475 W 42nd Ave, Vancouver

Sold for $10,100,000

$10,100,000

Sale Price

18 Storeys

Max Buildable Height

6,283

Lot Square Feet

51.5 x 122

Lot Dimensions (ft)

DESCRIPTION

Sold 475 W 42nd Ave, Vancouver for $10,100,000.

Imagine your house was rezoned and suddenly worth more than triple what it was before. But in order to get it, you need to bring someone in to fight for you and make sure you get highest and best offers. And, a land assembly needs to come together.

That’s exactly what happened at 475 W 42nd Ave, Vancouver. The property was in the Cambie Corridor Official Community Plan (OCP) as an 18-storey building.

Allowable use was either condo with 30% social housing or 100% rental. This presents a complex valuation challenge. Our expertise at Multifamily Real Estate Services involves making these exact types of calculations. We think like a developer thinks.

After detailed analysis, we positioned the land assembly as a rental development site and worked with developers who build purpose-built rental highrises in the region.

Lot was sold along with two adjacent lots. We exclusively represented the seller of 475 W 42nd Ave.

SPECIFICATIONS

Property Type · Development Land
Lot Size · 6,283 Sq Ft
Actual Use · Single Family House
Year Built · 2010
OCP Designation · Multifamily High-Rise

HIGHLIGHTS

• Coordinated with Neighbouring Sites

• Negotiated Aggressively for Clients’ Involvement

• Detailed Underwriting and Development Pro Forma

• Saved the Deal When It Almost Collapsed

LOCATION

475 W 42nd Avenue
Vancouver BC V5Y 2T3

Legal Description
Lot 5 Block 857 Plan VAP7737 District Lot 526 Land District 36

PID
010-337-253

Assessed Value (2020)
$3,613,000

ABOUT THE DEAL

HOW WE DID IT

Our multifamily network includes ALL current rental developers in Metro Vancouver. We directly marketed the site to qualified builders and developers. Our first deal on the property fell apart. Other offers were received but not accepted before the final successful offer. We defended the value right to the end, despite requests to lower price.

The property was marketed exclusively by Seth Baker at Multifamily Real Estate Services and Shawna Lo at Re/Max Select Properties.

WHAT WE LEARNED

This deal would not have been possible without first completing the analysis. We were extremely confident about what could be built. Knowledge of city planning policies and processes was essential. In order to be the most effective negotiators, we make it a point to have the same information as developers. In addition, unique forms of collaboration were required to compile the neighbouring sites. As an independent firm, were able to work in collaboratively with other brokers. In every transaction, the client’s result is most important.