Pandora Apartments
2067 Pandora Street

SOLD

An opportunity to acquire 100% freehold interest in the Property located at 2067 Pandora Street. Located in East Vancouver’s Grandview Woodland community it is steps from the hip, up and coming “East Village” business district. The Property is improved with an exceptionally well maintained three (3) story, eight (8) unit apartment building that is 100% occupied with a very desirable caliber of tenants.

The area is currently undergoing significant transformation spurred on by the recently adopted Grandview Woodlands Official Community Plan and subsequent demand amongst tier-1 developers to secure land to accommodate growth. This investment is ideal for passive and value-add investors who want to self-manage due to the smaller asset scale, the minimal capital expenditure required in the near future, and the caliber of tenants that the neighbourhood and building attract. The low market vacancy rate (0.70%, CMHC) combined with the increasing rents indicate that investors will be able to grow the yield on their investment upon tenant turnover and even more so with a unit renovation program.

Investment Highlights

• Scale is ideal for owner to self-manage
• Superb curb appeal and internal showing
• Central location which is very accessible
• Condition of building is very good; approximately $140,000 in capital expenditure since 2013
• Spacious, well lit units each with a balcony, and some with two balconies
• North facing units boast magnificent view of the North Shore mountains
• 100% occupied with high-caliber tenants
• Secure rental revenue with yield growth opportunity upon tenant turnover

East Village

With easy access to transit and an irreplaceable community feel, this vibrant and eclectic neighbourhood will continue to grow into one of Vancouver’s most sought after areas to live and do business in.

Pandora Apartments is situated one lot west of the Lakewood Drive and Pandora Street intersection, on the north side of the street. There is lane access to a surface parking lot on the north side of the building. The Property is positioned three blocks to the south of Dundas/Powell Street and four blocks north of East Hastings Street; both of which are arterial routes leading west to Downtown Vancouver, or East to Highway #1. The frequent public transit along East Hastings Street make several other areas of Metro Vancouver very accessible for tenants.

The East Village is characterized by local cafes, trendy fashion shops, and craft breweries as well as key tenant services and amenities. Pandora Apartments boasts exceptional walkability with a Walk-Score of 93/100 and a bike score of 91/100. The rapidly evolving Grandview Woodlands community and East Village business district is ethnically diverse with many young professionals relocating to this area. The population is expected to grow by 10,000 people in the next 30 years.