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Vancouver multifamily property trades for $12 million

Grandview Woodland site holds redevelopment potential
Purchasers leapt in a leap year for 2275 Oxford Street, Vancouver, which sold Feb. 29 for $12 million.

DEAL | Oxford Estates, a 42-unit multifamily property at 2275 Oxford Street in Vancouver sold Feb. 29 for $12 million. The assessed value is $13.6 million. Built in 1977, the wood-frame building sits on a 21,139-square-foot lot with RM-3A zoning in the Grandview-Woodland neighbourhood. Under the Grandview-Woodland OCP, the site is eligible for redevelopment with a 6-storey/2.40 FSR property. The sale price works out to $286,000 a door and a cap rate of 4.1 per cent.

PRICE | $12,000,000

FROM | Mark Goodman and Ian Brackett, Goodman Commercial Inc.