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
 

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Lance Coulson is the Executive Vice President of CBRE’s National Apartment and Investment Properties Group BC with 21-plus years of experience in commercial real estate, specializing in multi-family properties.

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

Greg Ambrose is a Senior Sales Associate on CBRE’s National Apartment & Investment Properties Group, with 15-plus years of commercial real estate experience, specializing in multi-family properties. CBRE Canada Suite 2500, 1021 W Hastings St. Vancouver, B.C. V6E 0C3 Office: 604-662-5178
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