Marpole apartment complex sold for $334K per door

The 48-year-old building has 13 units, mostly one-bedrooms

By
for Western Investor
February 3, 2017





Glen Apartments
The apartment building is located on a large 10,008-square-foot lot and has an ongoing program of capital improvements being made the property.
 
Price: $4,400,000
No. of Units: 13
Price/Unit: $334,615
Lot Size: 10,008 SFL
Property Type: Multi-family
Zoning: RM-3A
2016 B.C. Assessment Value: $4,246,000
City: Vancouver
Province: B.C.
Name of Brokerage: HQ Commercial
 
A 48-year-old walk-up rental building in Marpole sold for $4.4 million, according to The Goodman Report. 
 
The apartment complex has 13 units with a net operating income of $97,431. The building is situated on a large corner lot with spacious balconies and patios. The complex has undergone many upgrades, including a new roof and hot water tank, as well as some renovations to the bathrooms and countertops in the kitchens. Glen Apartments has a capitalization rate of 2.24 per cent. The sale was brokered by Mark Goodman and Cynthia Jagger of HQ Commercial.
 
Glen Apartments is located at 8685 Osler St., Vancouver. 
 

 

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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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