Skip to content

West End tower sold with a 3.4 per cent cap rate

The 0.2-acre site holds potential for infill development
Bayside Towers, a 43-unit multi-family asset at 1826 Nelson Street, Vancouver, sold June 20 for $20.45 million.

DEAL | Bayside Towers at 1846 Nelson Street, a 10-storey 43-suite concrete rental tower built in 1964, sold June 20 for $20.45 million. The sale price works out to $475,581 per unit, and a cap rate of 3.4 per cent. Zoned RM-5B, the 0.2-acre lot has an underdeveloped southern portion that’s well-positioned for infill development to capitalize on growing housing demand in the rapidly changing West End neighbourhood.

PRICE | $20,450,000

FROM | Mark Goodman and Ian Brackett, Goodman Commercial Inc.