South Granville apartment building sold for $576K per suite

Santa Monica Apartments is a 13-unit rental complex, sold for $7.5 million

By
for Western Investor
December 6, 2017





santa monica apartment

A South Granville apartment complex has sold for $7.5 million, according to the Goodman Report team at HQ Commercial. 
 
The 13-unit apartment building was built in 1927, with two-storeys and a rooftop deck. The building has a net rentable area of 8,613 SF and a 2 per cent capitalization rate. The turnkey property features extensively updated suites, with a mix of bachelor, one and two-bedroom units. The site has favourable RM-3 zoning, allowing for potential assemble with the corner site to the east for a future redevelopment. 
 
The property is located at 1546 W 12th Ave., Vancouver. 
 

Breakdown: 

 
Price: $7,500,000
No. of Units: 13
Price/Unit: $576,923
Lot Size: 7,813 SF
Property Type: Multi-family 
Zoning: RM-3 
2016 B.C. Assessment Value: $4,311,000
City: Vancouver   
Province: B.C. 
Name of Brokerage: HQ Commercial 
 

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Mark Goodman is a principal at Goodman Commercial and specializes in the rental apartment and development site market in Metro Vancouver. He is also a co-publisher of The Goodman Report.

Goodman Commercial
560–2608 Granville Street,
Vancouver, B.C. V6H 3V3
Office: 604-558-5511
www.goodmanreport.com

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