New Westminster rental apartment sold for $5.95M

The 25-unit building sold for $238,000 per suite

for Western Investor
May 30, 2019

the somerset
A 25-unit New Westminster rental apartment building has sold for $5.95 million, CBRE Vancouver reports. 
The Somerset is a wood frame property constructed in 1966, consisting of bachelor, one-bedroom, two-bedroom and three-bedroom suites. The apartment sold for $238,000 per suite. The property has an assessed value of $6.61 million and is ripe for redevelopment potential. 
The property is located at 525 Tenth St., New Westminster. 


Price: $5,950,000
No. of Units: 25
Price/Unit: $238,000
Lot Size: 17,870 SF
Property Type: Multi-family 
Zoning: RM-2 
2018 B.C. Assessment Value: $6,616,000
City: New Westminster   
Province: B.C. 
Name of Brokerage: CBRE Vancouver

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Lance is executive vice president of CBRE’s National Apartment and Investment Properties Group with close to 21 years of experience in commercial real estate.

CBRE Canada
Suite 2500, 1021 W Hastings St.
Vancouver, B.C. V6E 0C3
Office: 604-662-5141

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