406 UNION STREET · Multi-family

406 UNION STREET is a 3-unit multi-family in Vancouver, BC, asking $2,359,000 — $786,333 per door.

That lands inside the Vancouver band of $700k - $1.6M per door, so the ask is not the thing that decides this deal — the rent roll is. Vancouver cap rates screen 2.0% - 3.5% and average rent runs about $3,150 a door.

At 3 units this finances as residential, not commercial — MLI Select starts at five units. The qualifying rate still applies: federally regulated lenders test a 1–4 unit rental at the greater of your contract rate plus two points or 5.25%.

Vancouver is usually a policy and land-value thesis, not a current-income market under standard leverage. Investor demand reads very high, vacancy very tight.