A 69-year old, wood frame rental apartment building in Vancouver has sold for a mind-bending $4.5 million, or $750,000 for each of the six units in the West 6th Avenue project where rents average $1,680 per month.
The price is an indication of the stratospheric prices being seen in Vancouver’s multi-family sector, where sales volume soared 47 per cent in the past year to north of $1.1 billion.
The Kitsilano building sold, after multiple offers, for $50,000 above the list price. The capitalization rate is 2.1 per cent.
NAI Commercial’s team in Vancouver, which includes senior vice-president Terry Harding, vice-president Jackson Tang and agent Brandon Harding, sold the project.
The property was assessed in July 2015 for $2.9 million, with the value of the building at $199,000; the land at $2.7 million.
From: NAI Commercial, Vancouver. NAI senior vice-president Terry Harding, vice-president Jackson Tang and agent Brandon Harding report the following sales:
DEAL: Eight-unit rental apartment building on Alma Street, Vancouver,
Price: $3.65 million.
DEAL: 11-unit rental apartment building, West 12th Avenue, Vancouver. Price: $4.35 million
DEAL: 61-unit rental apartment building, Fifth Avenue, New Westminster. Price: $8.9 million.
NAI agents Alf Sanderson and Delon Chung report the following sale:
DEAL:18-hole, 6,404-yard Quesnel Golf Club, Quesnel, B.C. Price: $1,57 million.
From: CBRE National Apartment Group, Edmonton. CBRE senior vice-president Bradley Gingerich reports the following sale by his team:
DEAL: 238-suite rental apartment complex, Auburn Bay Street SE, Calgary. Price: $51.17 million.
From: Shindico Realty Inc., Winnipeg. Shindico agent Harry DeLeeuw reports the following:
DEAL: 3,100-square-foot, two-storey commercial building, St. Anne’s Road, Winnipeg. Price: $475,000.
Shindico agents Harry Deleeuw and Michael Stronger sold the following:
DEAL: 4,300-square-foot, two-storey retail office building, Portage Avenue, Winnipeg. Price: $390,000.
From: Frontline Real Estate Services Ltd., Surrey. Frontline agents Todd Bohn and Kyle Dodman report the following:
DEAL: 4,080-square-foot industrial/office building on a 1.5-acre lot on Manufacturer’s Way, Abbotsford. Price: $2.2 million.
From: Avison Young, Vancouver. Avison Young principal Chris Weiser reports the following:
DEAL: 23-suite rental apartment building, Pendrell Street, West End of Vancouver. Price: $7.68 million.
From: HQ Commercial, Vancouver. HQ agents David Goodman and Mark Goodman report the following sales:
DEAL: 116-room Ramada Plaza Hotel and Conference Centre, North Parallel Road, Abbotsford, with restaurant. Price: $11.5 million.
DEAL: 36,423-square foot land assembly development property, with three apartment buildings and a detached house (total of 45 rental units) on Marlborough Avenue in Burnaby’s Metrotown area. Price: $24.5 million.
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