1923 Parker St, Vancouver
Sold for $2,800,000
$2,800,000
Sale Price
9
Apartment Units
1958
Year Built
$311,111
Price Per Unit
DESCRIPTION
Sold 1923 Parker St, Vancouver for $2,800,000.
Represented the buyer. Purchased for $1 million less than asking price.
Multifamily Real Estate Services worked as the buyer’s representative for the acquisition of 1923 Parker St, Vancouver.
Situated near Victoria Drive in Grandview-Woodlands neighbourhood, this 9-unit apartment building is in a prime location. Templeton School and Britannia Community Centre are a short walk away. All the amenities of Commercial Drive are close by. Neighbourhood is quiet and peaceful with pedestrian and bicycle traffic.
Property was listed for $3,800,000. Purchase price $2,800,000.
Buyer exclusively represented by Seth Baker.
SPECIFICATIONS
Property Type · Apartment Building
Lot Size · 6,100 Sq Ft
Rentable Area · 5,656 Sq Ft
Storeys · 3
Parking · 5 Surface Spaces
HIGHLIGHTS
Commercial Drive Location in Grandview Woodlands Area of Vancouver
Value-add Property
LOCATION
1923 Parker Street
Vancouver BC V5L 2L2
Legal Description
Lot E Block 20 Plan VAP1067 District Lot 264A Land District 36 & PL 1771
PID
014-999-285
Assessed Value (2020)
$2,761,000
ABOUT THE DEAL
HOW WE DID IT
We were engaged by the buyer to find a suitable building in east Vancouver. A detailed search was undertaken. We looked at listed buildings, expired listings and a few off-market deals. This building had been sitting for a while. It was an estate sale. The building had a lot of deferred maintenance and needed work.
During due diligence, we got third party reports from engineers and mechanical consultants. We included price quotes. All this was used for a big price reduction and resulted in the building be acquired for $1 million less than asking price.
WHAT WE LEARNED
Proper due diligence is of utmost importance. Our ability to quickly get consultants to perform inspections and quotes was pivotal in making this deal a success. It’s important to use qualified specialists in each building system. We undertook 2-3 quotes for all major building problems that we discovered.
Aggressive negotiation with strong supporting materials can make all the difference. In this case, it helped save the buyers many hundreds of thousands of dollars.