8251 Bennett Road, Richmond

8251 Bennett Road, Richmond

$7,100,000 - Sold

Sold Price: $7,100,000
Sold Date: December 14, 2016

Renovators dream! SkyTrain vicinity!

This 32 unit apartment building is the perfect value add opportunity to acquire a unique stratified rental building within the rarely available downtown Richmond core. Tenants have access to all the amenities of Richmond Center shopping plaza by a short five minute walk. Within 10 minutes is the Brighouse SkyTrain station providing quick and convenient access to downtown. All this convenience while residing on a quiet street in a residential neighborhood.

The condominium exit strategy

For every purchase one must consider an exit strategy. The Strata titled option allows investors to sell each unit individually. One option available to the purchaser is at any point when the property is ready for sale to sell each unit on the residential market and take advantage of a great price point. With the new lending guidelines lowering purchasing power, first time home owners and end users have increased demand for units with an affordable down payment.

Building description

The subject property has been owned by the same investor since 1983. Each unit has circuit breakers, balconies, parking and circuit breakers. Half of the roof was recently replaced. Two washers and dryers are owned by the building.

Note: There is a restrictive covenant on the property requiring tenants to be fifty-five years or more of age.

Property Details
Number of Units 32
Price Per Door. $250,000
Capitalization Rate 2.5%
Net Operating Income $201,381
Lot Size 31,183 square feet
Zoning 115

Suite Mix
Bachelor 14 units
One Bedroom 18 units
Total 32 units

Property on Map

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and the same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice, and of any special listing conditions imposed by our principals no warranties or representations are made as to the condition of the property or any hazards contained therein are any to be implied.