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.