Property Overview

  • Status
    Sold
  • Address
    The McLean
    1725 McLean Drive
    Vancouver, BC
  • Neighbourhood
    Grandview-Woodland
  • # of Units
    6
  • # of Storeys
    3
  • Year Built
    1957
  • PID
    015-285-430
  • Lot Size
    5,693 SQFT
  • Zoning
    RM-4N
  • Price
    Please Contact Listing Agents
  • Opportunity

    An excellent opportunity to acquire 100% freehold interest in “The McLean” apartments located at 1725 McLean Drive in the trendy Grandview-Woodland neighbourhood of East Vancouver. The Property is improved with six (6) large two-bedroom units and is situated on a 5,693 sf corner lot with frontage on McLean Drive and 1st Avenue. The offering presents investors secure and stable cash flow, significant revenue upside, and future assembly and redevelopment potential.

    Location

    • Strategically located on the southwest corner of East 1st Avenue and McLean Drive in the Grandview-Woodland neighbourhood
    • Three (3) blocks west of the trendy Commercial Drive retail node and one (1) block east of the arterial Clark Drive
    • Quick 10 minute bike or drive to Downtown Vancouver via the Dunsmuir Viaduct or Terminal Avenue
    • 7 minute drive east to Hwy. 1 along East 1st Street

    Investment Highlights

    • Prominent location in one of the most sought after and growing residential neighbourhoods in Vancouver for multifamily tenants and investors
    • High visibility and excellent curb appeal to passers-by on East 1st Avenue
    • Exceptional Walk Score; 94 /100
    • Several recent building upgrades mitigate necessary capital expenditure on the horizon
    • Property can be easily be self-managed
    • Significant revenue upside and yield growth to be realized upon tenant turnover, and to an even greater degree with further rental unit modernization
    • Very low vacancy rate (0.60%, CMHC Fall 2015) provides investors with secure and stable cashflow
    • Future assembly and redevelopment potential within the recently adopted Grandview-Woodland OCP (July, 2016)

     

    David Venance
    Executive Vice President

    David Venance

    Property Location