Price: $2,360,000
No. of Units: 8
Price/Unit: $295,000
Lot Size: 6,039 SF
Property Type: Multi-family
Zoning: RM-3A
2016 B.C. Assessment Value: $2,168,000
Date of Sale: 03/27/17
City: Vancouver
Province: B.C.
Name of Brokerage: HQ Commercial
A 51-year-old walk-up apartment complex in East Vancouver has sold for 2.36 million, HQ Commercial reports.
The three-storey rental apartment building is situated on a 6,039-square-foot lot. Rents are significantly under market, providing investors with an opportunity to further enhance the revenue by completing a comprehensive renovation plan. The property sold for a modest $295,000 per door. The property’s current net operating income is $53,027 per year. The average rent for a one-bedroom suite is priced at $822 and a two-bedroom suite brings in $1,025. The site’s roof was replaced in 2014 and original hardwood or laminate floor is present in all suites.
The property is located at 2274 Oxford St., Vancouver.
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