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 Guinan-Browne (PREC) is Senior Broker, Multi-Family and Development Land, at London Pacific Property Agents

London Pacific Property Agents Inc.
2nd Floor - 3660 Charles Street
Vancouver, BC V5K 5A9
londonpacific.ca
T 604 420 2600 Ext 215
C 604 805 9904
MGuinanBrowne@londonpacific.ca

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