Maple Ridge multi-tenant investment property sold for $2M above value

The recently renovated mixed-use property sold for $5.2 million - more than $2 million above its assessed value of $2.86 million

By
for Western Investor
May 31, 2018





ww property
 
A recently renovated mixed-use building in Maple Ridge has sold for $5.2 million, William Wright Commercial reports. 
 
The fully-leased property went through a $1.3 million renovation before selling for more than $2 million above asking. The renovation included the addition of a main level and second floor lobby, an elevator, new second floor washrooms, increased water upgrades to the building, five new second floor offices and a modernized exterior upgrade. The John McIver Building is located along Lougheed Highway at the corner of 225th Street and backs on to Walmart and the Haney Place Mall in historic downtown Maple Ridge. The property was listed for nearly $5.5 million.
 
The property is located at 22471 Lougheed Hwy, Maple Ridge. 
 

Breakdown:  

 
Price: $5,200,000
Lot Size: 13,420 SF
Property Type: Office 
Zoning: C3
2017 B.C. Assessment Value: $2,865,000
Date of Sale: 05/31/2018
City: Maple Ridge 
Province: B.C. 
Name of Brokerage: William Wright Commercial  
 
 

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