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West End multifamily asset trades for $8.1 million

Built in 1956, the well-maintained property enjoys a prime location and steady cash flow
Park Beach Manor, a 21-suite multifamily property at 1925 Nelson Street, Vancouver, sold Mar. 27 for $8.1 million.

DEAL | Park Beach Manor, a well-maintained 21-suite multifamily rental building at 1925 Nelson Street in the heart of Vancouver’s West End sold Mar. 27 for $8.1 million. This was below the assessed value of nearly $9.6 million and works out to a 3.5 per cent cap rate. Built in 1956 on a 0.2-acre lot with RM-5B zoning, the property includes several updated suites generating an effective annual gross income of nearly $421,000.

PRICE | $8,100,000

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