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770 E PENDER Street in Vancouver: Mount Pleasant VE House Duplex for sale (Vancouver East) : MLS®# R2285318

Posted by Aedis Realty on July 17, 2018
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Chinatown Overview

Vancouver ChinatownCanada’s largest Chinatown, among the largest in North America, is in the City of Vancouver, British Columbia, in the blocks around Main, Pender, and Keefer Streets with the Gastown and Downtown districts to the west, Downtown Eastside to the north, the residential district of Strathcona to the east, and False Creek to the south. Chinatown remains a popular tourist attraction despite the growth of the newer Chinese immigrant business district in the suburb of Richmond south of Vancouver on Lulu Island in the Fraser River. Many affluent Hong Kong and Taiwan immigrants in Richmond have developed successful Chinese businesses in the area now named Golden Village by the City of Richmond, which once proposed the name “Chinatown” only to encounter strong resistance from the original Chinatown in Vancouver and from non-Chinese Richmond residents and merchants.

Asian Influx

The Greater Vancouver Regional District received large numbers of Asian immigrants during the late 20th Century, primarily Chinese, whose population reached 300,000 by the mid-’90s. More immigrants settled in Richmond than in Vancouver Chinatown for its lower costs of living and closer distance to the Vancouver International Airport. The development of suburban Asian shopping districts with plenty of parking space like Richmond’s Aberdeen Centre, visibly impaired the business heart of historic Chinatown.

Decline

Chinatown businesses today consist mostly of working-class retailers, small groceries, tea shops, and souvenir stores. Some restaurants stand out, but there are no longer so many, and their declining numbers brought less foot traffic and nighttime activity than in former times. The 10-percent Chinatown vacancy rate shows the need for a fresh approach to development to replace businesses that have moved to suburban locations, retired, or simply closed. Redevelopment opportunities are clearly present. Chinatown lease rates from $15–30/square foot are the cheapest in the city, much lower than those in Vancouver’s Downtown shopping district.

The Vancouver Chinatown Business Improvement Area

In the 1990s, the Vancouver Chinatown Merchants Association searched for an effective vehicle for projects to revitalize the area. Gastown and Downtown Vancouver had formed business improvement areas (BIAs) with evident success. With the consent and support of merchants and property owners, the association planned to establish a Chinatown BIA.

After several attempts, the association succeeded in winning the community support necessary establish a Chinatown BIA. The Vancouver Chinatown Business Improvement Area (VCBIA) incorporated in 2000 on a model of BIAs successful in other areas of the city to improve Chinatown’s cleanliness and safety, expand and promote its events, and work with media and external partners to make Chinatown popular and prosperous again. A voluntary board of property owners and tenants manages the VCBIA. The city assists with annual funding through a special property tax like a local improvement levy. Each property’s contribution to the annual BIA budget is according to its proportionate share of the total BIA taxable value.

Information Links:

http://vancouver-chinatown.com
http://vancouver.ca/home-property-development/chinatown-revitalization.aspx

Redevelopment Prospects

A new Chinatown business plan now encourages entrepreneurs to move in to rehabilitate storefronts, attract a young crowd, and make visitors more comfortable. Attracted by low rents and heritage buildings, new businesses have moved in with owners in apartments above the shops. Chinatown’s priority now is to attract people of all backgrounds in the belief that non-traditional stores will bring a new flow of energy and income. Commercial activity is increasingly diverse with vintage stores, two art galleries, bars, and now a nightclub at the location of the former Ming’s restaurant, an attempt to bring back some of the nightlife atmosphere of the 1950s and ’60s. The diversity of new shops and businesses has created a new Chinatown image of vibrancy to compete with suburban districts and complement nearby Gastown and Downtown Vancouver.

New Chinatown Live MLS Listings

770 E PENDER Street
Mount Pleasant VE Vancouver V6A 1V7

$3,499,900
Multifamily beds: 3 baths: 3.0 4,316 sq. ft. built: 1953

Main Photo: 770 E PENDER Street in Vancouver: Mount Pleasant VE House Duplex for sale (Vancouver East)  : MLS®# R2285318
Prop. Type:
Multifamily
MLS® Num:
R2285318
Status:
Active
Bedrooms:
3
Bathrooms:
3
Year Built:
1953
investors or developers take note. Prime location in trendy Mount Pleasant neighborhood, 2 side by side Duplex lot. 50' x 115. new building to be 4316sqft 4 townhouse units. Preliminary approval and plan done. construction contract in place and lined up as TURN KEY operation. Revenue property with high return or sell as strata units (details with listing agent). Walk to MAclean Park, transit and shops. All measurements to be verified by buyer if important.
Property Type:
Multifamily
Dwelling Type:
Duplex
Home Style:
Year built:
1953 (Age: 65)
Total area:
4,316 sq. ft.
Total Floor Area:
4,316 sq. ft.
Total unfinished area:
0 sq. ft.
Main Floor Area:
1,542 sq. ft.
Floor Area Above Main:
1,296 sq. ft.
Floor Area Below Main:
1,478 sq. ft.
Basement Area:
0 sq. ft.
Finished Levels:
3.0
Rainscreen:
Bedrooms:
3 (Above Grd: 3)
Bathrooms:
3.0 (Full:3/Half:0)
Kitchens:
2
Rooms:
10
Taxes:
$6,741.66 / 2017
Lot Area:
5,750 sq. ft.
Rear Yard Exposure:
Outdoor Area:
Sundeck(s)
Water Supply:
Plan:
VAP196
Heating:
Construction:
Foundation:
Basement:
Full
Roof:
Floor Finish:
Fireplaces:
0
Fireplace Details:
Wood
Parking:
Parking Total/Covered:
6 / -
Parking Access:
Exterior Finish:
Title to Land:
Freehold NonStrata
Clothes Washer/Dryer/Fridge/Stove/DW
Air Cond./Central
PID 015-575-802 PL VAP196 LT 15 BLK 76 DL 181 LD 36. EXC N 7 FT NOW RD, LOT 16, BLOCK 76, PLAN VAP196, DISTRICT LOT 181, NEW WESTMINSTER LAND DISTRICT, EXC N 7 FT NOW RD.
Floor
Type
Size
Other
Main
Main
Main
Main
Main
Above
Above
Below
Below
Below
Floor
Ensuite
Pieces
Other
Main
Above
Below
Dist to Public Trans:
Property Disclosure:
Fixtures Leased:
Fixtures Removed:
Reno / Year:
Substantially Rebuilt / -
Sprinklers:
No
Smoke Detectors:
No
Services Connected:
Electricity, Natural Gas, Sanitary Sewer, Water
Previous Price:
Original Price:
  • Photo 1: 770 E PENDER Street in Vancouver: Mount Pleasant VE House Duplex for sale (Vancouver East)  : MLS®# R2285318
    Photo 1 of 1
Larger map options:
Listed by Amex Broadway West Realty
Listing information last updated on July 10, 2018 at 11:16 PM (UTC)
Area Statistics
Listings on market:
12
Avg list price:
$2,950,000
Min list price:
$1,598,000
Max list price:
$8,749,000
Avg days on market:
102
Min days on market:
12
Max days on market:
301
Avg price per sq.ft.:
$1,022.03
These statistics are generated based on the current listing's property type and located in Vancouver East. Average values are derived using median calculations.
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