This deal vs. buying the real estate conventionally
Estimates for comparison only. Conventional figures assume a $3.2M purchase price (the previous list price), a 25% down payment and BC transfer tax rates. Taking over or refinancing the mortgage is subject to lender approval. Buyers should confirm tax and legal points with their own advisers.
Property photography.
The opportunity
This is a mortgage takeover. A buyer takes over, or refinances, the existing mortgage of about $3,000,000 and receives 100% of the company that owns 1990 Pandora Street and runs Tribe Coworking. There is no down payment, and because title stays in the company there is no property transfer tax and no GST.
1990 Pandora Street is a premium ground-floor corner strata unit in the Pandora Building at Ironworks, the award-winning East Vancouver development built by Conwest in 2019 and Canada's first stacked mixed-use commercial industrial project. The unit has 4,261 sq ft across the main floor and mezzanine, 24 ft clear ceilings, covered grade loading and about $400,000 of high-end office improvements.
The real estate comes with a turnkey business. Tribe Coworking operates inside the unit with active commercial members in place, and every desk, chair, office, meeting room, kitchen and lounge furnishing is included. A buyer acquires an appreciating I-2 industrial asset that is already producing income, with nothing to build, buy or set up.
An independent appraisal by L.W. Property Advisors valued the strata unit alone at $4,470,000 as of December 2023, before counting the business or its furnishings.
Why it stands out
Industrial real estate
A 2019 ground-floor corner strata unit with street frontage, zoned I-2 Light Industrial, in one of Vancouver's tightest industrial markets.
Independently appraised
Market value of $4,470,000 as of December 2023 (market approach), with an income-approach value of $4,250,000.
Turnkey coworking business
Tribe Coworking is operating, and its revenue roughly equals the operating costs of both the business and the building.
No down payment
Take over about $3M of existing financing. No property transfer tax, no GST and minimal closing costs.
Fully furnished
Furniture, fixtures and equipment are all included: desks, seating, glass offices, boardroom, kitchen, lounge and pool table.
Room to grow
There is ample room to expand. At least eight more private offices could be built out to increase revenue.
Property details
- Address
- 1990 Pandora Street, Vancouver, BC
- Building
- The Pandora Building, Ironworks (Conwest, 2019)
- Unit type
- Ground-floor corner flex industrial / office strata
- Total area
- 4,261 sq ft
- Ground floor
- 2,974 sq ft
- Mezzanine
- 1,287 sq ft
- Clear height
- 24 ft
- Zoning
- I-2 Light Industrial
- Loading
- 10 ft x 12 ft covered grade-level door
- Parking
- 6 stalls: 4 underground and 2 above ground
- Power
- 200 A, 600 V, 3-phase
- Climate
- Full HVAC and air conditioning
- Washrooms
- One 2-piece, one 3-piece with shower
- Construction
- Concrete, fully sprinklered, passenger and freight elevators
- Strata fees
- $1,642 per month (per 2025 brochure)
- Property taxes
- $24,532 (2023)
The space
Corner street-front entry, reception, six glass meeting rooms and offices, kitchenette, lounge and a rear warehouse area with the grade loading door. Polished concrete and exposed 24 ft ceilings.
Glass-walled boardroom, two private offices and an open workspace overlooking the ground floor.
Floor plan
The coworking business
Tribe Coworking runs the unit as a shared workspace. Its members are commercial tenants whose payments help cover the building's costs, and the business transfers with the property.
- The operating Tribe Coworking business and its member relationships
- All furniture, fixtures and equipment: desks, task chairs, glass offices, boardroom table, lounge seating, pool table, kitchen appliances and coffee equipment
- A layout with room to add at least eight more private offices
- An experienced manager who is open to staying on
Independent valuation
Appraisal of the strata unit by L.W. Property Advisors Ltd., effective December 21, 2023. The valuation covers the real estate only; the coworking business and its furnishings are additional.
- Final estimate of value
- $4,470,000
- Market (direct comparison) approach
- $4,470,000
- Income approach
- $4,250,000
- Remaining economic life
- About 60 years
- Tenant improvements (reported cost)
- About $400,000
The appraisal was prepared for the owner for financing purposes. Buyers and their lenders should rely on their own valuation.
Location
Ironworks sits in the Port Town neighbourhood of East Vancouver, a block north of East Hastings near Clark Drive and Powell Street, with quick access to downtown, the Port of Vancouver, the North Shore and the Trans-Canada Highway. Restaurants, cafés and craft breweries are steps away. Owners enjoy a shared rooftop patio with barbecue, secured underground parking, bike storage and end-of-trip facilities.
Deal structure
- Purchase of 100% of the shares of the company that owns 1990 Pandora Street and operates Tribe Coworking.
- The buyer takes over or refinances the existing mortgage, subject to lender approval.
- Title stays with the company, so there is no BC property transfer tax and no GST on the real estate.
- The company carries no debt other than the mortgage. All furniture, fixtures and equipment are included.
How to proceed
- 01
Enquire
Call or send a short note about what you are looking for.
- 02
Review the package
Receive the leases, financials, mortgage details and appraisal.
- 03
Tour the property
Walk the unit, the building and the rooftop amenities.
- 04
Make an offer
Work with us on terms and financing.
Property details are drawn from the CBRE listing, the 2025 marketing brochure and the December 2023 appraisal, and should be verified by the buyer in due diligence. This summary is provided for information only and does not form part of any offer or contract.
Interested in 1990 Pandora Street? Let's arrange a viewing.
Request the full information package, including leases, financials and the appraisal, or book a private tour.