Multifamily
Penrhyn Lodge
1696 W 11th Ave, Vancouver, BC V6J 2B9
Listing Price: $4,475,000
Investment Overview
The McEvay Blair Multifamily Group of Marcus & Millichap is proud to present a rare and unique opportunity to own a piece of Vancouver’s history in the Penrhyn Lodge (the “Property”).
Having been built early in the 20th century, the Property exudes timeless character and charm, showcased by vintage stained glass windows, coffered ceilings, and original hardwood fir floors. The building has, however, undergone many updates over the years, and in its current form features 20 rental units ranging from micro units that share a communal washroom, to self-contained bachelor suites, one bedroom lofts, and a grand two bedroom unit. There are also two coach houses off the laneway.
Nestled in the heart of Vancouver’s coveted South Granville neighbourhood the Property is surrounded by world class dining and shopping. The future South Granville Broadway Subway Station will be a short 9 minute walk for tenants commuting to UBC and downtown. Penrhyn Lodge offers investors secure and stable cash-flow with continued rent growth underpinned by future redevelopment potential under the Broadway Plan.
The Property is being offered for sale by Marcus & Millichap through the court appointed Receiver on behalf of the first mortgage lender.
Penrhyn Lodge
Investment Highlights
- Penryhn Lodge is a one-of-a-kind asset with an irreplaceable location offering investors a quintessential piece of Vancouver's real estate history.
- With a melange of self-contained one, two, and bachelor style suites, along with micro units that share communal washrooms, the Property offers an eclectic range of rentals.
- 'Cash-cow' with approximately 8,364 square feet of rentable space averaging $3.53/sf. Continued revenue growth projected of approximately 12% upside upon tenant turnover.
- Strategic corner lot designated for higher density under the Broadway Plan.
Exclusively Listed By
Listing Price: $4,475,000
Investment Highlights
- Penryhn Lodge is a one-of-a-kind asset with an irreplaceable location offering investors a quintessential piece of Vancouver's real estate history.
- With a melange of self-contained one, two, and bachelor style suites, along with micro units that share communal washrooms, the Property offers an eclectic range of rentals.
- 'Cash-cow' with approximately 8,364 square feet of rentable space averaging $3.53/sf. Continued revenue growth projected of approximately 12% upside upon tenant turnover.
- Strategic corner lot designated for higher density under the Broadway Plan.
Investment Overview
The McEvay Blair Multifamily Group of Marcus & Millichap is proud to present a rare and unique opportunity to own a piece of Vancouver’s history in the Penrhyn Lodge (the “Property”). Having been built early in the 20th century, the Property exudes timeless character and charm, showcased by vintage stained glass windows, coffered ceilings, and original hardwood fir floors. The building has, however, undergone many updates over the years, and in its current form features 20 rental units ranging from micro units that share a communal washroom, to self-contained bachelor suites, one bedroom lofts, and a grand two bedroom unit. There are also two coach houses off the laneway. Nestled in the heart of Vancouver’s coveted South Granville neighbourhood the Property is surrounded by world class dining and shopping. The future South Granville Broadway Subway Station will be a short 9 minute walk for tenants commuting to UBC and downtown. Penrhyn Lodge offers investors secure and stable cash-flow with continued rent growth underpinned by future redevelopment potential under the Broadway Plan. The Property is being offered for sale by Marcus & Millichap through the court appointed Receiver on behalf of the first mortgage lender.
Exclusively Listed By
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