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North Vancouver commercial property sells for redevelopment

Centrally located site sells at a 2.72 per cent cap rate
1853-lonsdale-avenue-north-vancouver
Built in 1947, this commercial property at 1853 Lonsdale Avenue, North Vancouver, sold for the full asking price of $3.35 million.

DEAL | A two-storey commercial property at 1853 Lonsdale Avenue, North Vancouver, sold July 12 at the full asking price of $3.35 million following a highly competitive offering process. Constructed in 1947, the two-storey building has three retail units at grade and a three-bedroom apartment above. It sits on a 4,950-square-foot lot that sold for $241 per buildable square foot (including bonus density) and a 2.72 per cent capitalization rate.

PRICE | $3,350,000

FROM | Steve Fame and Dan Chatfield, Colliers