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New West apartments sold at $195K per suite

Most of the 17 suites have undergone some renovations and two units feature rooftop patios overlooking the Fraser River
new west apartments
Price: $3,325,000
No. of Units: 17
Price/Unit: $195,588
Lot Size: 7,008 SF
Property Type: Multi-family  
Zoning: C-2A
2016 B.C. Assessment Value: $3,222,000
Date of Sale: 03/07/2017
City: New Westminster  
Province: B.C. 
Name of Brokerage: NAI Commercial 
A downtown New West rental complex has sold for $3.3 million, brokered by NAI Commercial. 
The 17-unit apartment building is a three-storey walk-up composed of 14 one-bedroom suites, two penthouse, two-bedroom units and one bachelor suite. The average suite ranges from 625-square-feet to 750-square-feet. The penthouse units have access to large rooftop patios with views of the Fraser River. The property has at net operating income of $100,775 and a capitalization rate of 3.03 per cent. 
The apartment is located at 621 Twelfth St., New Westminster. 

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