A four-unit retail property along West Broadway in Kitsilano has sold for $10 million, Macdonald Commercial Real Estate tells Western Investor.
The 4,500-square-foot building is situated on a 5,865-square-foot lot, sold at for a whopping $2,500,000 per unit. The sale represents a price per buildable square foot of $568 under the current C-2C zoning with a 3.0 FSR. The circa-1987 retail building has an assessed value of just 9,800, while the Kitsilano land is assessed at $8.15 million. Clothing store Exposure and a Vietnamese restaurant currently tenant the building.
The property is located at 2907 W Broadway, Vancouver.
Breakdown:
Price: $10,000,000
No. of Units: 4
Price/Unit: $2,500,000
Lot Size: 5,865 SF
Property Type: Retail
Zoning: C-2C
2017 B.C. Assessment Value: $8,159,800
Date of Sale: 12/21/2017
City: Vancouver
Province: B.C.
Name of Brokerage: Macdonald Commercial Real Estate Ltd.
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