A South Granville apartment building built in 1951 has sold for $5.25 million, Macdonald Commercial Real Estate Services agents Nick Goulet and Stuart Wright report.
Cedar Crest Manor is comprised of ten large suites over three storeys, sold for $525,000 per suite. The building is well maintained with a capitalization rate of 1.7 per cent. With zero vacancy and significantly under-market rents, this investment can be continued to run as-is, or renovated to maximize profits. Rentd are presently 50 per cent below market averages. The property is located just minutes from the downtown core.
Cedar Crest Manor is located at 1569 W 12th Ave., Vancouver.
Breakdown:
Price: $5,250,000
No. of Units: 10
Price/Unit: $525,000
Lot Size: 6,250 SF
Property Type: Multi-family
Zoning: RM-3
2016 B.C. Assessment Value: $4,142,000
Date of Sale: 07/27/2017
City: Vancouver
Province: B.C.
Name of Brokerage: Macdonald Commercial Real Estate Services Ltd.
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