buyer client saved $1m off list price — repositioned with development insight
- 9-unit apartment in grandview-woodland
- full renovation and repositioning project
listing
description
1923 Parker Street was a classic East Vancouver apartment repositioning opportunity — a 9-unit building in Grandview-Woodland with location upside, but serious deferred maintenance. Originally listed for $3.8 million, the property had sat unsold for months before my client entered the picture. Representing the buyer, I led with developer-level thinking — not just reacting to surface issues, but building a complete plan for acquisition, renovation, and long-term value creation.
The building, part of an estate sale, had numerous physical deficiencies: HVAC components were failing, one entire side of the fascia required structural replacement, and significant mechanical upgrades were overdue. During due diligence, I coordinated third-party engineering inspections and obtained multiple cost estimates for all major systems — including roof, windows, heating, and exterior. These weren’t just quotes. They were the foundation for a clear, data-backed negotiation strategy.
By pairing physical analysis with a strategic pro forma — built around projected rents, renovation timelines, and investor-grade yield targets — we successfully negotiated a $1 million discount from asking. That margin created the space needed to execute a full repositioning plan. Today, the building is undergoing transformation — turning a neglected asset into long-term rental housing in one of Vancouver’s most desirable urban neighbourhoods.
This deal is what happens when a buyer gets more than access. They get real strategy — grounded in construction knowledge, yield forecasting, and the mindset of a developer.
investment
thesis
An underperforming asset with location-driven upside, acquired with margin for a complete repositioning. Strong long-term rental value in a quiet, central, walkable neighbourhood.
policy
context
Located in the Grandview-Woodland neighbourhood, the property is in an area that supports low-rise multifamily rental under existing zoning. The site’s RM-4N context supports both current use and future retention, and aligns with the City of Vancouver’s rental preservation and infill densification strategies.
buyer
appeal
The buyer acquired the property with a full understanding of the scope — and the upside. What made it possible was clarity: full inspections, independent cost estimates, and a detailed pro forma that laid out the path to repositioning. I worked alongside engineers and mechanical consultants to vet every issue, model every scenario, and turn what seemed like a challenging building into a clear opportunity. That’s how you get deals done in a high-stakes urban market.
Acquired with $1M discount
Full renovation and repositioning
Developer-level cost and yield modeling
specifications
Sold Price: $2,800,000
Total Units: 9
Lot Size: 6,100 SF
Rentable Area: 5,656 SF
Year Built: 1958
Price Per Unit: $311,111
Storeys: 3
Parking: 5 Surface Stalls
Zoning: RM-4N (Multifamily Residential – Grandview-Woodland)
Assessed Value (2020): $2,761,000
Legal Description: Lot E Block 20 Plan VAP1067 District Lot 264A Land District 36 & PL 1771
PID: 014-999-285
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