Four East Vancouver homes with development and investor potential are currently assessed at very low values and listed well above them.
According to the listing, potentially four properties are available for sale as part of a four-lot land assembly. The land assembly has the potential for a 12-storey development, pending approval from the City of Vancouver once sold.
The listings for all the homes in the lot include a note alerting developers and investors of the sale.
The four homes in the lot are neighbouring properties, and some are in rougher shape than others. They include 3474, 3484, 3482 Franklin Street, and 375 Skeena Street. Royal Pacific Realty is handling the lot sale.
3484 Franklin Street, listed for $3 million, is the home that seems to have aged the worst, but it is over 100 years old. It has an assessed value of $1,847,000.
3484 Franklin Street (Royal Pacific Realty)
The home has 1,560 sq ft of space, but the future owner will likely be more interested in the lot, which offers 4,026 sq ft. It was last sold in 2011 for $660,000.
3482 Franklin Street is in slightly better condition. This home, built in 1978 and 46 years old, is listed for $3 million and assessed at $1,719,000. It features a lot of 4,026 sq ft and was last sold in 2009 for just $585,000.
3482 Franklin Street (Royal Pacific Realty)
Perhaps the most aesthetically intact home being sold as part of the lot is 3474 Franklin Street. This 95-year-old home is listed for $3 million and has an assessed value of $1,647,100. Like the others, it features 1,756 sq ft of space and has a lot size of 4,026 sq ft.
3474 Franklin Street (Royal Pacific Realty)
The most expensive property is 375 Skeena Street, listed for $5 million, though it’s unclear why it’s selling for $2 million more than the others in the lot. It features the same lot size and is assessed at $1,651,400.
375 Skeena Street (Royal Pacific Realty)
If the listing’s proposed potential for a 12-storey building pans out, it could be good news for the neighbourhood’s residential density. Most of the East Vancouver neighbourhood, which is just walking distance to PNE and Playland, comprises single-family detached homes.
That also means this future development is near the soon-to-be-built PNE Amphitheatre, and it’ll be interesting to see how that venue impacts land and property value in the area.
Would you like to see more detached homes converted into multi-unit buildings? Let us know why or why not in the comments.