New Westminster rental apartment sold for $5.95M

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

By
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. 
 

Breakdown: 

 
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
 

Do you have a Done Deal you'd like to promote? Submit here for a free posting!


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

Copyright © Western Investor

Email to a Friend

Close
Most Popular
Get the WesternInvestor.com Newsletter