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Nanaimo apartment building sells for $8.5 million

Arbutus Gardens, an apartment building on Poplar Street in the Brechin neighbourhood, recently sold
8682316_web1_170926-NBU-Arbutus-Gardens-Building

An apartment building in Nanaimo has sold for $8.5 million.

Arbutus Gardens, an apartment building located at 655 Poplar St. in the Brechin Hill neighbourhood, recently sold.

The four-storey apartment building was built in 1972 and sits on a 3,049-square-metre lot. It features 31 one-bedroom units and 18 two-bedroom suites and had an assessed value of $4,561,000 in 2016 according to B.C. Assessment.

Mark Goodman, a realtor with HQ Commercial in Vancouver, said the building’s final sale price was not anything out of the ordinary for an apartment building, adding that it was on the market for six months and had interest from a few people.

“We had multiple tours, we had a few offers and an investor bought,” he said.

Although the building sold for nearly $4 million above what it was assessed at, Goodman said it’s common for apartment buildings to sell above their assessed value, adding that that figure doesn’t typically reflect the property’s actual market value.

“Assessed value is irrelevant to the market value,” he said. “It’s not even a proper guide the majority of the time.”

nicholas.pescod@nanaimobulletin.com