For Sale $5,125,000 - Apartment Building
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.
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.
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.
|Number of Units||25|
|Price Per Door||$205,000|
|Net Operating Income||$155,060|
|Lot Size||27,087 square feet|
|Zoning||Multifamily Residential 4s|
|One Bedroom||19 units|
|Two Bedroom Penthouse||2 units|