Price: $12,500,000
No. of Units: 27
Price/Unit: $540,741
Lot Size: 15,625 SFL
Property Type: Multi-family
Zoning: RM-3
2016 B.C. Assessment Value: $9,286,000
Date of Sale: 02/02/2017
City: Vancouver
Province: B.C.
Name of Brokerage: HQ Commercial
An apartment complex near Granville Island in Vancouver’s Westside – listed for over half a million per door – has sold, according to The Goodman Report.
Westwind Apartments was built in 1965 and has 27 suites, with significantly under market rents. Investors have the opportunity to make improvements to the units that will ultimately increase revenue. The property’s net operating income is $267,010 and its most recent assessment placed the property’s value at $9,286,000. The deal was made on unconditional offer and didn't officially close until the end of the February. The property was listed for $6 million above assessed value at $14.6 million and sold for $3 million above assessed value for $12.5 million.
The three-storey building is located in the South Granville neighbourhood at 1550 W 11th Ave., Vancouver.
Do you have a Done Deal you'd like to promote? Submit here for a free posting!
