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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