Kitsilano Investment Property Sells Below Asking Price with Strong Rental Returns
A multi-unit property in Vancouver's desirable Kitsilano neighborhood has sold for $2,900,000, slightly below its initial asking price of $2,998,000. The transaction highlights the continued appeal of properties with established rental income streams in Metro Vancouver's competitive real estate market.
Property Details and Transaction
The property located at 3346-3350 West 10th Avenue features an R1-1 zoning designation and consists of two distinct structures: a four-suite main house and a separate three-bedroom laneway home. The eight-bedroom, six-bathroom property spans 2,827 square feet on an oversized 6,100 square foot lot.
Key transaction details include:
- Listed for: $2,998,000
- Sold for: $2,900,000
- Sold on: November 22
- Days on market: 92
- B.C. Assessment value: $3,313,000
Listing agent Bob Bracken of ReMax Real Estate Services represented the property, while buyer's agent Thomas Liaskas of TRG — The Residential Group Realty facilitated the purchase.
Substantial Rental Income Stream
The property's most compelling feature is its established rental income, which totals $12,575 per month or approximately $150,900 annually. This income stream significantly enhances the property's investment appeal and financial performance.
The main house, which is nearly 100 years old, contains four separate rental units:
- A two-bedroom unit on the top floor generating $2,100 monthly
- A larger two-bedroom suite on the main floor with deck access producing $3,250 monthly
- A one-bedroom unit on the ground floor bringing in $1,480 monthly
- A studio suite on the ground floor earning $1,295 monthly
The laneway house, constructed just nine years ago, represents a particularly valuable component of the property. This two-level structure spans over 1,000 square feet and comes fully furnished and equipped. It generates $4,450 in monthly rental income, demonstrating the premium value of newer, well-appointed secondary dwellings.
Development Potential and Market Context
The property's R1-1 zoning and substantial lot size offer significant redevelopment opportunities for future owners. The 6,100 square foot lot provides flexibility for potential expansion or reconfiguration of the existing structures.
This transaction occurred within a weekly roundup of recently sold Metro Vancouver properties, indicating continued activity in the regional real estate market despite economic uncertainties. The property's ability to sell relatively quickly (92 days on market) while maintaining strong rental income highlights investor confidence in Vancouver's rental market fundamentals.
The combination of established rental income, development potential, and desirable Kitsilano location created a compelling investment proposition that ultimately resulted in a successful transaction slightly below the initial asking price.
