Multifamily
Pelican Place
629 12th Street, New Westminster, BC V3M 4J5
Listing Price: $3,300,000
Investment Overview
The McEvay Blair Multifamily Group of Marcus & Millichap is pleased to offer for sale Pelican Place. Located in New Westminster and built in 1955, the 14-suite apartment building is improved upon a 6,847 sf lot that presents investors with a value-add opportunity in one of the Lower Mainland’s most in-demand rental markets.
Pelican Place
Investment Highlights
- Located near Moody Park and an array of tenant friendly amenities including transit directly outside the front door.
- Well maintained building with tenants paying for their own heat and hot water through individually metered electric baseboard heaters and hot water tanks.
- Incredible upside upon tenant turnover with current rental rates 40% below CMHC averages.
- Majority one bedroom units include two penthouse suites with rooftop decks. Building features wide hallways, shared laundry, and seven surface parking stalls.
Exclusively Listed By
Listing Price: $3,300,000
Investment Highlights
- Located near Moody Park and an array of tenant friendly amenities including transit directly outside the front door.
- Well maintained building with tenants paying for their own heat and hot water through individually metered electric baseboard heaters and hot water tanks.
- Incredible upside upon tenant turnover with current rental rates 40% below CMHC averages.
- Majority one bedroom units include two penthouse suites with rooftop decks. Building features wide hallways, shared laundry, and seven surface parking stalls.
Investment Overview
The McEvay Blair Multifamily Group of Marcus & Millichap is pleased to offer for sale Pelican Place. Located in New Westminster and built in 1955, the 14-suite apartment building is improved upon a 6,847 sf lot that presents investors with a value-add opportunity in one of the Lower Mainland’s most in-demand rental markets.
Exclusively Listed By
