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100 Mile House 45-unit multi-family sells way over assessed value

Sale price of $3.29 million was far above the assessed value of $2.0 million for older three-storey apartment building on 1.19 acres with development potential.
550 Cedar Ave Sold
NAI Commercial, Vancouver, for Western Investor

Property type: Multi-family

Location: 550 Cedar Avenue, 100 Mile House, B.C.

Number of units : 45

Year built: 1974

Property size: 37,800 square feet (approx.)

Land size: 1.19 acres

Zoning: R6 (Multiple residences)

BC Assessment value (2021): $2.07 million

Sale price: $3.29 million

Date of sale: September 30, 2021

Brokerage: NAI Commercial, Vancouver

Broker: Michael Marckwort