Vancouver West End rental property sold for $15.05M
The 30-unit apartment has existing rents at 40 per cent below market value
Copyright © Western Investor
A high-rise apartment building in Vancouver’s West End has sold for $15.05 million, according to Jones Lang LeSalle Real Estate Services.
The 30-unit investment property is situated on an 8,646-square-foot lot, providing investors with a secure income, as well as potential for increased cash flow with existing rents 40 per cent below market. At sale date, Villa Contessa’s capitalization rate was set at 2.10 per cent.
The property is located at 1433 Burnaby St., Vancouver.
No. of Units: 30
Lot Size: 8,646 SF
Property Type: Multi-family
2017 B.C. Assessment Value: $11,451,000
Date of Sale: 08/15/2018
Name of Brokerage: Jones Lang LeSalle Real Estate Services Inc.
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