A small apartment for purchase, which could be considered one of the more affordable home listings in Vancouver, included a blurb about the ease with which the buyer could charge high rent.
“No rental or pet restrictions — easily rent for $2,500+ per month. Great income potential in an unbeatable location.”
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The West End apartment listing, located at 1855 Nelson St., also states that the home is ideal for both investors and first-time homebuyers.
This is the second time that the apartment has been listed for sale within the last few months. In April, the unit was listed for $568,000. The price was eventually dropped to $548,800 before the listing was terminated on July 22. On July 25, it was re-listed for $539,500.
To put that into perspective, in June, the benchmark price for an apartment in Vancouver $748,400.
While it’s not uncommon to see a home for sale mention the potential for rental income, we don’t usually see a specific figure, such as the “$2,500+” mentioned in this listing. Renting for $2,500+ would put it just over the average asking rent for a one-bedroom unit in Vancouver, according to liv. rent’s July report.
That asking price of $539,500 puts it slightly over the assessed value, which currently stands at $497,800.
Royal LePage Sussex
The property is a studio, so there’s no separate area for the bedroom, and it offers a total of 583 sq. ft. of living space.
Despite the lack of a separate bedroom, the listing says, “Open layout with option to reinstall a bedroom wall if desired. Motivated sellers — don’t miss this move-in-ready gem or high-return rental opportunity!”
Royal LePage Sussex
Pictures show a clean and modern-looking unit, but the building is quite old, having been built in 1976.
Royal LePage Sussex
Royal LePage Sussex.
One highly sought-after feature is the in-suite washer and dryer, which Vancouver renters know is a godsend.
Could you see yourself renting an apartment like this for over $2,500? What would be a fair price in your mind? Let us know your thoughts on this listing in the comments.