410 Eighth St, New Westminster
Sold for $3,200,000
$3,200,000
Sale Price
11
Total Units
1954
Year Built
$290,909
Price Per Unit
DESCRIPTION
Multifamily Real Estate Services was hired as exclusive buyer's representative for an off-market acquisition. The target building was an 11-unit apartment building at 410 Eighth St, New Westminster.
The property contained 7 one-bedroom suites and 4 two-bedroom units. The building was constructed in 1954 and well-maintained throughout it's life. All units were occupied at the time of completion.
Our comprehensive database of apartment building owners was used to quickly connect with the owners. We oversaw all aspects of communications and negotiations, from first introduction to closing.
Being transparent and straightforward quickly built trust between parties. As a result, the deal proceeded quickly and everyone got what they wanted.
SPECIFICATIONS
Property Type · Apartment Building
Lot Size · 10,866 Sq Ft
Rentable Area · 9,400 Sq Ft
Storeys · 3
Parking · 15 Surface Spaces
HIGHLIGHTS
Off-Market Deal for the Buyer
Direct Contact with the Building Owner
Excellent Location in Central New Westminster
LOCATION
410 Eighth Street
New Westminster BC V3M 3R6
Legal Description
Lot 11 Sub Block7 Plan NWP2620 Land District 36 OF LOT 10
PID
013-456-407
Assessed Value (2019)
$3,078,000
ABOUT THE DEAL
HOW WE DID IT
We used our database to quickly contact the owner. We were talking with him the same day of the request. Groundwork was completed up front to ascertain the market value of the building. A first meeting was an initial discussion and presentation of an offer. Several more meetings followed before we had acceptance by all parties.
Due diligence was complicated and extended multiple times. The trust and rapport that we built with the sellers kept the deal together to closing.
WHAT WE LEARNED
If you start a deal right, you can save it in the end. In starting the conversation with the sellers, we were up front and transparent. As a result we built trust, even though this was an unsolicited offer.
Later, when we encountered challenges and had to request multiple extensions, it was that early trust that saved the deal. The other party knew that me and my client would follow through. They understood that our explanations of the delays were genuine. In the end, it saved the deal!