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Sold

Wagon Wheel Place

  • $6,725,000

Salient Details

  • Units 20
  • Suite Mix 2-Bachelor, 17-1 Bedroom, 1-2 Bedroom
  • Lot Size 12,078 sf
  • Year Built 1965
  • Net Income $227,485
  • Cap Rate 3.38%

Wagon Wheel Place

Opportunity to purchase a well maintained, 20 unit apartment building, close to restaurants and shopping in the trendy Mount Pleasant neighbourhood
35 East 16th Avenue - Brochure
Download the Brochure
McEvay Blair Multifamily Group - Wagon Wheel Place - 001 1

Investment Highlights

Prime Mount Pleasant Location
Conveniently situated adjacent to the bike lane in Mount Pleasant, just off Main Street and in proximity to premier shopping, dining establishments, and Mount Pleasant Park.
Impeccably Maintained
The building has been impeccably maintained, featuring recently upgraded windows and modernized suites upon tenant turnover
Significant Upside
There exists a substantial opportunity to potentially enhance the capitalization rate through significant rent increases upon turnover, as the current average monthly rent for the two bachelor units is $1,245 and for the one bedroom units is $1,24
Low Vacancy Rate
Mount Pleasant boasts a vacancy rate of near 0% and faces a pronounced scarcity of rental units amid robust demand. Household demographics indicate an average income exceeding $125,000, alongside ongoing population expansion in the area.
Future Redevelopment Potential
With 99 feet of frontage, the property offers the potential to develop within the Broadway Plan of up to 20 storeys at a price of $93/buildable.

Gallery

Contact us

Adam Herman

Director

Personal Real Estate Corporation

(604) 652 3016

Adam.Herman@marcusmillichap.com

Email Adam

Patrick McEvay

Managing Director

Personal Real Estate Corporation

(604) 789 0720

Patrick.McEvay@marcusmillichap.com

Email Patrick

James Blair

Managing Director

Personal Real Estate Corporation

(604) 790 7089

James.Blair@marcusmillichap.com

Email James

Suvarna Sunil

Associate Director

(778) 772 5133
Sunil.Suvarna@marcusmillichap.com

Email Sunil

Patrick Ferrie

Associate

(250) 793 3498
Patrick.ferrie@marcusmillichap.com
Email Patrick