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Macdonald Apartments – 851 Bidwell Street, Vancouver

Posted on June 5, 2022 by Marie A. Dean

Sold

Macdonald Apartments

851 Bidwell Street, Vancouver

SOLD $11,450,000

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Cost
$12,000,000

Holding type
Apartment edifice

Units
24

Storeys
3 plus penthouse

Year built
1930

Lot size
74’x 131’ (9,694 SF)

Zoning
RM-5A

Price per unit
$500,000

Cap rate
2.8%

Gross income multiplier
25.ane

PID
014-384-591, 014-384-604

Legal description
Lot twenty, except the westward 58 feet & Lot 21 Block 56 District Lot 185 Programme 92

Auction toll
$11,450,000

Sale date
04/06/2022


Overview

Macdonald Apartments is a well-maintained 24-suite 3-storey plus penthouse apartment building located on a corner lot just off Denman and Robson. The building is conveniently situated directly beyond from the Due west End Community Centre, Joe Fortes Library and King George Secondary Schoolhouse.

Built in 1930 and improved on a 74’x 131’ (ix,694 SF) RM-5A zoned corner lot, the building comprises a fantastic suite mix of one bachelor, 12 i-bedrooms, ten two-bedrooms and i one-bedroom penthouse featuring its ain private rooftop patio. Other highlights include two sets of leased washer/dryers, 12 storage lockers and original character fireplace mantels in each suite. The property is held in a company that can be purchased.


Building upgrades

In that location have been several updates over the years:

  • Exterior brick repointing encompassing 3 sides of the building (2010)
  • Rear stucco wall repaired, patched, painted & sealed
  • Rebuilding of chimneys with new bricks
  • New roof featuring double-layer SBS membrane (2011)
  • New flashing (2011)
  • New boiler (2011)
  • Ongoing suite upgrades over past two years including new hardwood floors in some units
  • Penthouse suite includes updates to the bath and new kitchen cabinets
  • New hot water tank, oestrus substitution & motor pumped (2010)
  • Oil tank removed (April 1999)
  • Piping updates throughout the years
  • 6 kitchens totally renovated
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Location

Macdonald Apartments is located on the edge of the Downtown Core in Vancouver’s highly desirable West End neighbourhood. The building is situated on the northwest corner of Haro Street and Bidwell Street, directly across from the W End Community Centre. Its pedestrian friendly location affords quick admission to a variety of notable West End amenities including a mix of confined and restaurants located on Denman Street and Robson Street, forth with the earth-renowned Stanley Park and its mix of year-round amenities including sports courts, Second Beach Pool and the Vancouver Seawall.

The Metropolis of Vancouver along with the Vancouver School Board, Vancouver Board of Parks and Recreation, Vancouver Public Library, and the West End Community Hub (WECH) recently launched its start stages of a renewal programme for the public lands located between Barclay Street to the south, Haro Street to the North and Denman Street to the east and just passed Bidwell Street to the west.

The WECH planning directions contemplate meaning changes to this area including replacement of the West End Customs Centre, larger library space, larger King George Secondary and the addition of other community amenities such as childcare facilities, seniors’ spaces, arts and culture facilities.


Suite mix


No. units Average size Boilerplate rent
Available No. units1 Boilerplate rent
$775
1 sleeping room No. units12 Average rent
$1,480
2 bedroom No. units10 Boilerplate rent
$1,935
i bedroom PH No. unitsane Average rent
$1,870


Financials


Financing Treat equally articulate title.
Assessment 2022

Country

Building

Total

State$nine,597,000

Edifice$1,220,000

Total$ten,817,000

Taxes 2021

$28,746

Income and expenses

Gross income

Vacancy

Effective gross

Operating expenses

Cyberspace operating income

Gross income$480,777

Vacancy(ii,404)

Effective gross$478,373

Operating expenses(141,609)

Net operating income$336,764

Notes

For a rent roll and expense statement, please contact listing agent.

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The information contained herein was obtained from sources which we deem reliable, and while thought to be correct, is non guaranteed by Goodman Commercial.

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