Nanaimo rental apartment block sells for over assessed value

Per-unit price for 11-suite rental building was $163.81, for total sale price of $1.67 million

By
for Western Investor
August 28, 2019





DD benson street Nanaimo_2033

An 11-unit Nanaimo rental apartment building has sold for $1.67 million, nearly $600,000 above its B.C. Assessment value. The per-unit sale price was $163,181.

Breakdown:

Property type: Multi-family rental

Number of units: 11

Sale price: $1.67 million

2019 assessed value: $1.08 million

Per-door price: $163,181

Capitalization rate: 3.7%

Property location: Benson Street, Nanaimo

Lot size: 8,712 square feet

Date of sale: August 26, 2019

Brokerages: Goodman Commercial Inc., Cushman & Wakefield

Agents: Mark Goodman, Cynthia Jagger (Goodman); Tim Sommer (Cushman & Wakefield)


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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