Delta rental apartment building sold for under assessment

Multi-family asset with 34 rental units fetches $6.9 million, just under $203K per suite

By
for Western Investor
November 29, 2019





DD Delta apartment building

A 34-unit Delta, B.C., rental apartment building has sold for $6.9 million, about $300,000 below its BC Assessment value and $490,000 under asking, reports Marcus & Millichap. The final sale price works out to $202,941 per unit.

Breakdown:

Property type: Multi-family rental

Number of units: 34

Location: 4711 57 Street, Delta, B.C.

Size of site: 1.2 acres

Zoning: CD-65 (development potential)

BC Assessment value: $7.23 million

List price: $7.39 million

Sale price: $6.90 million

Dale of sale: November 18, 2019

Brokerage: Marcus & Millichap, Vancouver

Broker: Mike Guinan-Browne


Mike is based in Marcus & Millichap’s Vancouver office, specializing in multi-family sales across the North Shore, Squamish, Burnaby and New Westminster.

Marcus & Millichap Real Estate
1020-400 Burrard Street
Vancouver, B.C. V6C 3A6
Office: 604-675-5200

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