Nanaimo apartment complex sold for $4M above assessed value
The 55-unit renovated rental building has sold for $8.5 million
Copyright © Western Investor
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.
No. of Units: 55
Lot Size: 32,827 SF
Property Type: Multi-family
2016 B.C. Assessment Value: $4,561,000
Date of Sale: 08/31/2017
Name of Brokerage: HQ Commercial