- What A 38-unit apartment complex in Vancouver has seen a price reduction of $1m
- Why It was previously listed for $16m but no buyer was found
- What next The building is within an area zoned to encourage development
A 38-unit apartment building in Vancouver has been floated again, with $1m coming off the original asking price.
Prince Rupert Villa, at 727 East Seventh Avenue, is now seeking $15m, down from the $16m it was priced at just last month. Goodman Commercial has the marketing assignment
The price translates to a capitalization rate of 3.4% and the property has a net operating income of $509,000.
The three-storey property, on an 18,000 sq ft lot, was built in 1972. It has 12 studio apartments with an average rent of $1,260, 23 one-bedroom units with an average rent of $1,640 and three two-bedroom units with an average rent of $1,750.
The building also has 26 underground parking stalls.
The property falls into the city’s Broadway Plan and Transit-Oriented Areas rezoning policy, opening the door for development up to 20 storeys.
The building is less than a kilometre from the city’s vibrant Main Street area. It is also 2 km from downtown Vancouver with multiple transit options.
