- What Cedar Court and Griffiths Manor are on the block
- Why The owner, a private investor, is liquidating
- What next The properties have potential for redevelopment
Two apartment buildings in suburban Vancouver are on the block for $21m.
The properties have a combined 72 units, and the valuation works out to about $292,000/unit. At the asking price, a buyer would achieve a capitalization rate of 3.5%. Combined net operating income is $729,000.
Goodman Commercial has the marketing assignment. The seller is a private investor looking to liquidate its holdings and is willing to sell them separately. The sales campaign notes there’s development potential for buildings up to eight storeys.
Cedar Court and Griffiths Manor, across an alley from each other, are at 345 Cedar Street and 461 Griffiths Place in New Westminster’s Sapperton neighbourhood. They are on more than an acre and were built in 1971 and 1964.
Rent for the 14 studio apartments averages $1,020, with the 50 one-bedroom units charging $1,285 on average and the eight two-bedroom units at $1,647.
A kilometre from Sapperton Skytrain Station and Royal Columbian Hospital, the buildings are just off East Columbia Street, home to dining and shopping. Downtown Vancouver is 17 km away.
