Address1869 Frances Street
# of Units58
# of Storeys3
PID007-721-340, 007-721-382, 007-721-421
Lot Size17,622 SQFT
An opportunity to acquire 100% freehold interest of the property located at 1869 Frances Street in Vancouver’s vibrant and dynamic East Vancouver neighbourhood (the “Property” and/or “Lands”). The Lands are currently improved with an existing 34-unit apartment building with a desirable suite mix of bachelor, 1-bedroom and 2-bedroom units with tremendous rental revenue upside. The existing secured revenue streams are further backstopped by the rectangular site which is designated for a potential 38,704 square foot residential rental project aligned with the City of Vancouver’s Grandview-Woodland Official Community Plan. The current ownership submitted an application for rezoning (“Rezoning Enquiry”) in 2017, and has also engaged an architect to provide conceptual renderings of a six-story, 58-unit purpose built rental apartment building.
- Situated on the north west corner of Victoria Drive and Frances Street, and across the street from the very popular Bosa Foods specialty Italian grocery store, in East Vancouver’s Grandview-Woodland vibrant and culture rich neighbourhood.
- Two blocks to the east is the celebrated Commercial Drive business district known as “The Drive.” Tenants are privileged with very convenient access to all of the retail, services and array of well-known independent restaurants and cafés.
- Three blocks to the north is the arterial route of East Hastings Street which provides frequent public transit giving direct access to downtown Vancouver and its strong employment base.
- Strong holding income with attractive upside
- Asset rehabilitation opportunity
- Extremely low vacancy rate 0.40%
- Future purpose built rental development designation
- 17,547 sf Rectangular Corner Lot
- Premier location near abundance of amenities on Commercial Drive