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Chinatown development site sells below assessed value

The vacant 0.70-acre site on East Pender Street, Vancouver has flexible zoning with the potential for a mixed-use property to a maximum floor-space-ratio of 4.8.
275 East pender chinatown development site

Property type: Development site

Location: 275 East Pender Street, Vancouver

Property size: 2,800 square feet

In acres: 0.70 acres

Zoning: HA-1

Potential: FSR 4.8, to seven storeys

BC Assessment value 2020: $3.08 million

List price: $3.15 million

Sale price: $2.45 million

Date of sale: September 8, 2020

Brokerage: Avison Young, Vancouver

Brokers: Michael Buchan, Mitch Knoepfel, Jake Luft and Justin Omichinski