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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