Vancouver rental building in prime zone sold for $5.98M

Three-storey, 10-suite building fetched nearly $600K per suite for its location on Broadway SkyTrain extension corridor

By
for Western Investor
January 8, 2020





DD South Granville apartment building near Broadway Skytrain Cedar Crest 1569 W

A 69-year old, 10-suite, three-floor Vancouver apartment building has sold for nearly $600,000 per suite. It is located in South Granville, close to the planned Broadway SkyTrain extension, and has potential for redevelopment.

Breakdown:

Type of property: Multi-family rental building

Location: 1569 West 12 Avenue, Vancouver

Number of units: 10

Land size: 6,250 square feet

Potential: Redevelopment

BC Assessment value: $5.8 million

Sale price: $5.98 million

Capitalization rate: 2.9%

Date of sale: December 17, 2019

Brokerage: Goodman Commercial Inc.

Brokers: Mark Goodman, Cynthia Jagger


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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