A 23-unit retail/apartment building in the Collingwood area of East Vancouver has sold for $6,825,000, or $296,700 per unit. The cap rate was 4.0%. The building is about 10 years old and has 4 retail CRU’s on the ground floor and 19 apartment units above. The building was listed for sale for $6,980,000.
Courtesy of CBC News
“Cressey Development Group plans to tear down Ridge Theatre, which has shown movies since 1950, and the neighbouring Varsity Ridge Bowling Lanes. (CBC/Stephanie Mercier)Plans to demolish the Varsity Ridge Bowling lanes and the Ridge Theatre to build a new four-story condominium development were approved by the City of Vancouver’s development permit board on Monday night.
Community members had rallied to save the bowling lanes near the corner of 16th Avenue and Arbutus Street in recent weeks, saying they were a valuable community facility. About 700 people use the lanes as league bowlers they say.
But Brian Jackson, the general manager of planning and development, said the board does not have the authority to order Cressey Developments to include a bowling alley in its development.”
http://www.cbc.ca/news/canada/british-columbia/story/2012/10/23/bc-varsity-lanes-vancouver.html
The Freedman Shoes building on South Granville has sold for $7,900,000, or $1,175 per SF. The 6,726 SF building is located on the West side of Granville between West 12th and West 13th Avenues. The building has a current net operating income of $282,000 equating to a 3.6% cap rate.