Nanaimo apartment complex sold for $4M above assessed value

The 55-unit renovated rental building has sold for $8.5 million

By
for Western Investor
September 26, 2017





arbutus gardens
 
A 55-unit rental building in Nanaimo has sold for $8.5 million, HQ Commercial reports. 
 
Arbutus Gardens was built in 1973 but has undergone $1.6 million in extensive renovations. The property has a 4.3 per cent capitalization rate and a net operating income of $383,748. The building includes a mix of six bachelor suites, 31 one-bedroom units and 18 two-bedroom suites. The property sites atop Brechin Hill, overlooking the Nanaimo ferry departure bay. It was listed for $8,850,000 with an assessed value of $4,561,000. 
 
Arbutus Gardens is located at 655 Poplar St., Nanaimo. 
 

Breakdown: 

 
Price: $8,500,000
No. of Units: 55
Price/Unit: $154,545
Lot Size: 32,827 SF
Property Type: Multi-family 
Zoning: R8
2016 B.C. Assessment Value: $4,561,000
Date of Sale: 08/31/2017
City: Nanaimo  
Province: B.C.
Name of Brokerage: HQ Commercial 

Mark Goodman is part of the Goodman team at HQ Commercial, Vancouver and a specialist in the multi-family rental market in Metro Vancouver.

HQ Commercial
320 – 1385 W 8th Ave.
Vancouver, B.C. V6H 3V9
Office: 604-899-1122

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