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Arbutus retail strip sold for $5M over assessed value

2560 Arbutus St A retail investment property with major redevelopment potential has sold for $12.5 million, Lee & Associates tells Western Investor.

 2560 Arbutus St2560 Arbutus St

A retail investment property with major redevelopment potential has sold for $12.5 million, Lee & Associates tells Western Investor.

The 9,375-square-foot site is located near the future Arbutus Greenway and Broadway transit line extension, offering investors a rare opportunity to acquire five retail units along between major transit nodes. The site has potential for mixed-use, retail and residential development. The property sold for over $5 million above its assessed value at $2.5 million per unit.

The property is located at 2560 Arbutus St., Vancouver.

Breakdown:

Price: $12,500,000

No. of Units: 5

Price/Unit: $2,500,000

Lot Size: 9,375 SF

Property Type: Retail

Zoning: C-8

2016 B.C. Assessment Value: $7,222,700

Date of Sale: 09/25/2017

City: Vancouver

Province: B.C.

Name of Brokerage: Lee & Associates