A small, ground floor retail space in a prime Kerrisdale location has sold for $1 million, William Wright Commercial reports.
The unit is part of a commercial strata building built in 1998. The 697-square-foot space sold over the asking price of $988,000, in just five days on the market. The property has an assessed value of $658,700. The unit is a prime opportunity for either an owner-operator or investor. The property has a potential capitalization rate of 3.5 per cent, inline with current rental rates in the area.
The property is located at 5753 West Boulevard, Vancouver.
Breakdown:
Price: $1,000,000
Property Size: 697 SF
Property Type: Retail
Zoning: C-2
2016 B.C. Assessment Value: $658,700
City: Vancouver
Province: B.C.
Name of Brokerage: William Wright Commercial
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