A retail investment property with major redevelopment potential has sold for $12.5 million, Lee & Associates tells Western Investor.
The 9,375-square-foot site is located near the future Arbutus Greenway and Broadway transit line extension, offering investors a rare opportunity to acquire five retail units along between major transit nodes. The site has potential for mixed-use, retail and residential development. The property sold for over $5 million above its assessed value at $2.5 million per unit.
The property is located at 2560 Arbutus St., Vancouver.
Breakdown:
Price: $12,500,000
No. of Units: 5
Price/Unit: $2,500,000
Lot Size: 9,375 SF
Property Type: Retail
Zoning: C-8
2016 B.C. Assessment Value: $7,222,700
Date of Sale: 09/25/2017
City: Vancouver
Province: B.C.
Name of Brokerage: Lee & Associates
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