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New Westminster apartment building sold for $6.95M

The 21-unit building sold for approximately $330,952 per suite
fifth ave
A fully-renovated apartment building in New Westminster has sold for $6.95 million, NAI Commercial tells Western Investor.
 
The property is situated on a 13,720-square-foot lot, with 21 units. The building’s assessed value was $4,924,000 – making its sale price nearly $2 million more than its value. 
 
The property is located at 1222 Fifth Ave., New Westminster. 
 

Breakdown:

 
Price: $6,950,000
No. of Units: 21
Price/Unit: $330,952
Lot Size: 13,720 SF
Property Type: Multi-family 
Zoning: RM-2
2017 B.C. Assessment Value: $4,924,000
Date of Sale: 05/01/2018
City: New Westminster
Province: B.C.
Name of Brokerage: NAI Commercial 
 

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