Kitsilano co-op building sold for $760K per suite

Glenhaven Apartments sold for $7.6 million, more than $4 million above its assessed value

By
for Western Investor
November 7, 2017





glenhaven apartments
 
A ten-unit co-op housing building in Kitsilano has sold for $7.6 million, The Goodman Report team at HQ Commercial reports.
 
Glenhaven Apartments has immediate access to Kitsilano Beach and minutes to downtown Vancouver, accessible via the Burrard Street Bridge. Given the housing co-operative ownership structure of the building, there will be no existing tenancies in place allowing the building to be rented at current market levels. The property was listed for $7.8 million, with an assessed value of $3.6 million. The building sold for $760,000 per suite. 
 
The property is located at 1526 Arbutus St., Vancouver. 
 

Breakdown:

 
Price: $7,600,000
No. of Units: 10 
Price/Unit: $760,000
Lot Size: 5,900 SF
Property Type: Multi-family 
Zoning: RM-5 
2016 B.C. Assessment Value: $3,635,000
City: Vancouver  
Province: B.C. 
Name of Brokerage: HQ Commercial 
 

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Mark Goodman is a principal at Goodman Commercial and specializes in the rental apartment and development site market in Metro Vancouver. He is also a co-publisher of The Goodman Report.

Goodman Commercial
560–2608 Granville Street,
Vancouver, B.C. V6H 3V3
Office: 604-558-5511
www.goodmanreport.com

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