A high-rise rental apartment tower in Vancouver’s South Granville neighbourhood sold for $22.8 million.
The 11-storey, 48-unit building has significantly under market rents, offering investors the opportunity to maximize income. The property includes a mix of nine bachelor suites, 35 one-bedroom units and four two-bedroom units. The property sold for over $475,000 per suite. Approximately 30 to 50 per cent of suites have been renovated.
The Leeward is located 1686 W 12th Ave., Vancouver.
Breakdown:
Price: $22,818,000
No. of Units: 48
Price/Unit: $475,375
Lot Size: 29,223 SF
Property Type: Multi-family
Zoning: RM-3
2016 B.C. Assessment Value: $18,787,000
City: Vancouver
Province: B.C.
Name of Brokerage: HQ Commercial
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