The subject property is a 2.6 acre corner site located in New Westminster. It’s comprised of an extensively renovated mixed-use concrete building featuring 135 residential units/ 20,848 sf of commercial and a 1.1 acre high-density development site which can be purchased separately. The complex is priced at $20,125,000 which represents a 5.7% cap rate. The development site represents a total buildable area of 249,075 sq. ft. and is offered at $5,950,000 ($23.89/sf buildable based on 5.2 FSR). An investor can purchase the entire site and develop or sell the excess land component, or alternatively, purchase either the mixed-use complex or the development site separately. For information package, click here.
For a detailed information package, click here.