa Maris site located at 2222 Bellevue Avenue. The proposal does not include redevelopment of the Villa Maris site.
The preliminary development proposal will be presented to Council on June 22, 2020, to determine if the proposal can proceed to public consultation prior to the adoption of the Ambleside Municipal Town Centre Local Area Plan.
The architect for the project is James Cheng.