A West End co-op apartment complex with immediate redevelopment potential has sold for $18 million by Lee & Associates.
Shermanor Apartments, built in 1948, is a three-storey residential property with 19 units. PC Urban Holdings Ltd. purchased the property for close to $1 million per suite. The investment purchase offers the buyer the possibility to assemble neighbouring properties and redevelop up to 18 storeys under current RM-5B zoning. Owner may also renovate units to maximize rental income potential and utilize as holding income. The site sold for nearly $6 million above its most recent assessed value.
Shermanor Apartments is located at 1150 Barclay St., two blocks away from Robson and Burrard streets in downtown Vancouver.
Breakdown:
Price: $18,000,000
No. of Units: 19
Price/Unit: $947,368
Lot Size: 11,935
Property Type: Multi-family
Zoning: RM-5B
2016 B.C. Assessment Value: $12,324,700
Date of Sale: 06/30/2017
City: Vancouver
Province: B.C.
Name of Brokerage: Lee & Associates Vancouver
Name of Buyer: PC Urban Barclay Holdings Ltd.
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