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Ambleside retail building sold for $2 million above assessed value

The retail and residential complex in West Vancouver sold for $6.5 million
ambleside building
Price: $6,500,000
Lot Size: 9,090 SF
Price/ SF: $715
Property Type: Retail  
Zoning: AC2
2016 B.C. Assessment Value: $4,569,700
Date of Sale: 02/22/2017
City: West Vancouver 
Province: B.C. 
Name of Brokerage: Royal Pacific Realty Group
A retail building in Ambleside has sold for $6.5 million, Western Investor has learned. 
The two-storey, 6,650-square-foot building has a gross annual income of  $172,596 and provides investors with an excellent opportunity to redevelop and increase site density. Architect James Cheng designed the building. The building includes residential units, one of which was occupied by the previous owner. The majority of tenants have leased space for over 20 years. 
The property is located at 1351 Marine Dr., West Vancouver. 

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