A 42-unit rental apartment building in White Rock has sold for $11.7 million, JLL Canada reports.
The four-storey building is situated on a 26,655-square-foot lot, with an assessed value of $8.9 million. The property sold for more than $2.5 million above this assessed value. New owners of the building will benefit from 67 per cent of suites having been completely renovated. The property is only two blocks south of the regional Semiahmoo Shopping Centre, giving tenants convenient access to ample shops, services and restaurants.
The property is located at 1509 Martin St., White Rock.
Breakdown:
Price: $11,700,000
No. of Units: 42
Price/Unit: $278,571
Lot Size: 26,655 SF
Property Type: Multi-family
2017 B.C. Assessment Value: $8,950,000
City: White Rock
Province: B.C.
Name of Brokerage: JLL Canada
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