Crystal Court Apartments

A Marpole Classic

 

PROPERTY HIGHLIGHTS

  • Opportunity to acquire a 100% leased, 24-suite rental apartment building with a Prominent Vancouver West-side “Marpole” address in one of the most sought after residential neighborhoods in Canada;
  • This 3-storey plus Penthouse, 24-unit contemporary apartment building comprises a unique and desirable suite mix including; 1-two bedroom Penthouse suite complete with exterior deck and good views, 14 exceptionally large one bedroom suites and 9 well laid-out bachelor suites;
  • The Crystal Court Apartments is strategically located mid-block on Montcalm Street between West 72nd Avenue and West 73rd Avenue in close proximity to a variety of tenant friendly amenities found on the South Granville Retail Commercial Corridor, just steps to major bus routes and a 17-minute walk to the new rapid transit “Marine Drive Station” linking Richmond and the Airport with Downtown Vancouver;
  • Ideally situated in a proven rental market as Vancouver’s Marpole neighborhood has historically enjoyed high occupancy rates and at the current vacancy rate of 0.6% enjoys one of the lowest apartment vacancy rates in Canada;
  • Rents in the building are averaging below CMHC posted rates for the Marpole neighborhood, providing investors a “significant upside opportunity” to increase cash flow and investment return by renovating suites on turnover and re-leasing the suites at current market rates!

COVETED "MARPOLE LOCATION

  • The “Crystal Court Apartments” is strategically located mid-block on Montcalm Street within the growing Marpole neighborhood on Vancouver’s west-side. The property is just steps from the South Granville Retail Commercial Corridor, providing immediate access to an excellent mix of restaurants, specialty shops & services, grocery and many other tenant-friendly amenities.
  • The recent influx and transformation of the nearby Granville Corridor and the Marine Gateway area has attracted new retailers and notable hot spots such as Shoppers Drug Mart, T&T Supermarket, Starbucks, Winners, Cineplex Cinemas, numerous banks and many other shops and services.
  • 8860 Montcalm Street is steps to major bus routes and a 17-minute walk to the new rapid transit “Marine Drive Station” linking Richmond and the Airport with Downtown Vancouver which will continue to attract and retain quality tenants

BUILDING FEATURES

  • The Crystal Court Apartments is a contemporary 3-storey apartment building comprising 24 rental suites including a private 2-bedroom top floor Penthouse;
  • Residential suites are all improved with attractive hardwood floors, enjoy large comfortable layouts complete with ample closet space and most comprise either a deck or patio and are further improved with strategically positioned windows providing an abundance of natural light;
  • Original elements have been retained throughout the building and in a majority of the suites in order to maintain the charm and architectural appeal of this classic Marpole building. Some classic elements include; attractive multi-colored tile accents decorate the exterior of the building's main floor, elaborate wood finishes, attractively designed durable Victorian-style wool carpet and classic art deco chandelier combine to enhance the look and feel of the lobby and common areas;
  • The buildings laundry room facilities are situated on the main level (2 washers and 2 dryers) and are further improved with laundry lockers and full height storage lockers for tenant convenience;
  • All suites are individually metered for Hydro (Tenant pays) and comprise radiant hot water heat (Landlord pays heat and hot water);
  • A variety of recent Capital Expenditures have been completed including: new exterior paint job including covered parking area, a variety of lobby updates, new domestic hot water tank, plumbing updates, a variety of suite improvements as required and extensive landscaping upgrades throughout the site.

PRICE

Bid Process.

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