For Sale $5,125,000.00 - Apartment Building

Information Package


Location


NAI Commercial is pleased to present a conventional, twenty-five unit apartment building  situated in the rarely available Cloverdale area. Nearby amenities include a strip mall and large shopping plaza to fulfill tenants needs. This area has seen rapidly evolving development including the densification of the nearby Safeway.


Building description


The subject property is a two storey walk up building. The units have been updated upon tenant turnover. The building is heated by a original hot water natural gas furnace. There are a mixture of uncovered and covered parking in the rear of the property.


Development potential


Looking for a property with immediately identified development potential? The city has unofficially informed the owner that this site could potentially be redeveloped as a six storey condominium building. This could provide a development opportunity of over 70 units after negotiation with the city. All development potential must be confirmed with the city.


Property Details
Number of Units 25
Price Per Door $205,000
Capitalization Rate 3.03%
Net Operating Income $155,060
Lot Size 27,087 square feet
Zoning Multifamily Residential 4s

Suite Mix
Bachelor 4 units
One Bedroom 19 units
Two Bedroom Penthouse 2 units
Total 25 units
Property Information Package
Property Map

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