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
