North Van 70-Year-Old Apartment Building Sells for $320K per Unit
A 70-year-old North Vancouver, B.C., apartment building has been sold for a strong average price of $320,000 per unit.
The 10-unit Dianne Apartments at West 4th Street in Lower Lonsdale fetched a total price of $3.2 million, said Goodman Commercial, which helped broker the transaction. Upgraded over the years, the asset traded at a 3.2% market-capitalization rate.
Despite its advanced age, the property benefits from a prominent location. The building is situated on the north side of West 4th Street between Chesterfield and Lonsdale avenues near Lonsdale Quay, the Shipyards District, North Shore Seabus terminal and shops, cafes, recreational facilities and other amenities.
Mark Goodman, a company co-founder and principal, told Connect that the undisclosed buyer and seller were mom-and-pop private real estate investment companies.
The three-storey structure contains a penthouse and includes a mix of three two-bedroom suites and seven one-bedroom units. The property sits on a 7,004 square-foot-lot.
One lower-floor suite is unauthorized and two large storage rooms offer potential for conversion into additional apartments, according to Goodman Commercial.
The property’s medium-density zoning allows for development of up to six storeys and 2.6 floorspace ratio with bonus density.
Goodman Commercial specializes in Vancouver-area apartment-building sales and development.
Photo: Goodman Commercial
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout