Vancouver West End rental property sold for $15.05M

The 30-unit apartment has existing rents at 40 per cent below market value

By
for Western Investor
August 21, 2018





burnaby st
 
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. 
 

Breakdown: 

 
Price: $15,050,000
No. of Units: 30
Price/Unit: $501,666
Lot Size: 8,646 SF
Property Type: Multi-family 
Zoning: RM-5A
2017 B.C. Assessment Value: $11,451,000
Date of Sale: 08/15/2018 
City: Vancouver    
Province: B.C.
Name of Brokerage: Jones Lang LeSalle Real Estate Services Inc. 
 

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Patrick is vice-president of JLL Canada in Vancouver and a member of the multi-family investment team.

JLL Canada
14th Floor, 355 Burrard Street
Vancouver, BC V6C 2G6
Office: 604-789-0720

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