East Vancouver rental apartment building for sale at $10.5 million

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      A three-storey rental apartment building in East Vancouver’s Mount Pleasant neighbourhood is up for sale.

      The price tag: $10.5 million.

      The property is Capri Apartments at 45 East 16th Avenue. It was built in 1966, and has 23 units of 16 one-bedroom and seven two-bedroom units.

      The selling price of $10.5 million works out to $457,391 per unit.

      The building is on a 16,104-square-foot lot.

      The sale is being handled the team of father-and-son David and Mark Goodman, Cynthia Jagger, and HQ Commercial.

      “Rents are significantly under market providing investors an opportunity to further enhance the revenue as suites turnover or by undertaking a comprehensive renovation program,” according to a sales brochure.

      The average rent for a one bedroom at Capri Apartments is $1,331 per month. A two-bedroom unit goes for $1,558.

      According to the brochure, the apartment building generates a net income of $295,859.

      The property is one-and-a-half blocks west of Main Street.