Single detached home

📄 A Detailed Property Profile: 3561 Inverness Street

1. Quick Facts: The Essentials

· MLS® Number: R3106576 · Status: Active · Price: $1,298,000 CAD · Address: 3561 Inverness Street, Vancouver, BC V5V 4V6 · Neighbourhood: Knight, Vancouver East · Property Type: House / Single Family Home · Architectural Style: Rancher / Bungalow w/Bsmt. (with Basement) · Year Built: 1923 · Total Floor Area: 1,926 sq. ft. · Lot Size: 3,663 sq. ft. (0.08 acres) · Annual Property Taxes: $0 (2024)

1. A Walk Through Time: Interior & Exterior Features

Step inside and you’ll find a home rich with character and original features:

· Classic Character Details: The home is filled with original hardwood floors throughout, and the living room boasts a stunning 10-foot ceiling, enhancing the sense of space and light. · A Fireplace with Charm: A cozy wood-burning fireplace is flanked by beautiful, built-in bookshelves on either side, creating a perfect focal point for the living area. · Distinctive Windows: Leaded stained glass windows add a unique and timeless character to the home. · Functional Kitchen: The home features a "good sized kitchen" ready for everyday living. · Bedrooms & Bathrooms: The property has 5 bedrooms and 2 bathrooms in total. · Outdoor & Parking: The property includes a single detached garage, with lane access and side access to the property.

1. The Legal Suite & Investment Opportunity

This property is a standout for its income-generating potential, featuring a legal 2-bedroom rental suite downstairs. This "Great Mortgage helper" offers a powerful financial advantage, allowing you to offset a significant portion of your monthly mortgage payments.

1. The Land: A Prime Development Opportunity

The value of 3561 Inverness Street is heavily tied to its land, with the building structure valued at a fraction of the overall worth. For an investor or developer, this is a key point:

· High Land-to-Building Ratio: The BC Assessment indicates a land value that far exceeds the structure's value, making this a land-centric investment. · Rapidly Evolving Neighbourhood: The property is located in a "rapidly evolving neighborhood," strategically positioned just off Kingsway, one of East Vancouver's major arterial roads. · Potential for Rezoning: The 3,663 sq. ft. lot may be part of a larger redevelopment opportunity. Some listings reference a "7893 SQFT site," suggesting potential for assembly with neighbouring properties. Rezoning could allow for apartment developments with residential rental tenure at Floor Space Ratios (FSRs) up to 2.40, subject to city approval.

1. Life in the Knight Neighbourhood

The Knight neighbourhood offers a balanced urban lifestyle with a strong sense of community. It’s well-known for its diverse dining and convenient access to parks.

· Dining & Amenities: The area is home to beloved local institutions like Duffin's Donuts, open 24/7. A variety of boutique shops, essential services, grocery stores, and cafes are just a short walk away. · Parks & Recreation: Green spaces are abundant, with nearby parks such as Kensington Community Centre Park and Gray's Park offering ample opportunities for leisure and relaxation.

1. Schools: A Walkable Catchment

The property is within a highly convenient school catchment, ideal for families:

· Charles Dickens Annex (K-3): Located just 0.3 km away. It's a vibrant, multi-aged learning environment for Kindergarten to Grade 3. · Sir Charles Tupper Secondary School (8-12): Located 1.1 km away.

1. Price History (1997-2006)

This long-term data shows a strong appreciation:

Date Status Price Apr 12, 2006 Sold $485,000 Apr 30, 2005 Sold $420,000 May 12, 2003 Sold $290,000 Jul 21, 1997 Sold $220,000

💎 Summary

3561 Inverness Street is not just a home; it's a versatile asset with many possibilities. It offers the charm of a 1920s character home, the immediate financial benefit of a legal rental suite, and the long-term potential of land assembly in a dynamic Vancouver neighbourhood.